The Missouri Housing Development Commission opened the registration window for First Time Home Buyers on Thursday with its fifth bond issue of the year. (http://www.mhdc.com/homes/firstplaceloans/index.htm ) What does this mean for you? If you have not owned a home for the last 3 years and if you earn less than the required amount per family, you can receive a below market interest rate and take advantage of a 3% grant towards down payment or closing costs.
Years ago when there was little hope for people to purchase a home without a down payment, this programs was the great hope provider. For the past 4 years this program had lost appeal with all of the 100% financing available. With what has happened in the mortgage industry this year, the down payment assistance program will be the best way for low to moderate income earners to achieve the dream of home ownership. HUD is looking at eliminating the Ameridream program (www.ameridream.org) and others that allow a charity to provide down payment assistance to borrowers obtaining FHA insured loans; http://sev.prnewswire.com/real-estate/20071002/DC0378002102007-1.html which will eliminate even more potential opportunities for buyers to get into homes. Thus, the MHDC program as well as other State assistance programs will become the vehicle of choice again for assisting buyers with down payments and closing costs.
As the State of
For more information on this program or to register with Cornerstone Mortgage, a MHDC Top Ten Lender; please contact
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