Missouri First Time Home Buyer Programs

There are many mortgage programs available for both first time home buyers and also the experienced home buyers in the state of Missouri.

First Place Loan

MHDC provides a grant for the down payment assistance, up to 4%, of the final mortgage amount for the down payment and the closing costs.

  • Up to 100% Financing
  • Minimum Credit Score: 620
  • Must be a First Time Home Buyer
  • Affordable Fixed 30 Yr. Interest Rate

Next Step Program

Missouri Housing Development Commission (MHDC) offers homebuyers throughout Missouri the opportunity to own a home with no down payment.

  • 100% Financing
  • Minimum Credit Score: 620
  • Do not have to be a First Time Home Buyer
  • Affordable Fixed 30 Yr. Interest Rate

Mortgage Credit Certificate

MCC's provide eligible homebuyers an opportunity to reduce the amount of federal income tax they may owe each year they live in their homes.

  • Can be used with ALL mortgage loan types
  • Must be a First Time Home Buyer
  • MCC will be in effect for the term of the mortgage loan

Guaranteed Rural Housing (USDA)

USDA home loans provide 100% financing for the purchase of a home in a USDA designated rural area.

  • 100% Financing
  • Minimum Credit Score: 640
  • Do not have to be a First Time Home Buyer
  • Affordable Fixed 30 Yr. Interest Rate

FHA Loans

An FHA loan is a mortgage insured by the Federal Housing Administration (FHA).

  • 3.5% Down Payment Required
  • Minimum Credit Score: 580
  • Do not have to be a First Time Home Buyer
  • Max Loan Amount: $318,550
  • No Restrictions on Locations of Property
  • No Restrictions on Income

VA Loans

A VA loan is a mortgage guaranteed by the Department of Veterans Affairs (VA).

  • Must be a Veteran* or Actively Serving in the Armed Forces
  • 100% Financing
  • Minimum Credit Score: 580
  • Do not have to be a First Time Home Buyer
  • Maximum Loan Amount: $453,100

No Credit Score Loans

The Federal Housing Administration (FHA) provides mortgages for borrowers with insufficient or non-traditional credit history.

  • 3.5% Down Payment Required
  • Minimum Credit Score: NA
  • Do not have to be a First Time Home Buyer
  • Maximum Loan Amount: $308,200 (CY2017)

Conventional Loans

Conventional mortgages offer an affordable low-down payment designed for First Time Home Buyers.

  • 3% Down Payment Minimum
  • Minimum Credit Score: 620
  • Do not have to be a First Time Home Buyer
  • Maximum Loan Amount: $453,100
Not sure where to start? Let us guide you...

We are here to help you find the right loan for your needs... Request a free consultation today!

WE'RE HERE TO HELP

From the initial phases of buying a home, to getting settled in, Community Mortgage is here for you every step of the way...

Purchasing a home is likely one of the biggest investments you'll make in your lifetime. We are with you every step of the way. Begin your journey to home ownership today!

TOP