Missouri Housing Development Commission DPA Program
Financial Assistance for Homebuyers in Missouri
Qualified first-time homebuyers are eligible to receive a forgivable second mortgage of 4% of the loan amount to be used for the down payment and closing costs. The second mortgage will be forgiven if the borrower stays in the home/loan for ten years. The second mortgage will diminish after year five by 1/60 every month until year 10 when it will be completely forgiven.
*Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but State and local government agencies are still permitted to help borrowers finance their homes with second mortgages and grants. These agencies set different requirements that a borrower needs to meet in order to qualify for the grant programs, such as property location, and purchase price, and income limits.
Note: All figures mentioned above were accurate at the time of publication and may no longer be current. Visit the program website for updated information
Down payment assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.
FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.
Down Payment Grants in Missouri
Missouri's Homeownership Assistance Program helps eligible applicants buy a safe, affordable home, with down payment and/or closing cost assistance
In an effort to help individuals achieve their dreams of homeownership, the Missouri Housing Development Commission introduced the First Place Loan Program, which offers first-time homebuyers down payment and closing costs assistance.
In an effort to help residents achieve their dreams of homeownership, the City of Blue Springs and mortgage lenders of the area created the First Time Homebuyer (FTHB) Program.
The Missouri Housing Development Commission offers eligible applicants assistance funds with the Cash Assistance Loan to help cover the cost of the down payment and other closing costs. This is to help qualifying borrowers achieve their dream of homeownership and gain access to safe and affordable housing.
One of the major obstacles on the path to homeownership is the down payment. In an effort to help individuals overcome this obstacle, the Missouri Housing Development Commission introduced the Next Step Program.
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