First Time


Down Payment Assistance

The State of Missouri

Housing Commission





Are you a first time home buyer looking to buy your first home in St. Charles, St. Louis, Kansas City or anywhere in the State of Missouri? A first time home buyer is defined as a new home buyer that has not owned a home in the past three years. The State of Missouri and MHDC, has a great down payment assistance program for you.

Buying your first home can be a very stressful experience not only emotionally but on your bank account as well. After over two decades as a mortgage loan officer specializing in helping First Time Home Buyers secure new homes in St. Charles, St. Louis, and the entire State of Missouri the one item I find in common with most first time home buyers is the lack of a large saving accounts.

There are only two mortgage programs available to purchase a home with a zero down payment, VA and USDA. With a VA mortgage you must be a qualified veteran and with a USDA mortgage there are restrictions to where you can live. There is a reason that USDA mortgages are sometimes referred to as Rural Development. So if you aren't a Veteran and you don't want to buy a home in the country your next alternative is either FHA or Conventional financing.


Are you wanting to buy your first home but having the money for the down payment and closing costs is keeping you from acting?

Whether you have the money saved or not, using someone elses money is better, especially when it is FREE MONEY!


Why rent when you can own your own home? Bob Rutledge and I are proud to be a MHDC Certified Lender! The Missouri Housing Development Commission programs offer affordable interest rates in addition to down payment and closing cost assistance.

There are two MHDC First Time Home Buyer Programs, the Cash Assistance Loan (CAL) provides cash assistance up to 4% of the first mortgage to first time home buyers for down payment and closing costs. The Non-Cash Assistance Loan (Non-Cal) provides a lower interest rate to first time home buyers who do not need down payment and closing cost assistance.

The Cash Assistance Program provides qualified first time home buyers a 4% second mortgage of the loan amount to be used for down payment and closing costs. The second mortgage is a five year, diminishing loan at ZERO PERCENT interest. The second mortgage is forgiven after 5 years of occupancy by the owner, there will never be a required monthly payment. BONUS: NO JUNK FEES ALLOWED. The lender can only charge standard closing costs!

The MHDC down payment assistance program works well with the FHA mortgage program because the minimum down payment for FHA is 3.5%. Imagine if you don't have the down payment now you may be eligible to receive the entire down payment.

What if you have the down payment? Now you can keep your money in your pocket! You will want this extra money once you are in your new home.

The Non-Cash Assistance Loan provides first time home buyers who do not need down payment and closing costs a lower interest rate, qualified first time home buyers are eligible for lower interest rates than those who use the CAL program. These rates will result in a lower monthly payment helping to make your first new home more affordable. This program does not provide down payment and/or closing cost assistance. BONUS: NO JUNK FEES ALLOWED. The lender may charge only standard closing costs.



 If you can qualify for any mortgage program then you are well on your way to qualifying for either the CAL or Non-Cal MHDC programs. Do you have average credit, 620 credit score or higher? Applicants for loans under these programs must meet the same credit requirements as any other home buyer. This is not a "credit repair" program.

The biggest distinction between the MHDC programs and most mortgage programs is how income is determined, income requirements and regional income restrictions. Both the CAL and the Non-Cal programs have very unique income guidelines:

These programs are limited to only those first time home buyers who are within 80% of the median income for their specific region. 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 earnigs from a second job, business and/or investments  


Don't be, you came to the right place! If you are wanting to use down payment assistance to buy your first new home you need a Loan Officer that specializes in Down Payment Assistance.

Would you like to find out if you can go shopping for a new home in St. Charles, St. Louis or ANYWHERE IN MISSOURI with your down payment provided by
The State of Missouri and MHDC?

Fill out the form below and you will find out if you qualify. We will not pull your credit report and there's no cost.  


Are you interested in down payment assistance and having your closing costs paid for you? Then we SHOULD talk to discuss how this can be done for you

Imagine getting your next new home with little to no money out of YOUR pocket!



If you are living in or considering buying in St. Louis County, St. Charles County or Jefferson County there is new down payment assistance money coming available. Below is what you may be eligible for:

St. Louis County ........ $3,000

City of Florissant ........ $3,500

$5,000 for St. Charles County, Cottleville, Dardenne Prairie, St. Paul, Wentzville, St. Charles City, Weldon Springs, Lake St. Louis, O'Fallon, St. Peters

Jefferson County ........ $5,000

This money is first come first served and when it is gone it will be gone until that Program get re-funded again in mid to late Summer. Give me a call or contact me for details! Better interest rates than the State of Missouri MHDC program!


     If you are a First Time Home Buyer looking to get into your next new home with as little money out of your pocket as possible I would appreciate the opportunity to help.

Not all mortgage lenders and loan officers offer the MHDC down payment assistance program not all lenders have the ability, experience or willingness to offer down payment assistance.

You need a mortgage lender that offers down payment assistance, allow me to help you get into your next new home with little to no money.  

Local and State down payment assistance programs are generally for low to moderate income households and they cannot serve the needs of many new home buyers. That is when working with a mortgage loan officer and lender that specialize in down payment assistance works in your favor.

We can offer multiple down payment assistance programs that will fill the near miss home buyers of MHDC and the local down payment assistance programs. Higher debt ratios, easier credit qualifications, much higher income limits, and more to help you.                   


Hi, I am Bob Rutledge with New American Funding a progressive and customer oriented Mortgage Company. I have been a Mortgage Loan Officer for over 2 Decades, I have closed 1000s of mortgage, I have experience as a Mortgage Underwriter too.  I specialize in First Time Home Buyer Programs, Renovation and Construction Mortgages, and knowing the best mortgage options, programs and guidelines to provide the best to my clients.  I concentrate on making more options available to home buyers! When we work together you will find that I answer all questions, sometimes before they are asked. I prefer to be available to you as much as my family and life will allow, I am accessible to you via my cell, text, or email, or you can come and visit at my office. You will never wonder if I left you. 


Down Payment Assistance Finder

A Personlized Individual Search Fitted to You! The information you provide will assist me in determining what down payment assistance programs best fits you and your circumstances . I will also provide you with a preliminary mortgage pre-qualification that will aid you toward your down payment assistance search. Allow me to help you keep more money in your pocket when you purchase your next new home! I will not pull your credit. But, please be as accurate and as thorough as possible all questions are necessary to help determine your qualification for down payment programs. I will have an answer to you within 24 to 48 hours, please watch your email.