Follow up to First Time Home Buyers Bond Money Program

By
Real Estate Services with Mortgage Investment Services Corporation

I thought I would follow up my previous post on the Missouri First Time Home Buyers program with some program details and highlights.   We are told that MHDC is targeting mid to late January as a time to release the first bond issue of 2008 and currently I am pre-qualifying buyers now for the program. 

Some Program Highlights are:

  • No Down Payment required for a single family property.
  • Eligible credit including A- credit
  • Income Limits are now $57,000 (1-2 person households); $65,550 (3 + persons)
  • Reduced Mortgage Insurance (with payment protection)
  • 3% cash assistance from MHDC for closing costs and/or to reduce the loan amount
  • For first time homebuyers or those who have not owned a house in the past three years
  • Cash on hand may be accepted source of funds in some situations
  • Payment Protection insurance provides up to six house payments (max. $12,000) upon involuntary loss of job, accidental disability or accidental death or dismemberment. No additonal charge for this coverage

 

There is a purchase price limit in the state of Missouri loans for first time home buyers can be up to $237,000 in a non-target area and up to 289,700 in a targeted area.

I have worked with this program for a number of years and in 07 helped clients obtain well over 40,000 in bond money grants. It is a great way to help someone become a homeowner, it also can assist the seller since grant money is being given to eliminate some of their expense at having to pay some of the closing costs.

Darren Stewart

OakStar Bank

 

 

 

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Location:
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Groups:
The Ozarks

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Anonymous #1
Anonymous
Elaine Hayes

Darren,

My daughter is a first time home buyer, and is looking to buy a home located at:

1654 E Madison St
Springfield, MO 65802

The home is selling for $89,500.00 I believe.  She has been a full time college student, and have just graduated last May.  She has been at her job for 7 months.  She earns a base pay, but she also gets commission.  Could you please call her to get her information and see if you could help her with any first home buyer's assistance programs?  I am a loan Processor in Nevada for a home builder, but unfortunatly, her father and I cannot help her from way out here!  Her phone number is (417) 350-4688.  She is now living in Nixa MO.  If you need to reach me, my number is: 702-263-8200

Thank you, Elaine Hayes/William Lyon Homes/William Lyon Financial

March 02, 2009 06:02 PM
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Rainmaker
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Darren Stewart

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