First Time Homebuyer Monies are still available… Why rent when you can own?; St Louis Mortage Interest Rate Update

Paramount Mortgage Company - St Louis

Missouri Housing Development Commission offers first-time home buyers a forgivable 3% Cash Assistance Loan (CAL) for down payment and closing costs.  Terms of this program include:

• 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.

• CAL can be used with FHA, VA and USDA Rural Development loan programs.

• First time home buyer requirement only applies to the last three years.

• Loan is assumable for an MHDC-qualified borrower in an FHA, VA or USDA-RD loan program.

• 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. The 3% advance loan is treated as a 2nd mortgage completely forgivable after five years of continuous occupancy.

St. Louis MORTGAGE RATES for February 9, 2011:

  • Conventional 30-Year Fixed 5.125%
  • Conventional 15-Year Fixed 4.375%
  • Conventional 5/1 ARM 3.750%
  • FHA/VA 30 Year Fixed 5.00%
  • Jumbo 5/1 ARM 3.875%
  • Jumbo 15 yr Fixed 4.250%
  • Jumbo 30 yr Fixed 5.750%

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 or you can visit our company website at

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