AM I ELIGIBLE?
In order to be eligible for homeownership through NWMTCLT's program, you must:
Be a first time homebuyer - Do you currently own a home?
If "yes", you are NOT eligible. If "no", keep reading.
Be income eligible - Is your gross (before taxes) income less than the maximum income listed below for your household size? NWMTCLT houses must be sold to buyers who have a gross household income that is less than 120% of Area Median Income (AMI) for Flathead County.
Currently 120% of Area Median Income (AMI) is:
If "no", you are NOT eligible. If "yes", keep reading. (If you are close to the limits or are not sure AND meet all the other requirements, keep reading)
Be able to qualify for an approved mortgage - You need to qualify for an approved mortgage to purchase your home. This includes:
Adequate income - You must be able to document adequate, steady income so that your house payment does not exceed approximately one-third of your gross monthly income.
Adequate credit - Generally you will be able to get a loan to purchase your home if your credit score is at least 640.
Minimum debt - Your debt payments, including your future house payment, may not exceed 41% to 44% of your gross monthly income, depending on your mortgage. Generally speaking, monthly debt obligations of more then $200 - $250 per month, in addition to your house payment, make it difficult to qualify.