STATEWIDE PROGRAMS

First Place Loan Program

Assistance Available:
The Missouri Housing Development Corporation offers qualified first time homebuyers help with downpayment and closing costs through its First Place Loan Program Cash Assistance Loan.

This loan is 4% of the loan amount in the form of a forgivable second mortgage. This loan is 100% forgivable if the homeowner occupies the property as his or her primary residence for a period of 10 years. The loan diminishes after the 5th year by 1/60th each month until the 10th year.

Qualifications:
Income limits are based on whether you are purchasing property in targeted or non-targeted areas. The maximum purchase price for a single family home located in a targeted area is $346,315, and $283,348 in a non-targeted area. The maximum purchase price for a duplex in a targeted area is $443,445, and $362,818 in a non-targeted area.

CITY AND COUNTY PROGRAMS

City of Columbia
Homeownership Assistance Program

Assistance Available:
The City of Columbia Community Development has a Homeownership Assistance Program that offers low to moderate income families with the cost of downpayment and closing. The assistance is in the form of up to $10,000 or 10% or the purchase price, whichever is less. The loan may be used to pay downpayment and closing costs, but not prepaid items like taxes and insurance. The loan is forgivable with zero interest over 10 years.

Qualifications:
You must contribute a minimum of $500 toward the purchase price. You must attend a homebuyer education course. You must have a minimum credit score of 600 (buyers combined average). Your available cash resources may not exceed $15,000.

The property purchased must be located within the city limits of Columbia. Single family homes and condominiums are eligible. Homes built prior to January 1, 1978 may require a lead based paint risk assessment.

St. Louis County
1st Home Down Payment Loan

Assistance Available:
The St. Louis County 1st Home Down Payment Loan offers first time homebuyers a $3000 second mortgage to assist with the cost of downpayment and closing. These are zero interest loans payable when the property is sold.

Qualifications:
You must be a first time homebuyer. You must occupy the property as your primary residence. Your annual income may not exceed 80% of the area median income. The maximum purchase price for a property located in St. Louis County is $149,000 for an existing home and $228,000 for new construction.

The maximum purchase price for a property located in St. Charles County is $169,000 for an existing home and $228,000 for new construction. The maximum purchase price for a property located in Jefferson County is $148,000 for an existing home and $228,000 for new construction.