Check out some of the great benefits for first time home buyers

Montana Board of Housing (MBOH) - www.housing.mt.gov  

This is a homeownership program geared primarily to help first-time homebuyers.  A first time homebuyer is defined as someone who has not owned a home in the last three years.  Prospective     homebuyers must have incomes that fall at or below program income limits to be elilible.  These income guidelines are posted at the above website.  MBOH now requires that homebuyers attend the Neighborworks Homebuyers Education Courses in order to use MBOH financing.  These courses are available each month in different cities throughout Montana; the course schedule is listed on the Neighborworks website.  For more information, call MBOH at (406) 841-2851.

Neighborworks Great Falls (NWGF) - www.nwmt.org  

 NWGF offers loan programs that enable individuals and families of lower and moderate income to achieve the American Dream of home ownership.  Eligibility for all programs depends on income and number of people in the household.  For families that qualify for first mortgages from a financial institution, NWGF has loans for down-payment and closing costs. 

For low income families that cannot afford to make full payments, NWGF has second mortgages which do not require monthly payments and are repaid when the home is sold or is no longer the principal residence.

 Individual Development Account (IDA) – The IDA program is a 4:1 match savings account.     This means you can save up to $1,000 and receive a match for $4,000; giving you a total of $5,000 for down payment and closing cost assistance.  Set up an appointment with Neighborworks to see if you qualify. 

Opportunity of a Lifetime for First-Time Buyers   http://www.federalhousingtaxcredit.com/

The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. It also authorized a tax credit of up to $6,500 for qualified repeat home buyers.