Program Search

MHDC First Place Loan (Cash Assistance Program)
Missouri Housing Development Commission

Program Overview

MHDC First Place Loan (Cash Assistance Program) is a program providing assistance in the amount of 3% of the mortgage loan to cover down payment and/or closing costs. MHDC sets the interest rate for the mortgage loan. Program applies to home in the state of Missouri

Who is eligible for this program?

Cannot have owned a home in the past 3 years. Cannot exceed annual household income limits. All income of household residents over the age of 18 is used to establish income limits. Contact the Missouri Housing Development Commission for more information. May be applied to the down payment and/or closing costs. Household Income Limit: $ 57,000 1-2 persons, $65,500 3+ persons Is this program for first time buyers only? Yes

Property Eligibility Requirements

State of Missouri The sales price cannot exceed $ 237,000 for single family properties and $266,800 for duplexes in non-targeted areas. Sales price cannot exceed $289,700 for single family properties and $326,200 for duplexes in targeted areas.. Allowable property types: single family homes, condos, townhome, modular homes and 5 year old duplex.

Benefit Details

Loan is completely forgiven after 9 years. Any FHA, VA, USDA/Rural Development, FannieMae, or FreddieMac qualified 30 year conventional mortgage may be used. The program provides a forgivable loan of 3% of loan amount. Benefit: 3% grant for down payment and/or closing costs. Loan Term: 9 years years Homebuyer Counseling / Education Required: No Owner Occupancy Required: Yes Other Program Comments: MHDC sets the interest rate for the mortgage loan.

Please note: Every attempt is made to reflect accurate and up to date information on housing programs displayed on this site. Some inaccuracies may exist. For verification contact a certified REALTOR member or a participating Lender.