Montana Veterans' Home Loan Program
What is the Montana Veterans' Home Loan Program? The Montana Veterans' Home Loan Mortgage Program was established during the 2011 Legislative Session, following introduction of the bill by Senator Larsen from Missoula. The program is designed to use funds from the principal of the Montana Coal Tax Trust Fund. The program is a permanent Revolving Loan fund for Veteran Home Loans.
What makes this program special? The program is designed to assist Montana residents who are National Guard members, reservists or federally qualified veterans to purchase their first home. This program helps fulfill part of the Montana Constitution that asks us to Honor all those who serve our country in the military.
How much funding is available? The Montana Veterans' Home Loan Program is funded by $15 million of principal from the Montana Coal Tax Trust Fund. First mortgage loans are administered by the Montana Board of Housing and purchased by Montana Board of Investments.
How is the rate calculated? The rate will be 1% below the current market rate, that is, the Montana Board of Housing regular program rate or the Fannie Mae 60 day lock rate, whichever is lower. The rate will be updated every 2 weeks. Click the button below to see the current rate and the funds available for the Montana Veterans' Home Loan Program.