HomeNow Offers Montanans a Zero Down Payment Option

November 13th, 2017

Montana residents on the hunt for a home now have access to a new down payment assistance program at First Interstate Bank. HomeNow, offered in collaboration with the Montana Community Development Corporation (Montana CDC), helps people who have steady jobs and qualify for a mortgage, but are unable to save up for a down payment.

Qualified borrowers can receive up to 100% of down payment and/or closing costs on select 30-year fixed-rate mortgages, providing instant equity in their home. Unlike other assistance programs, HomeNow is a one-time grant—not a second mortgage—which means the buyer does not need to pay it back. The down payment assistance can be paired with Conventional (Fannie Mae HomeReady) and Government (FHA, VA, and RD) loans. Even better: it is not limited to first-time home buyers.

To date, Montana CDC has issued more than half a million dollars in down payment assistance grants, supporting more than $13.5 million in home purchases throughout Montana. The average grant size ranges from $7,000-$10,000. Interested in seeing if you qualify? Contact a Mortgage Loan Originator in your Montana community and get started!