First-Time Home Buyers in Missouri can benefit with a FIRST PLACE loan from the Missouri Housing Development Commission. The First Place program allows prospective buyers to obtain mortgage financing with affordable, below-market interest rates. Individual buyers may also be eligible for a 3% grant that will assist them with the down payment and closing costs.
CAP OPTION: Below-market interest rate for a 30-year Fixed FHA, VA or Conventional loan, combined with a 5-year forgivable second loan equal to 3% of the purchase price. The second loan can be used towards Down Payment, Closing Costs and/or Pre-Paid Items.
NON-CAP OPTION: Enhanced below-market interest rate for a 30-year Fixed FHA, VA or Conventional loan. Does not include 3% second loan.
To qualify, a buyer must meet household income requirements and either be a First-Time Homebuyer or qualified Veteran.
Special options for Targeted Areas: With targeted census tract areas the First-Time Homebuyer requirement is waived, and household income limits are higher.