Missouri Down Payment Assistance Programs

Missouri Down Payment Assistance Programs
Missouri Down Payment Assistance Programs

Buying a new home, even with Missouri’s low cost of living, is an expensive undertaking. In recognizing this fact, the state government of Missouri created the Missouri-Housing-Development-Commission (MHDC). Missouri down payment assistance programs include services for first-time home-buyers, military veterans, and those desiring to move to an urban area.

The “First Place” loan program is a service offered by the MHDC which provides cash assistance loans (CALs) for those needing money upfront for down payments as well as non-cash assistance loans (non-CALs). The interest rates on these loans are affordable: a 30 year fixed mortgage CAL starts at 4.25% and a non-CAL starts at 3.75%. In order to qualify for this program, individuals must be first-time home buyers.

Military veterans do not need to be first-time home buyers of Missouri order to qualify for a subsidized loan with a below-market interest rate. In order to qualify, veterans must be income-eligible and have good credit. The veteran must apply within 25 years after the date he or she was discharged from active duty service. Finally, veterans seeking financing will require a DD Form 214: A Certificate of Release or Discharge frm Active Duty along with a Statement of Service signed by the veteran’s commanding officer.

Finally, the MHDC provides individuals who have lost their homes in a disaster with cash assistance loans with up to 5% down payment. In order to qualify, individuals must be Missouri citizens affected by a severe weather disaster which caused the loss of their home. Individuals must be living in one of the 15 disaster-area counties in order to qualify for disaster down payment assistance and sign up with an affiliated lender.

Below is a list of Missouri Down Payment Assistance Programs:

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