MHDC which stands for Missouri Housing Development Commission has made some modifications to all loans reserved on March 2, 2015. MHDC has been a great option for first-time homebuyers for down-payment assistance and helps with some of the closing costs.
Prior to the new changes, the MHDC down-payment assistance program was offering 3.5% as CAL (Cash Assistance Loan). Below are some of the highlights of the MHDC down payment assistance program along with the new changes.
– MHDC offers up to 4.5% towards down-payment and closing costs for first-time homebuyers.
– MDHC has a limitation on income per household.
– There are maximum loan amounts per county.
– Homebuyers don’t have to be a first-time home buyer if buying in a targeted area or a qualified veteran.
– MHDC loans rates are set and only changed 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.