Missouri First Place With Down Payment Assistance
Missouri Housing Development Commission offers First Place With Down Payment Assistance to first-time buyers in Missouri: as much as 4% of the mortgage amount, as a forgivable loan.
- Amount
- As much as 4% of the mortgage amount
- Type of assistance
- Loan that can be forgiven
- Restricted to first-time buyers
- There are exceptions, but yes
- Your credit score
- At least 640
How is Missouri First Place With Down Payment Assistance paid back?
It's a forgivable loan: after you've stayed in the home for 10 years, it's forgiven. Once year five has passed, the amount you owe falls by 1/60 monthly.
Once you've kept the home and held its first mortgage for the number of years the program requires, the loan gets written off.
Who qualifies for Missouri First Place With Down Payment Assistance?
- Income limits vary by location, and yours must stay within them.
- Only first-time buyers: yes, but exceptions exist.
- You need a credit score of at least 640.
- It pairs with the MHDC First Place loan as your first mortgage.
- Property price: per the MHDC website, set limits apply to Missouri properties.
Your county and household size determine most limits. Use our HUD income limits lookup to compare local median income with your household.
How to apply for Missouri First Place With Down Payment Assistance
- This help is paid out through the approved lenders of the Missouri Housing Development Commission. You apply with one of them along with your home loan.
- Your income, credit and the home are checked against the program's rules by the lender, which then reserves the money on your behalf.
- At closing, the help is applied to your closing costs and down payment.
See complete rules and application status here: Missouri Housing Development Commission's page for First Place With Down Payment Assistance. Or choose a lender from the agency's participating lender list.
Ask a lender about Missouri First Place With Down Payment Assistance
Tell us where you're buying and a lender that works with Missouri's programs can tell you whether Missouri First Place With Down Payment Assistance fits you, and what you could combine with it.
Prefer not to phone? Share your information, and the lender will contact you.
More programs in Missouri for first-time buyers
- Missouri Next Step Program:
A forgivable loan, for as much as 4% of the amount borrowed.
Every Missouri first-time home buyer program · Down payment assistance nationwide