Down Payment Assistance: You Have Options!
Down Payment Assistance Programs
When it comes to down payment assistance there are plenty of options available to you if you are purchasing a new home in the State of Missouri.
State of Missouri:
The State of Missouri MHDC program has a down payment assistance program for both First Time Home Buyers and Move Up Home Buyers. The MHDC program will provide the minimum down payment requirement for FHA and the low down payment conventional mortgage options.
There are multiple local down payment assistance programs that are available in local counties and/or cities. In the St. Louis and Kansas City areas there are too many options available to mention. Many other cities have down payment assistance programs, Springfield, Columbia, St. Josephs, Joplin, and Jefferson City are all programs I have utilized with home buyers recently or in the past.
SPECIAL USA MORTGAGE PROGRAM:
USA Mortgage, I am a mortgage loan officer with USA Mortgage, we have our own down payment assistance program only for home buyers utilizing the FHA Mortgage Program, but you do not have to be a first time home buyer to qualify. The USA Mortgage Down Payment Assistance Program helps when you just don't quite qualify for the State of Missouri or any of the local DPA programs.
Each down payment assistance program has their own qualification rules and guidelines. There are income limitations for ALL DPA programs! All programs have credit score guidelines, local programs will need a 600 score or higher, MHDC 640 or higher, USA Mortgage 620 or higher.
Take the Quiz!
Know if you are qualified for down payment!
You can also call me at 314-628-2218
Zero Down Payment Mortgage Programs
There are two mortgage programs that DO NOT REQUIRE A DOWN PAYMENT!
Are you a Veteran? Show me your DD214 and your Certificate of Eligibility and it may be possible that you are eligible for a VA Mortgage. The VA Mortgages has no down payment requirement and is the #1 Best Mortgage Program in my opinion.
LEARN MORE ABOUT VA MORTGAGES
What is the #2 Best Mortgage Program in my opinion? The USDA Rural Development Mortgage Program! Are you thinking about buying your next new home in a rural area or outside of the major cities in the State of Missouri? If you answered YES or you are not quite sure then you need to look into a USDA RD Mortgage.
LEARN MORE ABOUT USDA RURAL DEVELOPMENT
Mortgage Tax Credits
Only for First Time Home Buyers
A Mortgage Credit Certificate or MCC is provided by the Missouri Housing Development Commission or MHDC (you do not have to use the MHDC DPA Program to qualify) to the home buyer/borrower that directly converts a portion of the mortgage interest paid by the borrower into a FEDERAL TAX CREDIT!
The MCC is designed to help First Time Home Buyers reduce their annual tax liabilities each year they are in their original mortgage. Maximum allowable credit in any year applied is $2,000. The tax credit can be possibly used to help lower your debt to income ratio during your mortgage application approval process.
Would you like to know more about the MCC program? Contact me directly at 314-628-2218 or ask for the MHDC MCC brochure through the form below.