Nearly all down payment assistance programs are guided toward first time home buyers, low to moderate income home buyers, and neighbor hood redevelopment.
All down payment assistance programs are coordinated through your mortgage loan officer and your mortgage application. I can help guide you through the maze that is the multiple down payment assistance options in the St. Louis area, St. Charles area, and Jefferson County.
MHDC First Place Mortgage
The State of Missouri has a down payment assistance program through the Missouri Department of Housing Commission referred to as MHDC, this program serves the entire state of Missouri.
The MHDC down payment assistance program will provide up to 4.5% of the loan amount for down payment assistance to you, this program is an excellent option for first time home buyers who will utilize the FHA mortgage program.
FHA has a minimum down payment requirement of 3.5% and by using the MHDC program your entire down payment requirement for FHA is covered. Plus, you have a little extra money left over to be used toward closing costs.
Not all lenders in the area work with the MHDC down payment program, to find a list of the program lenders you can visit their website or contact me using the form below and I will help to get your approved for your mortgage with down payment assistance with MHDC.
There are income restrictions to this program determined by family/household size and geographical area.
St. Louis City and St. Louis County:
The 1st Home Program is offered throughout the St. Louis County area and St. Louis City. This program is provided through multiple different groups in the area, Beyond Housing, Better Family Life, NECAC, and others. But, like the MHDC program this down payment assistance is coordinated through your mortgage loan officer in conjunction with your mortgage application,
This program provides up to $3,000 in St. Louis County, except Florissant where the down payment help is $3,500, and in St. Louis City the down payment assistance is $3,500.
The money provided can be used for either your down payment, your closing costs, or both. The programs does require that you contribute at least $1000 of your own money in the purchase of your new home.
Other requirements of this program includes income limitations depending on household size and home buyer education and counselling is required.
St. Charles County Area:
In the St. Charles County area nearly the entire area is covered by a $5,000 down payment assistance provided to first time home buyers. But, there is some differences in the program depending on where you are purchasing your new home.
This program is the same program as that in St. Louis County, provided by the same providers, and coordinated through your mortgage loan officer. But, because of the differences in this program between the cities, county and municipalities it is highly recommended that you contact me as soon as possible to get it figured out.
The list of participating areas is extensive and they all have the $5,000 available to first time home buyers; St. Charles City, Unincorporated St. Charles County, O'Fallon, St. Peters, Weldon Springs, St. Paul, Lake St. Louis, Dardenne Prairie, Cottleville, and Wentzville. (side not Wentzville is also USDA mortgage territory a great no down payment mortgage program)
Again here this program is very similar to that in St. Louis County with some slight differences, and the down payment assistance program provides up to $5,000 to help you buy your first home.
Jefferson County is also partially in the USDA Rural Development territory, the USDA mortgage program is a great no down payment mortgage program open to any home buyer.
I am here to help you:
If you are first time home buyer looking to purchase your new home with little to no money out of pocket, I can help you. I am a mortgage loan officer and I work with first time home buyers every day, just like you.
Imagine buying your first new home and actually having money in your bank account that can be used not for down payment and closing costs but instead put that money to making your new house a home. There will be a lot of items that are needed with your new home, allow me to show you how to use down payment assistance to help.