Great Falls Matrix

Owner/Occupied – Single Family Residences Only
Acceptable Credit History
Homebuyer Education Required – Classes Provided through NeighborWorks® Great Falls (406) 761-5861
Section 8 vouchers may be accepted for mortgage payments

	City of Great Falls HOME Deferred	Cascade County HOME Deferred	MT Board of Housing NWGF/NWMT Set-Aside	Temporary Assistance for Needy Families (TANF)	Statewide Low and Moderate Income	Participating Bond Pool Program
Product Type	Deferred 2nd Mortgage for Down payment & Closing Costs There is an Appreciation Share requirement	Deferred 2nd Mortgage for Down payment & Closing Costs There is an Appreciation Share Requirement	Amortizing 1st & 2nd Mortgage 2nd Mortgage is for down payment and Closing Costs	Amortizing 2nd mortgage for families at or below 200% poverty level for Down payment & Closing Costs	Amortizing 2nd mortgage for Down payment and Closing Cost	Amortizing 2nd mortgage for Down payment and Closing Cost
Term	30 year mortgage	30 year mortgage	30 year mortgage	Max 30 year mortgage	< 80% AMI Max 30 year > 80% AMI Max 15 year	< 80% AMI Max 30 year > 80% AMI Max 15 year
Income Limits	At or below 80% Cascade county median income	At or below 80% Cascade county median income	At or below 80% county median	At or below 200% of State poverty level	At or Below 125% of county median income Native American Max 150%	At or Below 125% of county median income Native American Max 150%
Loan Amount	Min $1,000 Max $15,000	Min $2,500 Max $25,000	Max $5,000	Min $3,000 Max $20,000	Min $1,500 Max $5,000	Min $1,500 Max $5,000
Interest Rate	0%	0%	Current rate set by MBOH	2.50%	<50% AMI-1.00% 51%-65% AMI-3.00% 66%-80% AMI- 5.25% over 81% AMI - 6.25% Subject to change quarterly– please check our website www.nwmt.org or call for rates	<50% AMI-1.00% 51%-65% AMI-3.00% 66%-80% AMI- 3.75% 81%-115% AMI- 4.75% over 115% AMI - 5.75% Subject to change quarterly– please check our website www.nwmt.org or call for rates
Fees	$350 Loan Packaging fee Title report, recording, closing fee, and HQS fee	$350 Loan Packaging fee Title report, recording and closing fee	$350 Loan Packaging fee, pre-paid interest, recording and closing fee	$350 Loan Packaging fee Pre-paid interest Title report, recording and closing fee	$350 Loan Packaging fee Pre-paid interest Title report, recording and closing fee	$350 Loan Packaging fee Pre-paid interest Title report, recording and closing fee
Ratios	Housing Ratio at least 29% Total Debt Ratio no more than 41% unless valid compensating factors	Housing Ratio at least 29% Total Debt Ratio no more than 41% unless valid compensating factors	29/41 unless there are valid compensating factors	29/41 unless there are valid compensating factors	29/41 unless there are valid compensating factors	29/41 unless there are valid compensating factors
First Mortgage	FHA/VA/CONV	FHA/VA/RD/CONV	MBOH-FHA/VA/RD	MBOH or RD	FHA/VA/CONV/RD	FHA/VA/CONV/RD
Qualifications	1st time Homebuyer, single w/dependent children, or disabled person in household Available for those in "need"	1st time Homebuyer, single w/dependent children, or disabled person in household	1st time Homebuyer, single w/dependent children, or disabled person in household	Family must have at least 1 child living in home 1st time Homebuyer, single w/dependent children, or disabled person in household		Lenders who can participate in program are: First Interstate Bank, Mountain West Bank, Stockman Bank, US Bank & Wells Fargo
Area Restrictions	City of Great Falls	Cascade County outside of Great Falls city limits	State of Montana	State of Montana	State of Montana	State of Montana
Asset Limitations	Liquid=$5,000 Total=$70,000	Liquid=$5,000 Total=$70,000	Liquid = $5,000 Total = $70,000	Liquid = $5,000 Total = $70,000	Liquid = $5,000 Total = $70,000	Liquid = $5,000 Total = $70,000
Occupancy	Owner occupied Becomes due if sell, move out, on death, or if 1st mortgage is refinanced. When 1st Mtge is repaid payments are due in the amount of P&I payment of original 1st Mtge	Owner occupied Becomes due if sell, move out, on death, or if 1st mortgage is refinanced When 1st Mtge is repaid payments are due in the amount of P&I payment of original 1st Mtge	Owner Occupied Becomes due if sell, move out, on death, or if 1st mortgage is refinanced	Owner Occupied Becomes due if sell, move out, on death, or if 1st mortgage is refinanced	Owner occupied Becomes due if sell, move out, on death, or if 1st mortgage is refinanced	Owner occupied Becomes due if sell, move out, on death, or if 1st mortgage is refinanced
Payments	N/A until 1st Mtge is paid then payments are equal to P&I on original 1st Mtge	N/A until 1st Mtge is paid, then payments are equal to P&I on original 1st Mtge	To Servicing Lender	ACH to NWGF/NWMT	ACH to NWGF/NWMT	ACH to NWGF/NWMT
Other	Home cannot have been rented in last 90 days No paint problems can be identified if built prior to 1978 A Home Inspection is required and must be reviewed by NWGF HQS Inspection also required Borrowers Investment –min $500 Home must be within the Great Falls City Limits Max TLTV 105%	Home cannot have been rented in last 90 days No paint problems can be identified on appraisal if built prior to 1978 An HQS Inspection is required Borrowers Investment –min $500 Home must be within Cascade County, outside of GF city limits Max TLTV 105%	1st Mortgage Lender funds both Mortgages and prepares the closing documents for both Mortgages Borrowers Investment – min $500 Max LTV 105%	Borrowers Investment – min $500 Max LTV 105%	NWGF must be in 2nd lien position, unless there are valid compensating factors Borrowers Investment – min $500 Max LTV 105%	NWGF must be in 2nd lien position, unless there are valid compensating factors Borrowers Investment – min $500 Max LTV 105%

See individual program guidelines for complete information

10/2/08

Temporary Assistance for Needy Families (TANF)