1. (1) The property to be purchased with a VHLP loan must be:

   1. (a) located in the state of Montana; and
   2. (b) occupied by the borrower as the borrower's primary residence.

2. (2) Depending on the type of property, the following conditions must be met:

   1. (a) if manufacturing housing, the property must be a two-section or larger, de-titled and fixed to a permanent foundation. The board may approve exceptions on a case-by-case basis considering factors such as the appraisal, property conditions, and insurability of the home;
   2. (b) if a condominium, the property must meet mortgage purchase approval guidelines and hazard insurance requirements contained in the guide and as further defined in the MBOH MBS Regular Bond Loan Programs general terms and conditions. The guide and terms and conditions are available on the board’s website at www.commerce.mt.gov/housing; and
   3. (c) if the property is on a community land trust, the mortgage insurer must approve the property for the loan.

Authorizing statute(s): 90-6-104, 90-6-106, MCA

Implementing statute(s): 90-6-104, 90-6-106, MCA

History: NEW, 2011 MAR p. 2024, Eff. 9/23/11; AMD, 2025 MAR, Notice No. 2025-345, Eff. 11/8/25.