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Missouri Mortgage Lender

Incentives for first-time home buyers are offered by some Missouri mortgage lenders.

Some Missouri mortgage lenders work with other agencies to help home buyers. [©Jupiter Images, 2010]
©Jupiter Images, 2010
Some Missouri mortgage lenders work with other agencies to help home buyers.

Missouri Mortgage Lender

Missourians have numerous options when looking for a Missouri Mortgage Lender. In addition to conventional loans, there are various loan options available through the Missouri Housing Development Commission. Borrowers may also find loans available through various federal, regional and local programs.

Missouri Housing Development Commission (MHDC)

Programs offered through the MHDC include the following:

  • First Place Loan Program
  • Homebuyer loans in disaster areas
  • Home Repair Opportunity (HeRO) Program

The First Place Loan Program offers reasonably affordable loans to first-time homebuyers and eligible veterans. These loans, which are available through certified lenders across the state, come with interest rates below the market average. Eligible loans include initial purchase, FHA, VA, USDA-Rural Development or Fannie Mae MyCommunityMortgage, 30-year loans. Borrowers must meet certain income limits. Also, properties must be one of the following:

  • Single family detached
  • Duplex
  • Semi-detached
  • Condominium
  • Town home
  • Permanently attached modular or manufactured home

The loans require certain fess and closing costs. Some of the loans require borrowers to attend homebuyer education counseling programs. There are housing purchase price limits ranging from $258,690 to $355,000.

People purchasing homes in declared disaster areas may qualify for the First Place Loan Program even if they are not first-time homebuyers. This rule applies to the following counties: Adair, Andrew, Barry, Bollinger, Boone, Butler, Callaway, Cape Girardeau, Carter, Cass, Chariton, Christian, Clark, Franklin, Gasconade, Gentry, Greene, Harrison, Holt, Howard, Iron, Jasper, Jefferson, Johnson, Knox, Laclede, Lewis, Lincoln, Linn, Livingston, McDonald, Macon, Madison, Maries, Marion, Monroe, Montgomery, Newton, Nodaway, Oregon, Osage, Phelps, Pike, Pulaski, Putnam, Ralls, Randolph, Reynolds, Ripley, St. Charles, St. Francois, St. Louis (County), St. Louis City, Saline, Schuyler, Scotland, Scott, Shannon, Stoddard, Stone, Taney, Texas, Vernon, Washington, Wayne, Webster and Worth.

The HeRO Program was funded to provide assistance to families with an annual income between $33,000 and $45,100 in home repairs. Homeowners interested must live within specific towns assigned by the MHDC.

United States Department of Agriculture (USDA) Rural Development

The Missouri USDA Rural Development offers various types of Rural Housing Loan and Grant Programs, including:

  • Direct home ownership loans
  • Guaranteed home ownership loans
  • Self-help housing loans

Direct home ownership loans are available to low and very low-income (80 percent or less of county mean income) applicants who would like to build, buy, or fix a home. All applicants for this type of loan must meet income limits, have good credit, be unable to obtain the full amount needed using a conventional loan, be without housing, demonstrate sufficient income to pay current costs and have the legal capacity to take on debt. Direct home ownership loans, which may be for up to 100 percent of the home's value, come with 33- to 38- year terms. In order to be eligible, homes must exist within a rural community with fewer than 20,000 people, be located on a farm, or in open country (not near any suburb).

Guaranteed home ownership loans offer financial assistance for low to moderate-income individuals seeking home ownership in rural areas. Applicants must meet certain income limits and the home must also be in a rural community or open country. The lender sets interest rates for these loans; however the rates cannot exceed the Fannie Mae 30 year fixed rate plus .6 of one percent.

Finally, the self-help housing loans are offered to groups of housing applicants who form an agreement to work with one another in order to build their own homes.

County Loans

Various counties and cities across the state of Missouri offer loans to assist with the purchase of homes. The Community Action Agency of St. Louis County has two programs that assist people in obtaining loans for homes:

The Missourians Building Assets Program offers down payment assistance for homebuyers by helping them work toward a savings goal and matching that goal when reached (up to $2,000).

The Kansas City Dream Home Program offers down payment and closing assistance to qualified first-time homebuyers. As part of this program, eligible borrowers may receive a forgivable loan for up to 20 percent of the sales price of the home. Borrowers must me certain income limits and must be purchasing a home worth less than $150,000.

City Loan Programs

The City of Lee's Summit, Missouri offers a first time homebuyers program. Grants of up to $3,000 are offered to low income households in order to pay a down payment, closing costs or a combination of both. The program is available to first time homebuyers and single parents.

The City of Springfield, Missouri offers a down payment assistance program to qualified first-time homebuyers. As a part of this program, the City of Springfield lends the borrower 10 percent of the purchase price while also paying reasonable closing costs and other prepaid fees or expenses (up to $7,000).

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