Yes, we are all sad that there is no more tax credit for first time home buyers. However, if you live in Missouri, you may still be able to get money out of the government.
MHDC or the Missouri Housing Development Commission offers a Cash Assistance Loan. This means that MHDC gives you 3% of your down-payment, and being that FHA only asks for 3.5% down, you would only need to bring in 1/2% as a down-payment. If you are buying a $150,000 home, you are getting $4,500. This is not a bad deal.
As with any loan, you have to qualify for it...there are some extra qualifications for MHDC....
1. You must be a first time home buyer.
2. You can not buy a home over the amount of $258,690 in a non-targeted area. (Targeted areas are labeled by MHDC)
3. The income level (in St. Louis) of a 1-2 person household cannot exceed $67,900. It doesn't matter if someone living in a house is on the loan or not, their income must be counted.
4. The 3% that MHDC will give you is considered a "forgivable loan". This means that every month you live in the home, more of the loan is forgiven (in other words, you don't owe it anymore). After 5 years, the entire loan will be forgiven.
5. You must occupy the home within 60 days of closing.
For more information on this, feel free to contact myself or go to the MHDC website.... http://mhdc.com
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