Last month I told you about the free down payment money available to first time homebuyers from the Missouri Housing Development Commission (MHDC). Well now you don’t have to be a first-time homebuyer to qualify for this money!!
The recently-enacted “Housing and Economic Recovery Act of 2008” includes a provision that expands MHDC’s authority to fund mortgages in counties that have received a presidential disaster declaration. This includes St. Charles, St. Louis, Franklin, Lincoln and Jefferson County along with 44 other counties in the State of Missouri.
This expanded authority enables MHDC to fund loans for repeat homebuyers in addition to first time homebuyers and also increases the program’s household income and purchase price limits. Homebuyers earning up to $79,800 depending on household size can now use the program. The law also increases the amount of tax-exempt bonding authority available for housing.
Combining this down payment money along with seller paid closing costs essentially will provide home buyers with not only 100% financing, but the opportunity to get into a new home with out any money out of pocket.
For more information on the recent changes with MHDC or any other financing; please contact me via phone or email.
30 Year Fixed 6.25% with 0 points
MHDC (CAP) FHA 30 Year Fixed 6.700 with 0 points
MHDC (non-cap) FHA 30 Year Fixed 6.25% with 0 points