St. Louis Real Estate - 100% Financing | St Louis Real Estate Voice

St. Louis Real Estate – 100% Financing

100% Financing an urban legend? No way…it’s still available!

There IS 100% financing. MHDC funds, organized and funded by the Missouri Housing Development Commission, offers the First Place program. Currently, there remains over $11million dollars available to Missouri residents who qualify.

How it works:

First Place program supplies the 3% down payment funds at closing for the Buyer.
Simple application process – you apply through your trusted mortgage professional.
Funds are disbursed in the form of a second mortgage on the property.
Applies to first time homebuyers and qualified veterans.
First Place loan is a 30 year fixed rate mortgage.
It’s used in conjunction with FHA, VA, USDA loans and is Fannie Mae qualified.

So what’s the catch?

Not all lenders are approved (so you’ll need to ask up front).
The interest rate is set by the government (right now, that’s a good thing).
There are maximum income levels and maximum purchase prices (check with your lender).
You must live in the home for a period of five (5) years (or repay the balance at sale).
It’s a loan and not a grant – however, it’s still forgivable after five (5) years.
There may likely be other tax ramifications (ask your tax expert).

So what’s the message to you? There are still many options available if you are serious about buying a home right now. It’s a fabulous time to purchase your new home and get a great deal. The question is…what are YOU waiting for now?

For more information on the MHDC loans, you can go to the website at http://www.mhdc.com/ or you can contact your mortgage professional directly. I’m also available to answer your inquiries at Aprille@LoansByAprille.com or (314) 363-3913. Once you’re pre-approved for MHDC funding, call your Realtor and get out there house hunting!

This entry was posted on Monday, November 3rd, 2008 at 8:35 pm and is filed under For Buyers, Mortgage News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.