The First Place
Loan program offers first-time homebuyers*
and qualified veterans
affordable mortgage financing,
often at an interest rate below that offered by market rate loans. The
loans are available from
Certified Lenders for properties located
anywhere in Missouri.
also be eligible for a Non Cash Assistance or Cash Assistance Loan.
Cash Assistance Loans may be
applied at closing to a portion of the down payment, closing costs,
prepaid taxes, insurance premiums and other loan expenses.
Refinanced mortgage loans are not eligible. Exceptions are
construction-to-permanent loans and bridge loans with an initial term of
less than 24 months.
FHA, VA, USDA-Rural
Development or Fannie Mae MyCommunityMortgage®,
Your lender can help you decide the best loan type for you.
The total gross
annual household income for all residents living, or
intending to live, in the home, age 18 or older, must be within the
limits established for household income.
Total gross annual
is calculated using all sources of income including, but not limited to;
wages, overtime, bonuses, child support, alimony, commissions and
earnings from a second job, business and investments.
and qualified veterans may participate in the program. A qualified first-time
homebuyer (and spouse) cannot have had an ownership interest in a
primary residence for the past three years.
MHDC has committed to continually
fund loans in federally-targeted census tracts in certain
counties throughout the state. Homebuyers do not
have to be first time buyers if they purchase homes
in target areas. Consult your lender for specific locations of
target areas. Generally,
loans originated in target
areas will receive priority for the lowest First Place Home Loan rate that has been offered by
in the last
Qualified veterans do not have to be first-time homebuyers.
A qualified veteran is any veteran who served on active duty and who
applies for financing within 25 years after leaving active service.
Homes purchased in disaster areas are not limited to first-time
homebuyers and income and purchase price limits are raised to the
targeted area limits.
Borrowers may want
to consider contacting a
Certified Lender for loan "pre-approval” before you begin house
shopping. This helps you know how much you can afford to borrow and what
you can afford to pay for a house.
The purchase price
of a home financed through the program cannot exceed the
limits for Missouri properties. Properties eligible for loans include: