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) provides grants in conjunction with our other loan programs.

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 home buyers. Cash assistance is given as a 4% grant. 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 as a 4% forgivable second mortgage. This second mortgage is forgiven after residing in the home for two years. 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. Ask a Loan Officer at Flat Branch Home Loans if you qualify for any of the local grants listed below.

Beyond Housing Grant

Beyond Housing is a down payment assistance program based out of St. Louis. Interested borrowers must be a first-time homebuyer. Educational courses and counseling are required. Borrower’s gross household income must not exceed 80 percent median income. For more information on the benefits and requirements of the Beyond Housing grant, please contact one of our loan officers at one of our many St. Louis locations.

North East Community Action Corporation (NECAC)

This program offers down payment assistance in the communities of St. Peters, St. Charles, O’Fallon and Wentzville. For more information on the benefits and requirements on the NECAC grant, please contact one of our loan officers at one of our many St. Louis locations.

Community Development Block Grant and HOME Program

Columbia, MO offers a Home Ownership Assistance Program (HOA) through its CDBG program for solely first-time homebuyers. The grant is designed to assist low- to moderate-income families with their down payment and other upfront closing costs on their home loan. The home being purchased must be located within the Columbia city limits. Buyer(s) must have a combined credit score of no less than 600. For more information on the amount of assistance that can be granted, eligible properties and other requirements, please talk with one of our loan officers at our Columbia, Missouri locations.

Kansas Housing Assistance Program

The Kansas Housing Assistance Program is a statewide program that provides up to five percent in borrower assistance for first-time homebuyers. This program has a 30-year fixed rate and can be used for the down payment or closing costs on your home loan. A minimum of 640 credit score is required for USDA, VA and conventional loans or a minimum credit score of 660 for FHA loans. For more information on income and purchase price limits, property eligibility and other requirements, please talk with one of our loan officers at any one of our Kansas City area locations

Community Development Block Grant Program (CDBG)

The Community Development Block Grant Program allocated grant money for borrowers for down payment assistance. For more information on income and purchase price limits, property eligibility and other requirements, please talk with one of our loan officers at any one of our Kansas City area locations

Down Payment Assistance Highlights