The First Place Loan program gives homebuyers that are in federally declared disaster areas opportunity to purchase a home with below market interest rates, or help with downpayment assistance.

Individual buyers may be eligible for an interest free, forgivable cash assistance second mortgage loan for 3% of the first mortgage loan amount.  The second loan will help with down payment and closing costs.

Qualifying is easy.  You must be income-eligible, and have qualifying credit.

Any FHA, VA, USDA/Rural Development or Fannie Mae MyCommunityMortgage® 30-year conventional mortgage may be used under the rules of the program.

First-time homebuyer requirements do not apply if you are purchasing in any of the following counties:

Adair, Andrew, Barry, Bollinger, Butler, Callaway, Cape Girardeau, Carter, Cass, Chariton, Christian, Clark, Franklin, Gasconade, Gentry, Greene, Harrison, Holt, Howard, Iron, Jasper, Jefferson, Johnson, Knox, Laclede, Lewis, Lincoln, Linn, Livingston, McDonald, Macon, Madison, Maries, Marion, Monroe, Newton, Nodaway, Oregon, Osage, Phelps, Pike, Pulaski, Putnam, Ralls, Randolph, Reynolds, Ripley, St. Charles, St. Francois, St. Louis (County), Saline, Schuyler, Scotland, Scott, Shannon, Stoddard, Stone, Taney, Texas, Vernon, Washington, Wayne, Webster and Worth.

Income and purchase price limits in declared disaster areas are as follows: