NeighborWorks Homebuyer Resources: Down Payment and Closing Costs
NeighborWorks Great Falls knows the challenges hopeful homebuyers face when it comes to down payment and closing costs. A conventional mortgage and down payment doesn’t fit every family or situation. NeighborWorks offers loan products that help with total financing, down payment and closing costs for families and individuals of all financial situations.
Deferred and Amortizing Down Payment Assistance:
The HOME program available through NeighborWorks provides deferred loans between $2,500 and $25,000 (up to $50,000 in some cases) to provide down payment and closing cost assistance or to help fill the gap between the total financing needed for a home and the amount the primary mortgage lender is willing to lend. The 0% deferred loans have no interest and no payments until you refinance, pay off the first mortgage, or sell the home. These loans are available to households with income at or below 80% of the county median income, based on family size.
For families over 80% Area Median Income, amortizing down payment loans are also available to fill the gap for families with incomes up to 125% area median income and have varying interest rates. Contact NeighborWorks Great Falls or ask your primary mortgage lender to find out if either of these products can make homeownership a reality for you.
Click here to see area median income guidelines.
Matched Savings (Individual Development Accounts):
NeighborWorks Great Falls can help put you on the path to homeownership with our Matched Savings Account program to help with your down payment. This program matches your savings 3:1, which means you can save up to $1,000 and receive a match of $3,000 – giving you a total of up to $4,000 for down payment! The purpose of the program is two-fold: to help you establish savings and budgeting habits in preparation for homeownership, and to form a relationship with a lending institution.
All NeighborWorks loan products require the homebuyer to attend a Homebuyer Education course, as well as a short personalized homeownership appointment to ensure future success. To get started, create a customer profile.
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