HomeNow for Lenders
The HomeNow program at MoFi allows approved lenders to provide down payment and closing cost assistance to eligible borrowers in the state of Montana. The program is very easy to use and has broad eligibility criteria. Choose from several program options and DPA structures to find the best match for your client. We established HomeNow as part of our mission to provide hardworking Montanans with access to resources that build long-term financial security. And it can be a great tool for you and your homebuyer clients.
DPA Options at a Glance
- Buyers must qualify for a Fannie Mae HomeReady loan.
- Single-family homes, duplexes, condos, townhomes, CLTs, PUDs allowed.
- Minimum 680 credit score.
- Income within the established HomeReady income limits.
- Purchase an owner-occupied, primary residence in Montana.
- Assistance amount can be 3% or 5% of the total loan amount.
- Assistance is a no-interest, deferred second mortgage.
Government Loans (currently unavailable)
- Buyers must qualify for a FHA, VA, or USDA Rural Development (RD) mortgage.
- Single-family homes, duplexes, condos, townhomes, CLTs and PUDs allowed
- Minimum credit score: 640
- Have incomes within the established limits: FHA and VA or RD.
- Occupy the property as a primary residence in Montana.
- Assistance amount can be 3.5% or 5% of the total loan amount.
- Assistance is a one-time grant issued at time of the closing, and does not have to be repaid.