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Special Programs
Special loan Programs meet the unique needs of borrowers who find themselves in situations where normal loan programs may not be beneficial. Special programs are offered by Stockman Bank in partnership with other agencies.
Special Loan Programs include:
- First-Time Homebuyer Loans - Stockman Bank participates in first time homebuyer programs provided through the Montana Board of Housing (MBOH). Borrowers who fall within the income limits and who have not owned a previous home can obtain a government guaranteed loan at interest rates below the standard programs.
- Home$tart - A program provided in conjunction with Federal Home Loan Bank of Seattle (FHLB), the Home$tart program provides down payment assistance to low and moderate income first time homebuyers. Borrowers must complete a homebuyer education class and establish a savings account for at least six months to set aside funds towards closing costs. After meeting the criteria of the program, the FHLB will provide a matching grant of $2.00 for every $1.00 the borrower has saved up to a total grant of $5,000. Funds are available on a limited basis.
- Neighborhood Housing Services - Montana Board of Housing has teamed up with Neighborhood Housing Services (NHS) to help provide down payment assistance. Qualified borrowers may be able to obtain second mortgage up to $5,000 for down payment and closing costs provided through the NHS/MBOH partnership payable over a 30 year period along with the first mortgage through Stockman Bank.
- Reverse Mortgages - This program assists senior citizens by providing a source of funds through the equity in their home that may be beneficial to cover their living expenses. Borrowers must fall within maximum income limits. Funds can be provided in a lump sum at closing or advanced on a monthly basis. Age and income limits may vary based on guidelines of secondary markets.
- Section 184 - A government backed loan program, Section 184 loans provide housing financing to all enrolled members of a federally recognized tribe to purchase or refinance a property anywhere in the State of Montana, on or off the reservation.
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