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Section 3
MBE/WBE

 

 

  Homeownership Next Step > Cash Assistance Loan

 

 

Next Step

Homebuyer Program

 

Cash Assistance Loan

 

Helps enable first-time homebuyers and non-first-time homebuyers in need of down payment and closing cost assistance.

 

 

Need more information? Call Toll Free 800-246-7973

 

Details:

 

bulletQualified first-time homebuyers and non-first-time homebuyers are eligible to receive a forgivable second mortgage of 4 percent of the loan amount to be used for down payment and closing costs. The second mortgage will be forgiven if the borrower stays in the home/loan for ten years.
 
bullet No junk fees are allowed. The lender may charge standard closing costs.

 

Income Limits and Residency:

 

bullet

See charts below for income limits in the county that the home will be purchased.  There are no first time homebuyer requirements.

 

 

Purchase Price Limits

Type of Home

Limit

Single family home

$331,423

Duplexes

$424,329

 

Income Limits
Based on where the home is purchased

                                                                                           

                                                                                            1-2 Persons                 3+ Persons

 

       Kansas City MSA                                                        $96,000                    $112,000

       (Counties of Caldwell, Cass, Clay, Clinton,

           Jackson, Lafayette, Platte and Ray)

 

       Jefferson City MSA                                                     $85,800                   $100,100

       (Counties of Cole and Osage)

 

 

       Columbia MSA                                                             $91,680                   $106,960

       (Counties of Boone and Howard)

 

 

       St. Louis MSA                                                              $92,160                    $107,520

       (Counties of Franklin, Jefferson, Lincoln,

          St. Charles, St. Louis City, St. Louis County and Warren)

 

 

       All Other Areas                                                           $79,680                    $92,960

 

 

 

SUBJECT TO CHANGE


Additional Income Guideline Information

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.

 

Effective 4/1/2018

 

 

 

 

Need more information? Call Toll Free 800-246-7973

 

 

 

 

 

 

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