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!

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