First Time Home Buyer

Programs in Missouri

Complete First Time Home Buyer Programs Available in Missouri.

The state agency created by the legislature in Missouri to offer first time home buyer programs is the Missouri Housing Development Commission. Here is a summary of the current first time home buyer programs that are offered:

First Place Program

The First Place Program offers first-time homebuyers affordable mortgage financing, often at an interest rate below that offered by market rate loans. The loans are available from participating lenders for properties located anywhere in Missouri.

Cash Assistance Payment

Homebuyers may also be eligible for a Cash Assistance Payment. This cash assistance of 3 percent of the loan amount does not have to be repaid and may be applied at closing to a portion of the down payment, closing costs, prepaid taxes, insurance premiums and other loan expenses.

For complete details on these first time home buyer programs available to Missouri residents, visit the Missouri Housing Development Commission website.

It is highly recommend that you also visit the First Time Home Buyer Grants page for free assistance with the down payment.

Best Lender For First Time Home Buyer Loans

Unfortunately, some lenders do not like to work with first time home buyers (due to not having a track record), and prefer instead to only provide mortgages to people who have previously owned a home. If you do not need help with the down payment and are not in need of any state program, but simply want to apply for a mortgage, we recommend ING DIRECT Orange Mortgage They have great rates, an easy online application, and welcome first time home buyers. Additionally they have not been as severely hurt by the subprime mortgage crisis and are still approving the majority of applications.

Other First Time Home Buyer Programs & Resources

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