Rocky Mountain Bank (RMB), a community bank with 11 branch offices across Montana, is now offering the HomeNow homebuyer assistance programs that will make homeownership more accessible and more affordable for its customers. Qualified borrowers can receive up to 100% of down payment and/or closing costs on select 30-year fixed-rate mortgages and can choose to receive the assistance in the form of a one-time grant, or a deferred loan.
With HomeNow, buyers can access one of two main down payment resources: a 0% interest deferred loan (which comes with the benefit of lower monthly payments) or a one-time grant issued at closing (which provides instant equity in the home). Both the grant and deferred loan programs are designed to help low-, moderate- and middle-income borrowers who have steady income and qualify for a mortgage, but don’t have the cash on hand for the down payment. The assistance can be combined with a variety of 30-year mortgage options, including both conventional and government programs. Both are available anywhere in the state of Montana and are not limited to first-time homebuyers.
“We’re thrilled to add HomeNow to our portfolio of resources for home mortgage clients,” said Scott Olson, Area Sales Manager with Rocky Mountain Bank. “We have worked with MoFi on small business loans for years and view them as a trusted partner that is truly making a difference in the lives of low- and moderate-income Montanans. When they approached us about HomeNow, we knew it would be a win-win for our customers, and we wanted to get on board.”
“We’re excited to welcome Rocky Mountain Bank as a participating lender with HomeNow, which is the most widely accessible down payment assistance program in Montana,” said MoFi President Dave Glaser. “Clients can choose between a non-repayable grant that offers immediate equity in the home, or they can choose the new 0% deferred loan program, which has lower interest rates, and therefore, a lower monthly payment. There are specific benefits to both options, but the end result is the same – buyers get an affordable mortgage and we provide the boost they need to overcome the down payment hurdle.”
To date, MoFi has helped over 100 people with down payment assistance, and supported $20 million in home purchases in Montana.
For a complete list of Rocky Mountain Bank’s branch locations, visit Rocky Mountain Bank’s website at www.rmbank.com. You can also use MoFi’s Lender Locator tool to see the complete list of participating HomeNow lenders in your area.