Are you in need of housing assistance? Well, there is no need to worry. programs are providing both long-term and short-term housing support throughout Montana. These programs are run both at the state and the local level by non-profits and government agencies. Keep reading his article for more information on housing resources in Montana.
Veterans Affairs Supportive Housing (HUD-VASH)
The HUD-VASH program is designed to help homeless veterans by providing case management and clinical services. The program is administered by the local Department of Veterans Affairs Medical Centers (VAMC). Once you qualify for the program assistance, you will receive benefits until you become stable to live independently. The program participants are required to pay 30% of their income as rent. The program funds provide a subsidy that covers the rest of the payment to the property owners. The rental subsidy is paid in form of housing vouchers. The qualified veterans are allowed to chose a housing unit, which must meet the program quality standards. If you are a homeless veteran, you have to apply through a case manager at the local VAMC. Find out more at https://housing.mt.gov/Rental-Housing/Veterans-Affairs-Supportive-Housing.
Montana Down Payment Assistance Program
It is always easy for first-time homebuyers to fund their monthly mortgage payments from their pockets. But, did you know most low-income families find it difficult to save enough money for settling down payment and closing costs? That is why Montana Housing runs down payment and closing support programs to help you reduce the cost of buying a new home. Obtaining down payment assistance is only possible if you are eligible for a Regular Bond Program Loan. Once you qualify for that, an approved participating lender will help determine how much you need to settle down payment and closing costs. You will then select a Montana Housing Loan that suits your family’s needs. Some borrowers may qualify for a loan amount that may cover the entire down payment and closing cost and some may not cover everything. The programs are discussed below:
- Bond Advantage Down Payment Assistance Program. The program provides up to 5% of the property purchase loan as a loan. The funds can be used for both down payment and closing cost support to the homebuyers in Montana. The maximum amount a borrower can qualify for is $10,000. Who qualifies for this program support? Borrowers with a credit score of at least 620 and who have undergone homebuyer education are eligible for assistance. Want to apply? Visit https://housing.mt.gov/Portals/218/Shared/Homeownership/docs/ParticipatingLenderList.pdf?ver=2019-10-02-115001-390.
- MBOH Plus 0% Deferred Down Payment Assistance Program. Here, homebuyers can qualify for up to $6,500 and the loan will be due once you resell or transfer ownership of the property. Your income must not exceed $55,000 and you need to have a credit score of at least 620. You don’t need to make monthly payments. Please note that homebuyer education is mandatory if you want to qualify for the program assistance. Want to apply? Visit https://housing.mt.gov/Portals/218/Shared/Homeownership/docs/ParticipatingLenderList.pdf?ver=2019-10-02-115001-390.
For more details about the Montana Housing Down Payment Assistance programs, please visit https://housing.mt.gov/Homeownership/Homebuyers/Down-Payment-Assistance.
Reverse Annuity Mortgage (RAM) Program
Many elderly homeowners stay in their property with little or no mortgage debt left to pay. Most of the senior homeowners are low-income earners and can take advantage and earn some extra money from the equity in their homes. The RAM program loans provide you with the financial flexibility you need as a senior homeowner to enable them to continue living in their homes on their terms. Want to apply? Please visit https://housing.mt.gov/Contact. To qualify for the program support, you must be at least 68 years. The property must be located in Montana and you must be the legal owner and occupant of the single-family home. How much assistance can you receive if you qualify? The program offers between $15,000 to $150,000. To successfully apply, you must attend Reverse Annuity Mortgage counseling. Please visit https://housing.mt.gov/Contact to have access to a counselor in your location. Read more about the program at https://housing.mt.gov/Homeownership/Reverse-Annuity-Mortgages.
NeighborWorks Montana – Creating Housing Opportunities
The NeighborWorks Montana is committed to creating housing opportunities for Montana through housing education and counseling and financial support. The organization work through HUD-certified housing counseling agencies. Visit https://www.nwmt.org/find-a-homebuyer-education-class/ to join a class. There are home loans available for homebuyers to help make homeownership affordable to low-income individuals and families. The organization also funds housing developers to help create more affordable housing opportunities in Montana. Access lending at https://www.nwmt.org/lending. Also, the organization helps homeowners maintain their home parks. For more details, please visit https://www.nwmt.org/manufactured-housing/.
Section 8 Housing Choice Voucher Program
Section 8 Housing provides rental assistance to families earning low wages to enable them to obtain quality and affordable housing. The program is only available to U.S. citizens and residents of Montana State who have low-incomes that meet set limits. how does the program work? The Public Housing Authorities (PHAs) run this program at the local level. They are also in charge of processing the program applications and determining who qualifies for rental support. They conduct a criminal background check. You will not qualify for the program assistance if you have been convicted because of a sexual offense or drug abuse. Once you qualify for the program assistance, you will be placed on a waiting list. Note that the program support depends upon the availability of program funds and one can stay on a waiting list for more than 9 years. That is because many people are seeking housing assistance in Montana. Qualifying families are required to pay 30% or 40% of their income as rent. The program pays for the rest in form of housing vouchers, which are handed to the property owners on behalf of the renters. For more details about the program, please visit https://housing.mt.gov/Rental-Housing/Housing-Choice-Voucher-Program.
Montana Low-Income Home Energy Assistance Program (LIHEAP)
The purpose of this program is to help Montanans with Low wages pay their home energy bills. The program aims to keep all families out of the harsh weather. The program considers low-income families who use most of their income in paying for energy bills. The program sets aside additional funds for families facing heating or cooling emergencies, such as threats of disconnection from the energy source. Having inoperable heating/cooling equipment? Montana LIHEAP provides the replacement or repair heating tools for families with inoperable equipment. The program also ensures homes stay weatherized through a weatherization program, which helps to reduce energy costs and improve energy efficiency. To qualify for the program support, you must meet the income and U.S. citizenship requirements. How much assistance can you receive? The amount of assistance depends on the size, income, and the type of fuel the family consumes. For more details, please visit https://www.benefits.gov/benefit/1575.
USDA’s Single-Family Housing Direct Home Loans in Montana
The U.S. Department of Agriculture runs this program in the eligible rural areas to help low-income families obtain safe, decent, and affordable housing. The program provides financial assistance through direct loans, which are repayable over 20 years and at a fixed interest rate of 1%. To qualify for the program support, you must be willing to maintain ownership of the property and use it as your primary residence, demonstrate the need for financial support, and ability to make repayments. The focus is to help improve the repayment ability of qualified applicants and reduce their mortgage payments for a while. For more details, please visit https://www.rd.usda.gov/programs-services/single-family-housing-direct-home-loans/mt.
USDA’s Single-Family Housing Repair Loans & Grants in Montana
The purpose of this program is to provide financial assistance to low-income homeowners through loans and grants. Loans are designed to help low-income homeowners make improvements to their homes, including repairs and renovation to modernize their homes. Grants, on the other hand, are provided to the low-income senior homeowners to help them remove the health and safety threats from their homes. Grant seekers must be 62 years or older and demonstrate the inability to make repayment. However, you will repay the funds if you resell or transfer ownership of the property within three years of receiving the program assistance. The program loans are repayable after 33 years. For extremely low-income families, they can pay loans after 38 years. Please visit https://www.rd.usda.gov/programs-services/single-family-housing-repair-loans-grants/mt.