Tuesday, August 25, 2009

Home buyers can receive up to $14,999 to purchase foreclosed property

You can give foreclosed property a new life and participate in the St. Charles region economic recovery

Another assistance program designed to help potential buyers enter the housing market is now available from the Missouri Housing Development Corporation (MHDC). Qualified buyers can receive up to $14,999 or 20% of the purchase price on foreclosed property to use for a down payment and closing costs.

This incentive will help stabilize and rebuild Missouri neighborhoods. The MHDC received $4.2 million from the Neighborhood Stabilization Program (NPS) to help consumers buy homes.

Combine this incentive with the $8,000 tax rebate for first time home buyers and there is no better time to jump into homeownership.

Here are the details:

  • Applicants can be first time home buyers or repeat buyers.
  • The loan is an FHA 30-year fixed rate at 5.75%.
  • The property must be foreclosed and unoccupied for three months.
  • The purchase price cannot exceed $258,690.
  • There are maximum income requirements set by the MHDC.
  • Buyers must use the MHDC First Place Loan program for the first mortgage while the NSP funds provided through the second mortgage and have a 0% interest rate, which is forgiven after five years of residency.
  • The purchase price must be discounted a minimum of 1% from the current appraised value.

This is your chance to give a foreclosed property new life, and for you to participant in the economic revitalization of St. Charles County.

Visit Grant Hickman for St. Charles Real Estate

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