F GUEST ARTICLE CREATING SUCCESSFUL HOMEBUYERS For 25 years, NeighborWorks Montana (NWMT) has been working to ensure that the dream and opportunity of homeownership is available to all Montanans with low andmoderate incomes. At NWMT, we believe that the lasting homeownership success of our clients is based on a combination of appropriate, affordable financing and quality education and counseling. With the changingmarket and rising costs, we’re seeing hopeful homebuyers more unprepared than they have ever been to take on homeownership. We are excited to announce we have significantly increased our financial coaching and counseling programacross our entire statewide network to create a financially stable, ready-to-purchase homebuyer. With this increase in financial education and counseling, we’re also offering amatched savings account programproviding a 1:1 match for every dollar saved up to $500. Along with our increased financial coaching and counseling, NWMT is still offering the same great down payment products we always have. We offer the following products to help your clients achieve more buying power: • 20+ Community Second is an amortizing second loan that provides up to 20% of the purchase price as a down payment and serves people with incomes up to 125% of the area median income. This is a statewide program, offered through participating lenders. Borrowers can pair this loan with a conventional mortgage, eliminating the cost of mortgage insurance. • Statewide Low-Mod is an amortization subordinate mortgage to assist qualified borrowers with a down payment and closing costs associated with purchasing a single-family home. • State HOME Deferred is a 0% deferred loan that can be used for down payment or closing costs. This loan is paid when the buyer either refinances or sells their home. NWMT offers this program in many counties across the state. For more information about our products, please visit nwmt.org/lending/for-lenders. Whether your clients need to build a more solid financial base or they are ready for homeownership but need more buying power, NWMT is here to help. We are ready to work with you to see successful homebuyers in every corner of the state! Whether your clients need to build a more solid financial base or they are ready for homeownership but need more buying power, NWMT is here to help. By NeighborWorks Montana The Community Banker 19
RkJQdWJsaXNoZXIy ODQxMjUw