MHDC which stands for Missouri Housing Development Commission has made some modification on all loans reserved on March 2, 2015. MHDC has been a great option for first time home buyers for down-payment assistance and help with some of the closing cost.
Prior to the new changes MHDC down-payment assistance program was offering 3.5% as CAL (Cash Assistance Loan). Below are some of the highlights of MHDC down payment assistance program along with the new changes.
– MHDC offers up to 4.5% towards down-payment and closing cost for first time home buyers.
– MDHC has limitation on income per household.
– There are maximum loan amounts per county.
– Home buyers don’t have to be first time home buyer if buying in a targeted area or a qualified veteran.
– MHDC loans rates are set and only change by MHDC.
– MHDC doesn’t have any restriction for being inside or outside city limits. (Great alternative for USDA loans)
Please call one of our experienced loan officers for any questions regarding this loan program. You can also visit our website for more information.