First Time Homebuyers

Many first-time homebuyers face challenges when buying, including:

• How to get adequate income for qualifying purposes
• Adequate cash for down payment and closing costs.
  

First Integrity understands these challenges and addresses them with loan programs that are designed specifically to help first-time homebuyers…the Missouri Housing Development Corporation (MHDC) First Place Loan Program.

Unlike most lenders First Integrity is an MHDC approved lender. Special funds are made available to first-time homebuyers who are Missouri residents. These loans can be made under Conventional, FHA or VA Loans.

The interest rates on these loans are generally at below market rates. There are two basic programs. One, known as a CAP Fund Rate (Cash Assistance Program), offers a higher interest rate (still generally below market rates) plus assistance of 3% for downpayment and or closing costs. This assistance is in the form a 2nd mortgage at 0% interest rate. The 2nd is forgiven by MHDC after 5 years. In the event a borrower pays off the loan prior to the five year period a portion of the loan is not forgiven. This option can put a first-time homebuyer into a home with little or none of their own funds. The other, Non-CAP Fund Rate offers an even further reduced interest rate to borrowers who have their own sources for down payment and closing costs

Additional Information:
Maximum Sales Price:
$237,000 for single family Homes, two family units, and condominiums

The state has limitations on maximum household incomes: 1-2 person households - $57,000; 3+ person households - $65,500. All adult occupants must be first-time homebuyers.

To see if you qualify for a First Time Home Buyer loan, click here.

For additional information see Missouri: A First-Time Homebuyer’s Paradise.