Deadline Looms for Missouri’s HOPE Tax Credit; St. Louis Interest Rates Drop

Paramount Mortgage Company - St Louis

The state of Missouri funded a $15 million tax credit incentive program in January of this year to help spur home sales, but few have taken advantage of the program.

Now, Missouri home buyers must complete the purchase of their home by August 31, 2010 to take advantage of the program. The Missouri Housing Development Commission (MHDC) must receive their HOPE application by September 30, 2010.

HOPE stands for Home Ownership Purchase Enhancement. Homes purchased after August 31, 2010 will not be eligible for the HOPE program.

The HOPE program was expected to pay the property taxes for 9,000 to 11,000 Missouri families.

As of last week less than 1,500 home purchasers are participating. There is approximately $12 million still available for income-qualified home buyers.

You do not have to be a first-time buyer to participate. All tax credit funds are available on a first-come, first-served basis.

In the face of a more austere budget for 2011, Governor Jay Nixon is “slowing down” MHDC’s process of awarding tax credits. His goal is to cut the state’s 2011 budget $350 million and gain legislative approval by the end of this fiscal year on June 30.

Under the HOPE program MHDC provides incentives up to $1,750.  Up to $1250 is available to pay the first year property taxes for income-eligible Missourians who buy a new or existing Missouri home after Jan. 1, 2010.

An additional $500 is available for “green” homes or energy-efficient improvements. Homeowners who bought a qualified newly constructed energy efficient home or bought an existing home and remodeled or purchased items, such as Energy Star® appliances, to make the home more energy efficient can apply for the additional money.

In the St. Louis metro the one- to two-person maximum gross household income qualification for the St. Louis MSA counties of Franklin, Jefferson, Lincoln, St. Charles, St. Louis City, St. Louis County, and Warren is $67,900. For a 3+ person household the maximum gross income is $78,085. In MHDC’s designated targeted areas the maximums are $81,480 and $95,060 respectively.  For further information, go to the MHDC website:

St. Louis Mortgage Interest Rates – June 30, 2010 *

  • 30-year fixed-rate mortgage 4.50% no points
  • 15-year fixed-rate mortgage 4.125% no points
  • 5/1 adjustable rate mortgage 3.625% no points
  • FHA/VA 30-year fixed rate mortgage 4.75%
  • Jumbo 5/1 ARM 4.125% no points
  • Jumbo 15 year fixed rate mortgage 4.625%

For more information or if you have questions on mortgage rates in St. Louis you may contact me by phone at my direct line, (314) 372-4319, email at or you can visit our company website at



*Note- The above rates are based upon a typical sale price of $187,500 with a 20% percent down payment leaving a loan amount of $150,000 to a borrower with a 720 credit score for a loan with no discount points charged. Rates and terms will vary depending upon loan amount, home value, credit and income of borrower.

This information is provided by this author and this site for informative purposes only and is not warranted or guarteed in any way.



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13 comments to Deadline Looms for Missouri’s HOPE Tax Credit; St. Louis Interest Rates Drop

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