There are many first-time home buyers getting ready to enter the world of home ownership. Buying a home for the first time can be intimidating, oftentimes a home is one of the biggest investments people make. Several individuals may not know about the many programs available or even the first steps in buying a home. I am joined by my trusted lender Susan Rose to talk about how the Missouri Housing Development Commission (MHDC) program can help.
In this video, Susan walks us through the requirements and qualifications of the MHDC program. This program offers down payment assistance of up to 4% of the loan amount that can be used by first-time home buyers to cover down payment or closing costs. There are just a few basic qualifications for using this loan type and they are:
· 1-2 people in the household can make up to $68,0000
· 3+ in the household can make up to $98,500
· 640 minimum credit score
· Debt to income ratios cannot exceed 45%
· Can be a regular FHA or conventional underlying loan.
MHDC interest rates are set by the state of Missouri and currently are at an incredible low of just 3%. To get rates this low outside of the MHDC program would require a 740+ credit score. Having a low interest rate ensures that your monthly payments stay lower while building more equity in your home.
Making the right choice with a trusted Realtor and a trusted Lender is imperative for first time home buyers. You want to have a team with experience in your corner to guide you through the process ensuring you have someone who will walk you through every step of the process for a seamless and smooth first-time home buying experience. If you or someone you know is in the market to buy, sell or invest in real estate, CALL ME, I am always here for you!
**Facts, rates, and figures are current as of 4/2021 and subject to change.**