Missouri's Guide to Housing Assistance Programs
HOME PURCHASING
FIRST PLACE LOANS
ELIGIBILITY:
- First time homeowner (in other words you can't have owned a home in the last three years)
- Household income less than $61,100 (one to two persons) $64,415 (three or more people)
SERVICES:
Below market interest rates and cash assistance for down payment and closing costs
First Place Loan program is a homebuyer program that provides a pool of money at below-market interest rates that lenders can access to provide loans to first-time homebuyers in the state of Missouri. One part of the program also provides down payment and closing cost assistance. These loans are 30-year, fixed-rate, first mortgages. MHDC* releases funds periodically throughout the year.
Two types of funds are available, depending on the borrower's needs.
Cash Assistance Payment (CAP) loans provide the homebuyer with a grant equal to 3% of their loan amount, and a below-market interest rate mortgage. This type of loan is best for those buyers that need assistance paying the down payment and closing costs. CAP loans can be used for both existing and new homes.
Non-Cash Assistance Payment loans (Non-CAP) are offered at a somewhat lower interest rate, usually .75% to 1% below the CAP rate. These loans are best for buyers that have adequate funds to pay their own down payment and closing costs. Non-CAP funds are available for existing and new homes.
Additional information can be found at: www.mhdc.com/homes/firstplaceloans/
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[ Cover
| Table of Contents
| Introduction
| What are My Options?
| How Do I Qualify?
| Financial Eligibility
| Applying for Services
| When Can I Access Housing?
| What Do I Have to Pay?
| What if I reside in a Nursing Home?
| Affect the Number of Low Income Units
| Section 202
| Section 811
| Mainstream Housing
| Section 8
| Shelter Plus Care
| Housing Opportuntities for Persons with Aids
| Low Income Housing Tax Credit
| Home Program
| First Place Loans
| Home Down Payment Assistance
| Habitat for Humanlity
| Veterans' Affairs
| Fannie Mae Home-Choice Loans
| USDA 504
| Home Repair Opportunity
| Low-income Weatherization
| Show Me Loans
| Medicaid Waivers
| Missouri Property Tax Credit
| Other Agencies to Contact
| Information to Know: Agency Listing
| Glossary ]
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