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Flat Branch Home LoansDown Payment Assistance

One of the most difficult hurdles in being able to purchase a home is saving for the down payment. Flat Branch Home Loans excels in providing the guidance necessary for the success of you and your family’s future home. Are you interested in purchasing a home but maybe are not sure you can afford the down payment or closing costs? If so, the down payment program through Missouri Housing Development Commission (MHDC) make it easier to secure your funds!

MHDC Loans

Eligible borrowers can receive down payment assistance through the state of Missouri using this program. Flat Branch Home Loans is a Certified Lender and is eligible to offer MHDC financing through certified loan officers. Funds from MHDC are used to construct, renovate, purchase, and preserve affordable housing. This down payment assistance program is coupled with another long-term loan chosen collectively between you and your Flat Branch Mortgage Banker.

MHDC – First Place Loans

This program is also known as the First Time Homebuyer Program

Who is eligible?

First time home buyers are eligible. In addition, the program has been waived for qualifying veterans and homes purchased in a targeted area. First Place Loans are available for eligible buyers who:

First Place Loans are known as the affordable choice of first-time homebuyers. Cash assistance is given in the form of a second mortgage and will be 4 percent of the first mortgage amount. This second mortgage is forgiven after the borrower has been in the home for 10 years. After five years, the mortgage will diminish by 1/60 every month until year 10 when it is forgiven altogether. This is a 30 year fixed rate mortgage. Monthly mortgage insurance varies by credit score and the loan program used in conjunction. Also, down payment options vary by loan program being used.

MHDC – Next Step

Who is eligible?

First-time homebuyers and repeat buyers are eligible. These eligible buyers must:

Next Step is known to give first-time homebuyers and non-first-time homebuyers the opportunity to purchase their home with aid for down payments and closing costs. Cash assistance is given in the form of a second mortgage and will be 4 percent of the first mortgage amount. This second mortgage is forgiven after the borrower has been in the home for 10 years. After five years, the mortgage will diminish by 1/60 every month until year ten when it is forgiven altogether. This program has a 30 year fixed rate mortgage and interest rates will be lower for persons buying in opportunity areas.

Local Grants

Through the Down Payment Assistance Programs, there are also local grants based out of certain locations that you can potentially qualify for depending on your financial and familial circumstances. Your Flat Branch loan officer can help you determine what programs you qualify for!

Down Payment Assistance Highlights