The First Place Loan program gives first-time homebuyers and qualified veterans the edge they need to purchase a home. Affordable interest rates, in combination with additional incentives offered by MHDC, allow prospective buyers to obtain mortgage financing in a competitive market. There's no obligation to apply and it only takes a few minutes to see if you qualify. Apply today.
Homebuyers may also be eligible for a Non Cash Assistance or Cash Assistance Loan. Cash Assistance Loans may be applied at closing to a portion of the down payment, closing costs, prepaid taxes, insurance premiums and other loan expenses.
Initial purchase loans.
Refinanced mortgage loans are not eligible. Exceptions are construction-to-permanent loans and bridge loans with an initial term of less than 24 months.
FHA, VA, USDA-Rural Development or Fannie Mae MyCommunityMortgage®, 30-year loans. Your lender can help you decide the best loan type for you.
The total gross annual household income for all residents living, or intending to live, in the home, age 18 or older, must be within the limits established for household income.
Total gross annual household income is calculated using all sources of income including, but not limited to; wages, overtime, bonuses, child support, alimony, commissions and earnings from a second job, business and investments.
Only first-time homebuyers* and qualified veterans may participate in the program. A qualified first-time homebuyer (and spouse) cannot have had an ownership interest in a primary residence for the past three years.
Exceptions: MHDC has committed to continually fund loans in federally-targeted census tracts in certain counties throughout the state. Homebuyers do not have to be first time buyers if they purchase homes in target areas. Consult your lender for specific locations of target areas. Generally, loans originated in target areas will receive priority for the lowest First Place Home Loan rate that has been offered by MHDC in the last 12 months.
Qualified veterans: do not have to be first-time homebuyers. A qualified veteran is any veteran who served on active duty and who applies for financing within 25 years after leaving active service.
Homes purchased in disaster areas are not limited to first-time homebuyers and income and purchase price limits are raised to the targeted area limits.
Apply today for loan "pre-approval” before you begin house shopping. This helps you know how much you can afford to borrow and what you can afford to pay for a house.
The purchase price of a home financed through the program cannot exceed the established limits for Missouri properties. Properties eligible for loans include:
Rates, Fees, and Requirements
Reserving a Loan
Interested borrowers must apply online or apply by calling our office. Funds are allocated on a first-come, first-served basis. When you visit the lender to make your loan application, it is important that you have the following information with you.
* First-time homebuyers are defined as those persons who have not owned a home or had an ownership interest in a primary residence for the past three years