Board of Investments Program

Residential Mortgages from the Board of Investments (BOI)

BOI invests pension funds in Montana mortgages by purchasing loans from Approved Lenders.

Further Information regarding Board of Investment Loans may be found at: http://www.investmentmt.com/

Borrower Eligibility Criteria:
No income limits
No first-time homebuyer qualification
No investment restrictions

Property Criteria:
Must be primary residence
Must be in residential neighborhood
Refinances are available
Can be 1 to 4 family units

Loan Criteria:
Current Freddie Mac/Fannie Mae limits
Hazard insurance required (deductibles vary)
15, 20, 30 year term loans available
30, 60, 280, 240 day locks available
Interest rates vary weekly
1/2% cancellation fee

Underwriting Criteria:
Automatic underwriting through DU/LP Approve/Eligible
Full appraisal is required for loans not insured by FHA or VA

Mortgage Insurance Information:
FHA and VA- backed loans are accepted, however VA loans may not exceed 65% exposure to BOI
Conventional-can use P.M.I. or uninsured if under 80% LTV

Reservation Process:

PREFER:
Input on Lender On Line web based reservation system link to reservation page. FHA, VA loans are automatically committed.

OR
 Fax reservation to MBOH including:
Reservation cover sheet and required documentation listed.

If loan is not insured by FHA or VA, loan reservation is conditional and requires submittal of the appraisal for review by BOI prior to reservation approval. Check exceptions on Lender on Line to check status.

For additional forms and assistance call or E-mail:

Montana Board of Housing
Charlie Brown
chbrown@mt.gov
406.841.2850

updated 1/23/06

This is a summary of the MBOH program only. For a complete copy of the terms and conditions see http://www.investmentmt.com/