NeighborWorks Great Falls Low-Mod Amortizing Second

NeighborWorks Great Falls Low-Mod Amortizing Second is a repayable second loan for homebuyers in Great Falls, Montana, administered by NeighborWorks Great Falls. An amortizing subordinate (second) mortgage from NeighborWorks Great Falls providing $2,500-$20,000 toward closing costs/down payment for buyers in Great Falls and Cascade County. The rate is set 1.00% below the first-mortgage rate (floor 2.00%), with an additional 0.5% reduction for preferred-partner lenders. Income limits are generous (up to 150% AMI; 115% for FHA), and there is no minimum credit score beyond first-mortgage approval. Below-market rate (1% under first mortgage). Up to 150% AMI eligibility. No minimum credit score. Extra 0.5% cut with preferred partners. Manufactured/condo/duplex/ADU eligible. Funding comes from NeighborWorks Great Falls revolving loan funds.

NeighborWorks Great Falls Low-Mod Amortizing Second offers between $2,500 and $20,000 in assistance. Homebuyer contribution: Minimum $1,000 of own funds; FHA borrowers must contribute required 3.5% down. The program can be combined with MBOH/FHA/VA/USDA/Conventional first mortgage. Amounts are the program's published maximums, not an offer — NeighborWorks Great Falls determines any individual award.

NeighborWorks Great Falls Low-Mod Amortizing Second is a repayable second loan and is repaid under the terms set by NeighborWorks Great Falls. Repayment is triggered by Amortizing monthly payments via ACH over loan term (15-30 yr). The assistance is recorded in 2nd position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

NeighborWorks Great Falls Low-Mod Amortizing Second is open to homebuyers who will live in the home as their primary residence. On credit, the program states: No minimum credit score, but must have approval/eligible finding from first mortgage. A homebuyer education course is required, through NWGF-approved homebuyer education class. Residency requirement: Property in Great Falls or Cascade County only. This is NWGF's own local amortizing second (distinct from the statewide NeighborWorks Montana product) - Great Falls/Cascade County only, $20k cap, $425 origination fee.

NeighborWorks Great Falls Low-Mod Amortizing Second limits household income to 150% of the area median income, which varies by county and household size. Income at or below 150% of HUD median income adjusted for family size and county where home is located. For FHA first mortgages, max borrower income is 115% of county median. 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.

NeighborWorks Great Falls Low-Mod Amortizing Second caps the purchase price as follows: Limits only as defined by the first mortgage. Total household assets cannot exceed $100,000. Eligible property types include Single-family detached, Manufactured home on permanent foundation, Condo, Townhome, PUD, Duplex, and ADU. Manufactured homes are eligible.

NeighborWorks Great Falls Low-Mod Amortizing Second serves homebuyers purchasing in Great Falls, Montana.

Applications for NeighborWorks Great Falls Low-Mod Amortizing Second go through NeighborWorks Great Falls, which publishes the current terms and the application steps on its own site. Funds are reserved through Lender packages submitted to NWGF. 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.