Deferred payment simple interest second mortgage with no payment until first mortgage is satisfied (i.e. sale, refinance or paid in full). Loans up to $35,000 in Mineral, Missoula and Ravalli Counties.

We can help you with:

* Downpayment assistance
* Home buyer education

- Household should qualify for Montana Board of Housing first mortgage

- Household income cannot exceed 80% of HUD median income (HUD Median Income Chart)

- Household must contribute a minimum of 3% of the home's purchase price

- Mortgage payment including taxes and insurance must be between 29% and 32% of monthly gross income

- Applicants must attend a homeownership course approved by HRC
(http://www.homeword.org/hoc/grhclassschedule.htm)

- House must meet Section 8 housing quality standards

- Home chosen for purchase must be owner-occupied or vacant at the time the buy-sell is signed. It can not be a rental, unless you are the renter

- Maximum purchase price of home may not exceed FHA mortgage limits for county of purchase

Contact HRC's Missoula office for additional information.