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MHDC TCAL (Tax Credit Advance Loan) not available any longer as of 10-15-09
Missouri Housing Development Commission

Program Overview

MHDC TCAL (Tax Credit Advance Loan) not available any longer as of 10-15-09 is a program that allows homebuyers to receive the value of the Federal First-Time Homebuyer Tax Credit at the time of closing for down payment and closing costs. The TAL is a second mortgage worth up to 6% of the home purchase price or a maximum of $6,750, which is used to cover downpayment and closing costs. The tax credit advance loan is paired with MHDC financing for the first mortgage in the form of a safe 30 year, fixed rate mortgage. The homebuyer then files for the federal tax credit and uses the credit refund to pay off the MHDC tax credit advance loan. If the tax credit advance loan is paid off by the designated deadline (no later than June, 2010), the homeowner pays no interest other than a modest servicing fee. If the tax credit advance loan is not paid in full by the deadline, principal and interest payments to repay the loan over 10 years begin automatically. Program eligible through the state of Missouri.

Who is eligible for this program?

Borrower must be a first time homebuyer-may not have owned a home or had principal interest in their primary residence in the past 3 years Please see HUD income tables for income eligiblity, http://www.mhdc.com/homes/firstplaceloans/purchase_price_and_income_limits.htm Maximum % of Sales Price: 6% Is this program for first time buyers only? Yes

Property Eligibility Requirements

The sales price cannot exceed $ 258,690.

Benefit Details

Copy and paste following link for a list of participating lenders; http://www.mhdc.com/homes/firstplaceloans/Certified%20Lender%20List/AllItems.htm Benefit: Program provides funds in form of a second mortgage to be paid back after filing and return of federal tax credit. If not paid back by June, 2010, second mortgage begins repayment at 120 months at established rate. Loan Term: 10 years Owner Occupancy Required: 0 Other Program Comments: The federal tax credit and the MHDC tax credit advance loan program are both currently set to expire in December 2009.

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