MHDC honors
lending institutions with Certified Lender seal
Financial
institutions from across the state have earned the new Missouri
Housing Development Commission (MHDC) Certified Lender
designation as part of the First Place
loan program for first-time homebuyers.
“The First
Place Loan program gives first-time homebuyers the edge they
need to purchase
a home. Affordable, below market interest rates allow
prospective buyers to obtain mortgage
financing in a competitive market,” said Don Brinker, acting MHDC
homeownership manager. “To enhance the program, and make our
products even more attractive to Lenders and Consumers, the MHDC
Certified Lender program was developed.”
The
First Place loan program for first-time homebuyers
provides below-market interest rates and cash assistance for
down payment and closing costs. Homebuyers with a household
gross income less than $57,000 (one or two person household) or
$65,550 (three or more person household) can qualify. Persons
who have owned a home within the previous three years are not
eligible unless buying in a targeted area.
Individual
buyers may also be eligible for a 3% cash assistance grant that
will help them with down payment and closing costs.
Certified
Lenders will post the Certified Lender seal at the locations
where they provide the loan service. In addition, they are
allowed to use the seal on their program advertising.
“We want to
ensure consumers are more aware of the program and that lenders
attract those eligible who want to purchase their first home,”
said Brinker. “With our seal, we are certifying that these
lenders meet or exceed the high standards we have for this
program.”
Any FHA, VA,
USDA/Rural Development or Fannie Mae-qualified 30-year
conventional mortgage may be used under the rules of the
program.
For more
information on the program contact one of our Certified Lenders.
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