First-time home buyers receive a forgivable 3% cash assistance loan (CAL) for down payment and closing costs.
The Missouri Housing Development Commission (MHDC) provides a competitive interest rate on a 30-year fixed rate 1st mortgage. Your 3% advance loan is treated as a 2nd mortgage completely forgivable after five years of continuous occupancy. The current rate for the CAL is 4.25%.*
Program highlights:
- 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.
- Only owner occupied properties are eligible.
For further information including income/sale price guidelines click here.
*MHDC Cash Assistance Loan/FHA financing 4.337% Annual Percentage Rate, loan-to-value 96.5%, 680 credit score, includes 1.0% UFMIP. MHDC Cash Assistance Loan (CAL) provides income qualified first-time homebuyers a forgivable, second mortgage of 3.0% of the loan amount to be used for down payment and closing costs. The second mortgage is a five-year diminishing loan at 0% interest with no monthly payments and is forgiven after five years of occupancy. Rates subject to change without notice. Figures are estimated.
St. Louis MORTGAGE INTEREST RATES for September 28, 2011:
- Conventional 30-Year Fixed 4.00%/ 4.199% APR
- Conventional 15-Year Fixed 3.50%/ 3.3950% APR
- Conventional 5/1 ARM 2.750%/ 1.625% APR
- FHA/VA 30 Year Fixed 4.00%/ 4.425% APR
- Jumbo 5/1 ARM 2.875%/ 3.035% APR
- Jumbo 15 yr Fixed 3.625%/ 3.875% APR
- Jumbo 30 yr Fixed 4.875%/ 5.125% APR
*The above mortgage rates are based upon an 80% LTV, o/o single family with FICO scores of 720.
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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