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Montana Veterans' Home Loan Program (VHLP)

Montana Board of Housing (Montana Department of Commerce, Montana Housing) · Statewide, Montana

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What is Montana Veterans' Home Loan Program (VHLP)?

Montana Veterans' Home Loan Program (VHLP) is a first mortgage for homebuyers in Statewide, Montana, administered by Montana Board of Housing (Montana Department of Commerce, Montana Housing).

  • The Montana Veterans' Home Loan Program (VHLP) provides 30-year fixed-rate first-mortgage funds to Montana-resident veterans, National Guard members, federal reservists, active-duty service members, and un-remarried surviving spouses of veterans killed in the line of duty, at a rate 1% below the MBOH Regular Bond rate. There are no income, asset, or purchase-price limits, though a loan limit applies, and borrowers must be true first-time homebuyers. It is a revolving, first-come, first-served program funded from the Montana Housing Trust (reauthorized by 2025 HB924).
  • Interest rate 1% below MBOH Regular Bond rate.
  • No income or asset limits.
  • No purchase price limit.
  • Can be combined with MBOH down payment assistance.
  • Surviving spouses of line-of-duty deaths eligible.
  • Funding comes from Montana Housing Trust within the Montana Growth and Opportunity Trust (revolving fund); reauthorized by 2025 HB924; authorized by 90-6-6 M.C.A.

Do you have to pay it back?

Montana Veterans' Home Loan Program (VHLP) is a first mortgage and is repaid under the terms set by Montana Board of Housing (Montana Department of Commerce, Montana Housing).

  • The assistance is recorded in First position.
  • Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Montana Veterans' Home Loan Program (VHLP) is open to first-time homebuyers and buyers who will live in the home as their primary residence.

The program requires

  • First-time homebuyer — with exceptions: Must be a true first-time homebuyer who has never owned a primary residence; prior ownership of manufactured housing on a chassis not permanently affixed to owned land does not disqualify.
  • The home is occupied as a primary residence
  • A completed homebuyer education course, through A first-time homebuyer class approved by the Montana Board of Housing.
  • DRAFT (dpa-gap-finder 2026-06-12): pending admin review. Veteran eligibility requires active service or honorable/general discharge. Borrower must be a Montana resident. Occupancy within 60 days of closing; home must remain primary residence. UNCONFIRMED (not guessed): exact current interest rate, dollar loan limit, minimum credit score.

These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.

What are the income limits?

Montana Veterans' Home Loan Program (VHLP) sets its income limit as follows: No income or asset limits for borrowers.

  • Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Montana Veterans' Home Loan Program (VHLP) caps the purchase price as follows: No purchase-price limit; a loan limit applies (max loan = purchase price plus applicable upfront MI/guarantee fee, up to 95% of MBOH maximum acquisition cost).

  • Eligible property types include Single Family and Manufactured.
  • Manufactured homes are eligible.

Is there eligibility for specific groups?

Montana Veterans' Home Loan Program (VHLP) names veterans, 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.

Where does it apply?

Montana Veterans' Home Loan Program (VHLP) serves buyers purchasing in Statewide, Montana.

How do you apply?

Applications for Montana Veterans' Home Loan Program (VHLP) go through Montana Board of Housing (Montana Department of Commerce, Montana Housing), which publishes the current terms and the application steps on its own site.

  1. Take a homebuyer education course

    Required by the program, through A first-time homebuyer class approved by the Montana Board of Housing..

  2. Contact Montana Board of Housing (Montana Department of Commerce, Montana Housing) to reserve funds

    Funds are reserved through Reserved through MBOH participating lenders via Lender Online; first-come, first-served; rate locked 60 calendar days on approval., and are subject to availability.

  3. Work with a lender who handles the program

    Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.

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