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
Certified Lenders for properties located anywhere in Missouri.
Homebuyers may 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.
Initial purchase loans. 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 Conventional, 30-year
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 household income 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.
Only first-time homebuyers* 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 within 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 MHDC
in the last 12 months.
Qualified veterans do not have to be first-time homebuyers. A
qualified veteran is any veteran who served 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 established limits for Missouri properties. Properties eligible for