Down Payment Assistance
Thanks to funds from the Resort Tax, Yellowstone Club Community Foundation, and Moonlight Community Foundation, BSCHT created a down payment assistance program that loans up to $20,000 to buyers that they return at resale. The program then recycles the funds by making them available to the next buyer. So far, the program has loaned over $500,000 to MeadowView buyers.
Down payment assistance is available to residents of Madison or Gallatin counties for properties in the Big Sky Resort Area District. Households selected to receive down payment assistance will enter into a loan agreement with the Big Sky Community Housing Trust that outlines the terms of the loan. Down payment loans are secured on title through second mortgages.
- The amount of the down payment assistance available is a minimum of $10,000 and a maximum of $20,000.
- On a case-by-case basis, alternatives less than 20% total down utilizing private mortgage insurance will be considered.
- BSCHT down payment assistance funds may be used with Rural Development Authority and Federal Housing Authority loan programs, subject to the limitations of those programs.