Government Programs

There are many government programs that help promote home affordability, and the dream of home ownership for people of all backgrounds, the below list is only a summary of the available programs. 

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FHA Loans

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An FHA loan is a fixed-rate mortgage that is designed specifically for the first time home buyer with moderate or low income.  Guaranteed by the Federal Housing Administration, these loans can be easier to qualify for than a traditional fixed-rate mortgage and allow a smaller down payment than most home loans, generally about 3 percent. Interest rates are usually lower than standard fixed-rate loans, and programs are available for the purchase of single and multi-family homes as long as they are to be owner occupied.

USDA Rural

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The USDA Rural Development Guaranteed Housing Loan is another government guaranteed home loan option. This type of home mortgage loan is provided to low and moderate income individuals who are purchasing a home in a Rural Development eligible area. No down payment or mortgage insurance is required with this loan program, and qualification can be much easier than a typical home loan, allowing consumers with less than optimal credit to obtain financing for home purchases.

VA Loans

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Veterans Administration loans are another government guaranteed mortgage. To be eligible for a VA loan, one must have a history of active military service or be the surviving spouse of an active service member. Often, a veteran can obtain a VA loan with little or no down payment, but must demonstrate the ability to make monthly payments.

Missouri-specific Programs

First Place Loans

Missouri’s First Place Loans program provides first-time homebuyer’s and qualified veterans the additional assistance they need to purchase a home.  Through incentives and low interest rates offered by the Missouri Housing Development Commission, prospective buyers are able to obtain mortgages in the competitive marketplace. 

Home Ownership Purchase Enhancement

Qualified homebuyers who purchased a home in Missouri during 2010, can be eligible for a HOPE incentive equal to the amount of the 2009 Real Estate Property taxes of the property they purchased, (Up to $1,250).   This program also provides incentives for qualified homebuyers who purchase an energy efficient home, or appliances. 

For additional information, you can visit the Missouri Housing Development Commission website by clicking here