If you're a first-time home buyer in Missouri, the state has programs to help you achieve your dream of homeownership. The Missouri Housing Development Commission, or MHDC, offers mortgage programs for first-time home buyers, with and without down payment assistance. You can qualify as a first-time buyer if you haven't owned a primary residence for three years.
The first-time home buyer requirements are waived for veterans, active-duty military and people buying homes in economically disadvantaged areas.
Some programs offer down payment assistance.
Loans can be used to buy most kinds of residences, except for mobile homes.
Federal Housing Administration (FHA), Department of Veterans Affairs (VA), U.S. Department of Agriculture (USDA) and conventional loans are available, all with 30-year terms and fixed rates.
Interest rates for some loan programs are below market.
First-time home buyers who meet income limits can obtain mortgage credit certificates. Borrowers can get an annual credit of up to $2,000 against federal income taxes. Income and purchase price limits apply.
Income limits vary by loan program, location of the home and household size.
Maximum total debt-to-income ratio of 45%.
Home has to be a primary residence in Missouri.
First-time home buyers who meet income limits can obtain mortgage credit certificates from the MHDC. Borrowers can get an annual credit of up to $2,000 against federal income taxes. Income and purchase price limits apply.
Visit the MHDC's homeownership programs page for a list of loan programs, with links to details about each. Find a list of mortgage rates for each program, updated daily. MHDC maintains a list of certified lenders, which is available on the lender locator page.