|
State HOME Deferred 2nd Mortgage |
MT Board
of Housing NWGF/NWMT Set-Aside |
Temporary Assistance for Needy Families (TANF) |
Statewide Low and Moderate Income |
EQ2
(formerly Participating Bond Pool program) |
Product
Type |
Deferred 2nd Mortgage for down payment & closing costs.
It has an **Appreciation Share Requirement- **Check Program Guidelines for explanation
|
Amortizing 1st & 2nd Mortgage
2nd Mortgage is for down payment and closing costs |
Amortizing 2nd mortgage for families at or below 200% poverty level |
Amortizing 2nd mortgage for down payment and closing cost
|
Amortizing 2nd mortgage for down payment and closing cost
|
Term |
30 year mortgage |
30 year mortgage |
Max 30 year mortgage |
< 80% AMI Max 30 year mortgage
> 80% AMI Max 15 year mortgage |
< 80% AMI Max 30 year mortgage
> 80% AMI Max 15 year mortgage |
Income Limits |
At or below 80% county median |
At or below 80% county median |
At or below 200% of State poverty level |
At or below 125% of county median
For FHA 1st Mortgages max income is 115% of county median
|
At or below 125% of county median
For FHA 1st Mortgages max income is 115% of county median
|
Loan Amount |
Min $1,000
Max $10,000 |
Max $5,000 |
Min $3,000
Max $20,000 |
Min $1,500
Max $5,000 |
Min $1,500
Max $5,000 |
Interest Rate |
0% |
Current rate set by MBOH |
2.50% |
<50% AMI-2.00%
51%-65% AMI-4.00%
66% - 80% AMI – 6.25%
over 81% AMI – 7.25%
Subject to change quarterly– please check our website www.nwmt.org or call for rates
|
<50% AMI-1.00%
51%-65% AMI-3.00%
66%-80% AMI-3.75%
81%-115% AMI-4.75%
over 115% AMI-5.75%
Subject to change quarterly– please check our website or call for rates |
Fees |
$375 Loan Packaging fee
Title report, recording and closing fee and document delivery fee |
$375 Loan Packaging fee
Title report, recording and closing fee and document delivery fee |
$375 Loan Packaging fee
Title report, recording and closing fee and document delivery fee |
$375 Loan Packaging fee
Title report, recording and closing fee and document delivery fee
|
$375 Loan Packaging fee
Title report, recording and closing fee and document delivery fee
|
Ratios |
29/41
unless there are valid compensating factors
Housing ratio must be at least 29% to comply with federal regulations |
29/41
unless there are valid compensating factors |
29/41
unless there are valid compensating factors |
29/41
unless there are valid compensating factors
|
29/41
unless there are valid compensating factors
|
First Mortgage |
FHA, VA, RD or CONV
**See notes below |
MBOH-FHA/VA/RD |
MBOH-FHA or RD |
FHA/VA/RD/CONV |
FHA/VA/RD/CONV |
Qualifications |
1st time Homebuyer, single w/dependent children, or disabled person in household
Available for those in "need" |
1st time Homebuyer, single w/dependent children, or disabled person in household |
Family must have at least 1 child under 18 living at home
1st time Homebuyer, single w/dependent children, or disabled person in household |
|
Lenders who can participate in this program are:
First Interstate Bank,
Mountain West Bank, Stockman Bank, US Bank & Wells Fargo |
Area Restrictions |
46 counties in MT
Not available if county has HOME funds available |
State of Montana |
State of Montana |
State of Montana |
State of Montana |
Asset Limitations |
Liquid=$5,000 Total=$70,000 |
Liquid=$5,000
Total=$70,000 |
Liquid=$5,000 Total=$70,000 |
Liquid = $5,000
Total = $70,000 |
Liquid = $5,000
Total = $70,000 |
Occupancy |
Owner occupied
Becomes due if sell, move out, on death, if 1st mortgage is refinanced, upon payoff of 1st mortgage or if none of these occur, loan amount + share of appreciate becomes due and payable 30 years from date of loan.
|
Owner Occupied Becomes due if sell, move out, on death, or if 1st mortgage is refinanced |
Owner Occupied Becomes due if sell, move out, on death, or if 1st mortgage is refinanced |
Owner Occupied Becomes due if sell, move out, on death, or if 1st mortgage is refinanced |
Owner Occupied Becomes due if sell, move out, on death, or if 1st mortgage is refinanced |
Payments |
N/A until 1st mortgage is paid then payments are equal to P&I on original 1st mortgage |
To Servicing Lender |
ACH to NWGF/NWMT |
ACH to NWGF/NWMT |
ACH to NWGF/NWMT |
Other |
Property cannot have been rented in last 90 days
No paint problems can be identified on appraisal if built prior to 1978
An HQS Inspection is required
Borrowers Investment –
min $500
Max LTV 105%
Cannot displace a tenant if using NW loan
|
1st Mortgage Lender funds both Mortgages and prepares the closing documents for both Mortgages
Borrowers Investment –
min $500
Max LTV 105%
Cannot displace a tenant if using NW loan |
Borrowers Investment –
min $500
Max LTV 105%
Cannot displace a tenant if using NW loan
|
NWGF must be in 2nd lien position, unless there are valid compensating factors
Borrowers Investment – min $500
Max LTV 105%
Cannot displace a tenant if using NW loan |
NWGF must be in 2nd lien position, unless there are valid compensating factors
Borrowers Investment – min $500
Max LTV 105%
Cannot displace a tenant if using NW loan |
