MBOH Plus 0% Deferred Down Payment Assistance Program

MBOH Plus 0% Deferred Down Payment Assistance Program is a deferred second loan for homebuyers in Statewide, Montana. MBOH 0% deferred soft second mortgage of up to 5% of sales price (max $15,000) with no monthly payments; full balance due on sale, refinance, payoff, or non-owner-occupancy. Lower-income alternative to Bond Advantage. Statewide. MBOH Plus is the Montana Board of Housing's 0% deferred-payment soft second mortgage paired with an MBOH Regular Bond Program first mortgage. Eligible homebuyers receive a 0% interest soft second of up to 5% of the sales price, maximum $15,000 (minimum $1,500), with NO monthly payments. The full balance is due upon refinance, payoff of the first mortgage, sale, transfer, or non-owner-occupancy. MBOH Plus is targeted at lower-income borrowers than Bond Advantage and carries lower household income caps ($80,000 1-2 person / $90,000 3+ person statewide). Funds may be used for down payment and closing costs. Funding comes from State and Bond.

MBOH Plus 0% Deferred Down Payment Assistance Program offers up to $15,000 in assistance. The program asks homebuyers to contribute $1,000 minimum borrower investment (may be gifted). Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

MBOH Plus 0% Deferred Down Payment Assistance Program is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. Repayment is triggered by Full balance due on refinance, payoff of first mortgage, sale, transfer of title, or non-owner-occupancy. No monthly payments during the life of the first mortgage. The assistance is recorded in 2nd Lien position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

MBOH Plus 0% Deferred Down Payment Assistance Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: Federally designated targeted census tracts and honorably discharged veterans waive the first-time-homebuyer requirement. On credit, the program states: 620 minimum representative mid-FICO. A homebuyer education course is required, through MBOH-approved homebuyer education provider (NeighborWorks Montana, HRDC, NWGF, Framework, eHome America, or HUD-approved counseling agency). Residency requirement: Property must be located in Montana and serve as borrower's principal residence. Citizenship or immigration status: U.S. citizen, permanent resident alien, or qualifying non-permanent resident alien per first-mortgage product overlays. Must qualify for and be paired with an MBOH Regular Bond Program first mortgage. First-time homebuyer required (waived in federally targeted census tracts and for honorably discharged veterans). Owner-occupied principal residence. Lower household income limits than Regular Bond: $80,000 (1-2p) / $90,000 (3+p) statewide. Same MBOH acquisition price limits as Bond Advantage. 620 mid-FICO minimum. 45% maximum DTI. $1,000 minimum borrower contribution (giftable). MBOH-approved homebuyer education required.

MBOH Plus 0% Deferred Down Payment Assistance Program limits household income to $90,000. The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

MBOH Plus 0% Deferred Down Payment Assistance Program caps the purchase price at $783,192. Eligible property types include Single-family detached, condominium, townhouse, PUD and manufactured home on permanent foundation per servicer overlays. New construction is eligible. Manufactured homes are eligible.

MBOH Plus 0% Deferred Down Payment Assistance Program names active-duty service members, reservists and National Guard members, and surviving spouses among the groups it serves. Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

MBOH Plus 0% Deferred Down Payment Assistance Program serves homebuyers purchasing in Statewide, Montana. The program targets specific areas: Federally designated IRS targeted census tracts (per Section 143) and Qualified Census Tracts where MBOH waives the FTHB requirement and applies higher purchase price limits.

Applications for MBOH Plus 0% Deferred Down Payment Assistance Program go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Reserved by approved participating lender via MBOH Lender Online portal at time of rate lock. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.