Do you need assistance to purchase your first home or to move to a more desirable location? Here is a listing of available housing grants in Missouri to help you make that a reality. If you don’t qualify for any of the programs or loans listed here, don’t worry. Find out how you can still make your dream of home ownership come true with the purchase of a tiny house for a moderate price, with guaranteed financing and affordable payments. Learn more about tiny houses here.
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Housing Grants Missouri
Buying your own home is something that is very beneficial if you can do it, as it helps you to build up your wealth and is actually cheaper in the long term than renting. It can be difficult, however, to get started, especially when you are trying to purchase your first home. There are, however, some housing grants which can give you some assistance.
Assistance For First-time Homebuyers
For the following assistance programs, a first-time homebuyer is defined as someone who has “not owned or had ownership interest in a primary residence” over the last three years.
First Place Loan Program
The First Place Loan Program provides affordable interest rates along with additional incentives to help prospective home buyers get mortgage financing. This program is made available by the Missouri Housing Development Commission (MHCD).
Types of First Place Loans
Currently, the First Place loan program consists of two different loans: the Cash Assistance Loan and the Non Cash Assistance Loan.
Cash Assistance Loan:
Cash Assistance Loans are available from MHCD to help buyers in need of a down payment and closing cost assistance.
Who Is Eligible? First-time homebuyers and veterans
How Much Is The Loan? This is a forgivable second mortgage totaling 4% of the loan amount which can be used as a down payment and to help cover closing costs. If you stay in your home for ten years, the second mortgage will be forgiven. It will also begin to decrease by 1/60 each month after five years has passed until it is completely gone at year 10.
How to Apply: You can do a pre-qualification for the Cash Assistance Loan online here.
More Information: For more information on the Cash Assistance Loan contact the Missouri Housing Development Commission. or call Toll Free at 800-246-7973.
Non Cash Assistance Loan (Non CAL)
The Non Cash Assistance Loan can help homebuyers who do not need help with a down payment or closing costs by giving them lower interest rates.
Who Is Eligible? First-time homebuyers and veterans who qualify according to the income limits set for this program. To find out the income limits, click here.
How Much? This program provides lower interest rates to qualifying homebuyers thus resulting in lower monthly mortgage payments.
How to Apply: You can do a pre-qualification online here.
More Information: For more information on the Non Cash Assistance Loan contact the Missouri Housing Development Commission or call Toll Free at 800-246-7973
Mortgage Credit Certificate (MCC) Stand Alone
The Mortgage Credit Certificate Stand Alone is a Federal tax credit available for first-time homebuyers or veterans.
Who Is Eligible? The credit is available to individuals who:
- meet income and home purchase requirements
- are a first-time homebuyer or veteran
- meet the qualifying requirements of the mortgage loan
- will use the home as their principal residence
How Much? The MCC Stand Alone gives a federal tax credit to homebuyers for the interest they pay on their loan each year. The annual credit is 25% of the annual interest paid on the mortgage loan up to a maximum of $2,000 per year.
More Information: For more information click here.
Assistance For Repeat Homebuyers
The following program is designed for repeat homebuyers and first-time homebuyers with a higher income level to help them purchase higher valued homes.
Next Step Homebuyer Program
The Next Step program helps those who lack sufficient equity or funds for a downpayment to purchase a higher valued home in an “Opportunity Area”.
Who Is Eligible? Non-first time homebuyers and first-time buyers who exceed the income limits of the First Place Programs.
How Much? The loan options include:
- 30 year fixed rate mortgage through MHDC
- Downpayment assistance
- a slightly better interest rate for homes purchased in opportunity areas
- First-time homebuyers can use the Next Step program in conjunction with the Mortgage Credit Certificate Program.
More Information: For more information contact the Missouri Housing Development Commission or call Toll Free at 800-246-7973.
Don’t Qualify For These Grants? There Is Another Option.
If you don’t qualify for any of these housing grants, don’t give up on your dream of owning your own home. There is another alternative. A tiny house from Classic Buildings may be the answer you are looking for. Classic Buildings constructs high quality, custom-made portable buildings and structures and we can construct a tiny house for you at a moderate price and with guaranteed financing and affordable payments. Find out more about how you can own your own tiny home by reading our article “Living in a Tiny House.”
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