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Funds are not fully committed for a specific purchase until staff receives from an applicant that has received preliminary approval, a copy of the buy-sell agreement and a good faith estimate. At that time staff, issues a final approval letter which authorizes the lender to proceed. This letter signifies the City's intent to fund the project.
Staff recommends you talk to your lender or call the Community Development office (406-657-3045) regarding the status of funding before making an offer to purchase. Good communication can avoid major disappointment.
Lenders have asked the City to take "third position" behind the home equity loan. This is prohibited and cannot be approved.
Many applicants have taken out home equity loans as they have gained equity and used a portion of the funds to repay the City, which would release the restrictions on the property. The City then reinvests the funds into our program allowing us the opportunity to assist another applicant.
The appraiser's inspection is to determine the value of the home and not to guarantee the condition.
It is a good idea for you to get a licensed inspector if you are not sure of the condition of the home.