Lenders & Realtors

The City's First Time Home Buyer program is designed to assist low-income households with financial assistance to purchase their first home. City staff are available to assist involved Realtors and Lenders navigate the process.

Lender & Realtor Tools

• Here is a flowchart that illustrates the process of working with someone going through the First Time Home Buyer program.
• Additional details relative to Realtors and Lenders are summarized in this document. A list of required documents can be accessed here.

Key Points

• Funding status update: Funding is available as of July 1, 2025. Funding is provided on a first-come, first-served basis. (Last updated June 26, 2025)  
  
• Funding Reservation: Funds are reserved on a first-come, first-served basis to applicants who have submitted the following:
  • Homebuyer Education Certificate of Completion
  • Signed Buy-Sell Agreement with eligible purchase price
  • Good Faith Estimate with PITI under 42 percent
• Verify Approval: If a client states they have been approved for the program, please verify with City staff at 406-860-9126.
• Household Income Limits: Eligible households (or individuals) must have an annual income of less than or equal to 80% of the Area Median Income (AMI), as established by the Department of Housing and Urban Development (HUD). HUD income limits for Billings can be located here. 
  
• Application Submission: If you receive a completed First Time Home Buyer application from a client, please verify the application has also been received by the City.
• Timely Submission: The approval process can take over four weeks to get a check issued for closing; timely submission is critical to this process.
• Lead-Based Paint: Homes built prior to 1978, with chipping and / or peeling paint, are not eligible for the program.
• Tenants: Homes with tenants residing in the property to be purchased are not eligible for the program.
• Closing Dates: Please keep in mind it takes ten business days for a check request to be processed through the City's financial system. No exceptions will be made.

Payoff Quote Request

To request a payoff quote, please email Jordan Langton at langtonj@billingsmt.gov or call 406-860-9126. If the payoff request is received from a third party, such as a bank or title company, the payoff quote request must contain the loan holder's written authorization to release the information. Staff will make every effort to provide a response within 10 to 14 business days of the date the request is received. After payoff is received, please allow 7 to 20 business days from the date the payoff funds are received for reconveyance documents to be mailed.