Storymill Rendering Watercolor

Note for prospective homebuyers:

Here is what you need to know to buy a Headwaters home. These homes will be priced significantly below market for income-eligible households. The homes differ from market-rate homes in the following respects:

  • You own the home and lease the land, which is held in trust for the community.
  • When you sell your home, you keep your equity and a percentage of the home’s increased value.
  • You must reside in the home as your primary residence.

For more information, visit our FAQ page.

Due to demand far exceeding supply, opportunities to purchase a Bridger View below-market home have been offered to potential buyers in 2022 and 2023 via weighted drawings.

When future below-market homes become available, potential buyers will need to follow these steps:


Confirm your eligibility

Check whether you meet these criteria:

  • Are you 18 years old or older and a U.S. citizen?
  • Is 75% of your household income earned locally?
  • Do you own other real estate? (This is not permitted at the time of purchase.)
  • Check that your income level is below the allowable ceiling (see info below).
  • Check that your assets are below the cap (see info below).
Definition of local employment
Local zip codes

  • 59714
  • 59715
  • 59717
  • 59718
  • 59719
  • 59771


Get Prepared

To enter a drawing, you will need to:

  • Meet with a local lender and get pre-qualified for a loan (learn what loan amount is manageable for your household).
  • Determine that you have resources available for a down payment (at least 5% of the purchase price is required for down payment and closing costs).
  • Take a homebuyer education class that will explain other steps in the homebuying process.
Local lenders familiar with Headwaters homes
Opportunity Bank, 1455 W. Oak St. Bozeman, MT 59715

Amanda Menzel, 406-599-2688 amenzel@oppbank.com

Elisha Grace, 406-209-1594

First Security Bank, 208 E. Main St. Bozeman, MT 59715

Tanner Aasheim, 406-548-6958

Rossi Benner, 406-556-3816 rossi.benner@ourbank.com

Stockman Bank of Montana, 1815 S. 19th Ave. Bozeman, MT 59718

Ron Culver, 406-556-4102

Headwaters reserves the right to approve all mortgage financing.

Homebuyer education and counseling agencies


Enter a drawing

If you are in our database, you’ll get an email notifying you when the entry form is available, or you can check here for a link to the entry form. The opportunity to enter a weighted drawing (by completing an entry form) will only be open for a matter of weeks and will require:

  • Household gross income
  • Household assets
  • Assets available to apply toward a down payment
  • Estimated household debt
  • Loan prequalification amount from a local lender
  • Verification of completed homebuyer education course

Are your assets below the cap?

Headwaters is targeting these homes for purchase by local residents who don’t have financial resources to buy a home at today’s prices. Households with assets above $126,000 are not eligible.

Assets that count toward the cap

Assets to be considered include:

  • Cash savings, including but not limited to bank accounts, credit union accounts, certificates of deposit, and money market funds.
  • Marketable securities, stocks, bonds, and other forms of capital investment.
  • Inheritance and insurance payments received in previous five (5) years.
  • Settlements for personal or property damage received in previous five (5) years.
  • Other personal property that is readily convertible into cash.

The following are not considered assets by Headwaters:

  • Ordinary household effects including furniture, fixtures, and personal property that is not readily convertible into cash.
  • IRAs, pensions, investment accounts, etc. that would require a penalty for early withdrawal.
  • Automobiles used for personal use.
  • Balances in specifically designated retirement funds and college savings accounts.
  • Securities, stocks, bonds, and other forms of capital held in a tax-deferred retirement plan recognized by the Federal Internal Revenue Service.

Is your income below the allowable ceiling?

Headwaters is offering these homes for purchase to households earning no more than $152,000 per year. (If you are slightly above this amount, please contact Headwaters staff to discuss.) This cap represents 120% of the Area Median Income (AMI) for a 4-person family in Gallatin County as published by the U.S. Department of Housing and Urban Development, April 2021.

Income that counts towards the ceiling

Income sources for each adult household member that receives income count towards the ceiling. All gross income (before taxes) anticipated for the current year counts, including:

  • wages from regular employment or self-employment
  • gratuities and commissions BEFORE taxes and other deductions
  • child or spousal support
  • pension, Social Security, disability pension, or Worker’s Compensation
  • investment income
  • any other miscellaneous income

The weighted drawing

There is far more demand for Headwaters homes than there is supply. Potential homebuyers will be randomly selected through a weighted drawing that gives more entries in the drawing for applicants that have lived in the Bozeman area for a certain number of years.

Local residency defined
Local Residency Map

  • 59011
  • 59018
  • 59027
  • 59030
  • 59047
  • 59052
  • 59065
  • 59082
  • 59086
  • 59643
  • 59714
  • 59715
  • 59716
  • 59718
  • 59721
  • 59729
  • 59730
  • 59735
  • 59740
  • 59741
  • 59745
  • 59747
  • 59752
  • 59760
What if I’m selected in the weighted drawing?

If you are selected in the weighted drawing to have the opportunity to purchase a below-market Headwaters home, you will need to move quickly! You will have 7 days to complete your application. If you are unable to finish in this timeframe, we will have to move on to the next person on our waitlist. We will send you a link to the full homebuyer application form, which requires the following additional information:

  • Federal income tax returns from previous 2 years (including W2s)
  • Recent paystubs or employment agreement
  • Proof of citizenship (passport, birth certificate)
  • Proof of residency in Gallatin County (voter registration card, copy of lease, utility bills)
  • Copies of statements for all asset accounts (checking, savings, investment, etc.)
  • Copies of statements for all debts (credit card bills, auto loan statements, etc.)
Headwaters drawings table

*number of years within the last 10 years (need not be consecutive)

Check back here for future weighted drawing opportunities. Make sure you are in our database so you don’t miss out!