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St Louis Real Estate Search

Down Payment Help Available For Most Homes

Down payment help is available for 87 percent of the homes in the U.S., according to an analysis completed recently by RealtyTrac and Down Payment Resource.  This analysis looked at the geographic location of homes to see if they were within areas where down payment assistance are available to purchasers meeting the qualifications of the program.

In the St Louis area, there are several down payment help, or down payment assistance programs, available, most of which are administered by the Missouri Housing Development Commission (MHDC).  These programs include:

  • Cash Assistance Loan Program (CAL) 
    • Qualified first-time homebuyers may receive a second mortgage equal to 3% of their mortgage amount which can be used for down payment or closing costs.
    •  The loan is a five-year loan at 0 percent interest with no monthly payments required.  The loan will be forgiven after the buyer has occupied the home for 5 years.
  • Non-Cash Assistance Loan Program (NON-CAL)
    • Qualified first-time homebuyers that do not need down payment assistance can obtain a lower interest rate home loan than those that use the CAL program above.
    • Because of the lower interest rates, borrower will have a lower monthly payment.

The best down payment assistance program in St Louis though is the BMO Harris Bank Affordable Housing Grant Program.  This program is available to all qualified home buyers (not just first-tome buyers) and, instead of being a loan that may be forgiven after living in the home for a period of time, it is a no-strings attached grant that can be used for down payment or closing costs.  Grants of up to $3,000 are available to home buyers that purchase homes in specified neighborhoods throughout St Louis.  Click HERE to find out more about this great down payment help program!

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