Gr8Hope: Homebuyer Mortgage Buy-Down Assistance

Gr8 HOPe is a program funded by a grant from the Montana Home Investment Partnerships Program, a program of the Montana Department of Commerce.

The program is designed to provide individuals at or below 80% of median income with down payment and closing cost assistance when purchasing their first home. The assistance is in the form of a deferred loan. Eligible borrowers do not make payments on this deferred loan until they either sell or refinance the house, at which time the loan is paid back in full, along with a percentage of any appreciation in the value of the house. This deferred loan is combined with other bank financing to make the monthly house payment affordable.

Past phases of the program have been administered in partnership with Lewis & Clark County and Helena Housing Development Corporation. The current phase of Gr8 HOPe is expected to be administered under contract with Elkhorn Affordable Housing Corporation.

Eligible applicants must first complete the First Time Home Buyers and Budgeting Class workshops.

For call (406) 442-1236 ext. 104.