Question 1

Who administers HomeStretch?

Accepted Answer

The program is administered by NeighborWorks Great Falls (NWGF) and NeighborWorks Montana (NWMT), in coordination with local lenders and investors.

Question 2

Is the program statewide?

Accepted Answer

No, the program is targeted to specific counties and communities based on eligibility criteria under the Montana Community Reinvestment Plan Act. Not all counties are eligible.

Question 3

Can any lender participate in the program?

Accepted Answer

No, participating lenders must be approved by NeighborWorks Great Falls (NWGF) or NeighborWorks Montana (NWMT) and trained in the program process. These lenders have been pre-selected.

Question 4

What can the funds be used for?

Accepted Answer

Funds can assist with down payment, closing costs, or bridge affordability gaps in the purchase price.

Question 5

Is there a cap on purchase price?

Accepted Answer

No, however eligible borrowers are between 60% and 140% of the Area Median Income and borrowers are not allowed to spend more than 30% of their gross income on their total housing payment (principal, interest, taxes and insurance).

Question 6

Are there credit score minimums?

Accepted Answer

A middle score of 640 is required unless valid compensating factors.

Question 7

What is shared equity?

Accepted Answer

Shared equity means you receive help with your home purchase, often 20-30% of the home’s total price, in exchange for agreeing to share the home’s future appreciation with the program.

FAQ

Frequently asked questions