First Time Home Buyer Loan Program
The City's Community Development Division programs are open to all eligible persons, regardless of race, color, national origin, disability, familial status, sex, religion, creed, marital status or age. First-time homebuyers are entering the market later in life, and affordability has become a significant barrier. According to the National Association of Realtors, the national median age of first-time homebuyers reached 40 in 2025, Montana ranked as the least affoardable state for home purchases when median household income was compared with median home sale price.
The current maximum purchase price is $356,000, as determined by the U.S. Department of Housing and Urban Development (HUD).
Our current loan amount has not changed since 2009. The City of Billings offers ZERO interest, deferred payment assistance loans of $10,000 to $15,000. Rising home prices have created a larger homeownership affordability gap than our loans can close.
Effective 7/1/2026: Loans will be calculated as up to 20% of the home's purchase price, based on household eligibility and demostrated affordability need.
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