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NeighborWorks Great Falls Low-Mod Amortizing Second

NeighborWorks Great Falls · Great Falls, Montana

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Assistance

$2,500–$20,000

The maximum the program publishes — not an offer

Income limit

150% AMI

Of area median income; varies by county and household size

Repayment

Repayable

Repaid on the terms set by NeighborWorks Great Falls

What is 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.

How much assistance does it provide?

NeighborWorks Great Falls Low-Mod Amortizing Second offers between $2,500 and $20,000 in assistance.

  • Buyer 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.

Do you have to pay it back?

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.

Who qualifies?

NeighborWorks Great Falls Low-Mod Amortizing Second is open to buyers who will live in the home as their primary residence.

The program requires

  • The home is occupied as a primary residence
  • On credit: No minimum credit score, but must have approval/eligible finding from first mortgage.
  • A completed homebuyer education course, through NWGF-approved homebuyer education class
  • Residency: Property in Great Falls or Cascade County only
  • DRAFT (dpa-gap-finder 2026-06-14): pending review. 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. Unconfirmed: dpa_interest_rate absolute value (depends on first-mortgage rate), income_limit_amount in dollars, annual_funding_cap.

The program excludes

  • Households above 150% of area median income

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?

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.

What kind of home can it be used for?

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.

Where does it apply?

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

How do you apply?

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.

  1. Take a homebuyer education course

    Required by the program, through NWGF-approved homebuyer education class.

  2. Contact NeighborWorks Great Falls to reserve funds

    Funds are reserved through Lender packages submitted to NWGF, 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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