Special mortgage programs for residents of Missouri.
The Missouri Housing Development Commission (MHDC) was created in 1969 to help provide home loan funding to qualified first-time home buyers in Missouri. NASB is proud to be a certified mortgage lender for the program.
There are two programs available for Missouri borrowers through the MHDC. The first is the First Place Homebuyer Program,
which provides first-time home buyers and qualified veterans an opportunity to take advantage of affordable interest rates, as well as additional incentives offered by MHDC.
There are two types of loans offered through the MHDC First Place program:
- Cash Assistance Loan (CAL) - This loan provides down payment and closing cost assistance for first-time home buyers.
- Non Cash Assistance Loan (Non CAL) - This loan provides a lower interest rate to first-time home buyers who do not qualify for down payment or closing cost assistance.
First Place Loans are 30-year, fixed-rate, first mortgages, and can be used to secure either a conventional, VA, or FHA loan.
The second financial assistance option offered by the MHDC is the Next Step Program. Qualified first-time and non-first-time home buyers can receive up to 4% of the loan amount for down payment and closing costs. This forgivable second mortgage loan does not have to be paid back as long as the borrower stays in the home for ten years.
To see if you qualify for the First Place Homebuyer Program or the Next Step program through the MHDC, give us a call or fill out the form below today.