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First Time Home Buyers Down-payment Assistance Available; St Louis Mortgage Interest Rate Update

First-time home buyers receive a forgivable 3% cash assistance loan for down payment and closing costs.

Missouri Housing Development Commission (MHDC) provides a competitive interest rate on a safe 30-year fixed rate 1st mortgage. Your 3% advance loan is treated as a 2nd mortgage completely forgivable after five years of continuous occupancy. New, Constant Funding means MHDC will have the monies available for the borrowers regardless of bond issuance.

CAL PROGRAM (Cash Assistance Loan) Program Details:

  • 3% Cash Assistance Loan (CAL) can be used for down payment and closing costs.
  • CAL is forgivable after 5 years of occupancy.
  • 30 Year Fixed Rate Mortgages & Competitive Rates.
  • First time home buyer requirement only applies to the last three years.
  • Eligible owner occupied properties include: Single-Family Detached, Duplexes, Semi-Detached, Condominiums, Town Homes

The Missouri Housing Development Commission (MHDC) provides a competitive interest rate on a safe 30-year fixed rate 1st mortgage. Your 3% advance loan is treated as a 2nd mortgage completely forgivable after five years of continuous occupancy. New, Constant Funding means MHDC will have the monies available for the borrowers regardless of bond issuance.

For rates and further information: http://www.box.net/shared/tb0m8czm5z or   www.MHDC.com

St. Louis Mortgage Rates for April 20, 2011

  • Conventional 30-Year Fixed 4.875%/ 5.402% APR
  • Conventional 15-Year Fixed 4.125%/ 4.607% APR
  • Conventional 5/1 ARM 3.500%/ 3.277% APR
  • FHA/VA 30 Year Fixed 4.750%/ 5.375% APR
  • Jumbo 5/1 ARM 3.375%/ 3.252% APR
  • Jumbo 15 yr Fixed 4.125%/ 4.40% APR
  • Jumbo 30 yr Fixed 5.250%/ 5.625% APR

Paramount Mortgage is a locally owned Mortgage Banker; we just celebrated our 40th anniversary. Great rates and programs are secondary to what is most desired in a lender relationship. The most sought-after aspects in this industry cannot be easily translated onto paper…learn more about us here.

For more information or if you have questions on mortgage rates you may contact me by phone at my direct line, (314) 372-4319, email at rfishel@paramountmortgage.com or you can visit our company website at http://www.paramountmortgage.com.

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1 comment to First Time Home Buyers Down-payment Assistance Available; St Louis Mortgage Interest Rate Update

  • If you or someone you know is in the market to buy a new home, first time home buyer grants are just one of the many forms of government grant funds that are provided for individuals. This is free money that can help with the down payment on a new home and help with closing costs. As a result of applying for and receiving these funds, the grant money never has to be paid back.