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Score Advantage Down Payment Assistance Program

Montana

Available Assistance

Borrowers must have a mid-credit score of at least 620. Those with no credit history will be eligible for the program as long as the loan meets underwriting standards established by the insurer or guarantor of the first-position loan. In cases of multiple borrowers, the highest mid-credit score will be used to determine the mortgage rate. All applicants must complete a homebuyer education course, and be able to contribute a minimum of $1,000 cash in the purchase. MBOH also requires that the home being purchased as their primary residence.

Eligibility Requirements

Based on credit scores at time of application and borrowers with higher credit scores enjoy lower rates:Regular rate without DPA 3.50% (or current regular bond rate)Rate with DPA and 740+ score 3.75% (or current regular bond rate + .25%)Rate with DPA and 700-739 4.00% (or current regular bond rate + .50%)Rate with DPA and 660-699 4.25% (or current regular bond rate + .75%)Rate with DPA and 620-659 4.50% (or current regular bond rate + 1.00%)

Property Guidelines

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