HomeNow Lenders

Investing in community by helping families realize their
dream of homeownership.

HomeNow Down Payment Assistance Program

How It Works

The HomeNow Program provides down payment and closing cost assistance in the form of a gift to eligible borrowers. Montana CDC established HomeNow as part of its mission to provide hardworking Montanans with access to resources that build long-term financial security.

 

How Do My Borrowers Qualify?

Conventional Loan

 

  • Qualify for a 30-year fixed-rate mortgage through Fannie Mae’s HomeReady conventional loan program.
  • Have income within the established HomeReady income limits. Check Fannie Mae’s income eligibility map to see if the property the borrower is purchasing is located in a low-income census tract. There is NO INCOME LIMIT for borrowers purchasing home in low-income census tracts.
  • Have a minimum 680 credit score.
  • Be purchasing an owner-occupied, primary residence in Montana.
  • Gift amount can be 3%, 4%, or 5% of the total loan amount.

FHA, VA, or RD Loan

 

  • Qualify for a 30-year, fixed-rate mortgage through FHA, VA, or USDA Rural Development (RD).
  • Have incomes within the established limits: FHA and VA or RD.
  • Have a minimum 640 credit score.
  • Occupy the property as a primary residence in Montana.
  • Gift amount can be 3.5% or 5% of the total loan amount.

More Details

 

Am I A Qualified Lender?

 

  • Lenders must be approved by U.S. Bank to participate in the HomeNow program.
  • Third party origination is not allowed.
  • Interested lenders should contact Melanie Calahan, Director of HomeNow, at 406-532-5716 or melaniec@mtcdc.org.

Marketing Materials

 

  • General and market-specific participating lender badges are located in the right-hand column of this page in .pdf format
  • Digital and high-resolution logos and badges are available by request
  • Lenders interested in additional marketing materials should contact Libby Addington, Director of Communications, at 406-532-5714 or libbya@mtcdc.org

FAQS