Missouri Down Payment Grants and Assistance
Want to buy a home but can’t seem to get ahead enough to save for the down payment? What if you could snap your fingers and make money appear, specifically down payment money? Well, start snapping and say hello to down payment grant programs.
Sound too good to be true? It’s not. There are programs available to help buyers—people with decent credit and stable work histories—get a home without having to save up for years while pouring rent money down the drain. And even better—because they’re grants, you never have to pay them back. More than 200,000 homebuyers nationwide have benefited from these programs.
In Missouri, we have the Missouri Housing Development Commission assistance, which is a state funded program to provide assistance for down payment costs for some buyers. This is very useful in the event a buyer is using a Government backed type loan, such as FHA, which requires a percentage down payment.
FOR MORE INFORMATION REGARDING MISSOURI GRANTS GO TO: www.mhdc.com
Nonprofit organizations like Partners in Charity and the Genesis Program provide from 1 to 10 percent down payments, up to $22,500. While the qualifications vary according to program, each program requires that buyers qualify for financing with their lender. Other requirements may include completing a Home Ownership Counseling course, or that the home buyer provides 1 percent of their own money.
Sellers benefit as well from these programs. By broadening the pool of potential homebuyers, grant programs help sellers and lenders sell homes faster than they might otherwise with a smaller group of eligible buyers. In effect, down payment grant programs bring more buyers to the marketplace.
As you might expect, many programs have income/asset restrictions, recapture clauses, reserves required or geographic boundaries.
Down payment assistance programs generally participate with FHA, conforming and jumbo loan products, and can be used for single family homes, manufactured/modular home, condos, townhomes, existing or new construction, rehab and jumbo.
Most of the programs don’t underwrite the loan or add any cost in the form of points or fees. They just provide the gift for the down payment and/or closing costs.
In some cases, I can assist buyers in purchasing a home with very little or no out of pocket expenses. Want more information? Call, text or email me!
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Office (573) 693-9977
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