The Montana Board of Housing is launching a new home loan program aimed at helping Montana veterans purchase their first homes.
Established by the 62nd Legislature, the purpose of the Montana Veterans’ Home Loan Program was to honor Montana residents who are serving or have served in the Montana National Guard or in the national armed forces and reserves. The program launched Nov. 1.
“The intent of the program is to recognize and reward Montana’s military personnel by making homeownership a more attainable reality,” said Gov. Brian Schweitzer. “The Montana Board of Housing, Board of Investments and Department of Commerce are coming together to serve the people who have proudly served us.”
Following the Legislature’s direction, the Board of Investments will allow MBOH to administer $15 million of the permanent coal tax trust fund for the purpose of this program. The decision was made to use some of the money in the trust fund for a mortgage loan program so that eligible first-time homebuyers can get a mortgage loan at a rate lower than current market rates. In that way, Montana can reward those eligible veterans who have served and reward the unremarried spouses of eligible veterans who have made the ultimate sacrifice in service to their country.