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Missouri Low Income First-Time Home Ownership Help

Posted by  on Apr 16, 2009
 
Any parent wants what is best for their child or children. Providing a solid foundation of values is very important in the life of a child. Providing a home to instill those values can be just as important. Purchasing your first home is both an exciting and scary process, particularly if you are a single mother.

Fortunately, the department of the Missouri Housing Development (MHD) offers a few programs to help individuals looking to purchase their first home. One program, known as the First Place Loan, provides lower interest rates and cash assistance for down payment and closing costs. Potential candidates for the program require homebuyers with a gross income less than $57,000 in a one or two person household or $65,550 in a three person household can qualify.

A second program offered by the MHD is a Down Payment Assistance program. The basics of this program entail 6% grams that are made available through non-profit agencies in many communities in Missouri.

Individuals living in the St. Louis area have the opportunity to attend workshops through the Community Information Network of St. Louis. These workshops specialize in helping individuals by training them in the home purchase process. There is a small fee for these series of workshops. For more information on the workshops, you can contact the Catholic Commission on Housing at 314-241-5600

Two other agencies to investigate before taking the plunge into homeownership are the Department of Housing and Urban Development (HUD) for the State of Missouri and Fannie Mae. HUD offers many assistance programs and grants to potential homebuyers as well as general assistance in the home buying process. While Fannie Mae offers various programs for borrowers who have limited savings or who do not have a great deal of established credit.

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