FAQ
Frequently asked questions
The program is administered by NeighborWorks Great Falls (NWGF) and NeighborWorks Montana (NWMT), in coordination with local lenders and investors.
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.
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.
Funds can assist with down payment, closing costs, or bridge affordability gaps in the purchase price.
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).
A middle score of 640 is required unless valid compensating factors.
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.