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  • Missouri Mortgage Help and MHDC Programs

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    By means of the Missouri Housing Development Commission ( MHDC ) the State of Missouri is dedicated to strengthening communities and the lives of Missourians through the financing, developing and preserving of affordable housing. It constructs, renovates and maintains property for low-and moderate income buyers. It also arranges funding for home loans to qualified, first-time buyers. Mortgage financing is possible through the sale of tax-exempt notes and bonds that the commission is authorized to issue. In addition it provides advisory,

    consultative, training and educational services to individuals and non-profit housing organizations. The commission helps prevent homelessness and provides emergency housing assistance for very low-income Missourians. One of the programs is called First Place Loans.

    This program helps first time home buyers and qualified veterans to have the means to buy a home. It offers affordable interest rates and incentives that make it possible for them to obtain mortgage financing in a competitive market. The program consists of three types of loans.

    (1) The Cash Assistance Loan (CAL).

    (2) The Non Cash Assistance Loan (NON CAL)

    (3) The Refinance Loan Program

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    CAL helps first-time homebuyers with down payments and closing costs. How is this help provided? Qualified first time homebuyers fulfill the requirements to receive a second mortgage which is 3% of the amount loaned and can go towards the down payment and closing costs. This second mortgage is a five year loan at 0% interest and after the buyer

    has lived in the home for five years the loan is forgiven and during the loan no monthly payments are required. To qualify for this assistance the home must fall into certain purchase price limits, which range between $243,945 and $381,700 depending on the type of home and whether it is in a target area (an area in which 70% or more of the families have an income which is 80% or less of the statewide average income including areas of chronic economic distress) or a non target area. Borrowers purchasing in a target area do not have to meet the first time homebuyer requirements. The Income limits for borrowers are between $63,700 and $98,700 depending on the county, the type of home and if it is a target or non target area. The annual household income is calculated on the total income of all residents living or intending to live, in the home , age 18 or older including their wages, overtime, bonuses, child support, alimony, commissions, and earnings from a second job, business and investment. For details on the other two programs mentioned above you can contact Missouri Housing Development

    Commission. These programs are designed to help strengthen the community and to create an atmosphere of wellbeing that will improve the economic and social structure for the benefit of all Missourians.

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