Missouri Next Step Program

How is Missouri Next Step Program paid back?

It's a forgivable loan: forgiven once 10 years have passed. Once year five has passed, the amount you owe goes down by 1/60 monthly.

With a forgivable loan, the debt is erased if you keep the home and its first mortgage for as long as the program requires.

Who qualifies for Missouri Next Step Program?

• Compared with First Place, the income limits are higher, and they change by area.
• Being a first-time buyer isn't required.
• Your credit score needs to be 640 or above.
• Your 30-year first loan may be MHDC FHA, VA, USDA-RD, FNMA HFA Preferred; another choice is Freddie Mac HFA Advantage conventional.

Your county and household size determine what most limits are. Use our HUD income limits tool to see the median income for your area and how your household compares.

How to apply for Missouri Next Step Program

1. The Missouri Housing Development Commission sends this money through approved lenders, so you apply through one of them alongside your mortgage.
2. After reviewing the home, your credit and income under program rules, the lender sets aside the money for you.
3. At closing, the help goes toward the down payment and closing costs on your home.

For the full rules and current application status, use Missouri Housing Development Commission's page for Next Step Program. To choose a lender, see the agency's participating lenders.

More Missouri programs for first-time buyers

• Missouri First Place With Down Payment Assistance:

  A forgivable loan, up to 4% of the home loan amount.

Every Missouri first-time buyer program · Down payment help in every state