MHDC - St Louis Real Estate News

Missouri State Assistance for Housing Relief (SAFHR) Can Help Homeowners Struggling To Make Their Payments

By Dennis Norman, on March 24th, 2023

The State of Missouri received $138 million from the U.S. Treasury’s Homeowners Assistance Fund (HAF) and are using those funds to help qualified homeowners that are struggling to make their house payments. Missouri State Assistance for Housing Relief (SAFHR) is responsible for paying out these funds to help individual homeowners.

Who is eligible for assistance from SAFHR?

According to the SAFHR program guidelines, to qualify for SAFHR for Homeowners assistance, an individual or household must:

Earn no more than 150% of the area median income for the region where the property is located, as set forth in the HUD income Continue Reading →

Down Payment Help Available For Most Homes

By Dennis Norman, on February 4th, 2015

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. Continue Reading →

Interest Rate Change; St. Louis Mortgage Interest Rate Update

By Robert Fishel, on February 6th, 2013

FHA Interest Rate Change: MHDC’s Cash Assistance Loan (CAL) is now 4%! (APR 4.93) MHDC is raising mortgage interest rates offered to first-time homebuyers. First-time home buyers receive a forgivable 3% cash assistance loan for down payment and closing costs. Continue Reading →

First Time Homebuyer Interest Rates Fall

By Robert Fishel, on November 7th, 2012

Qualified first-time home buyers can receive a forgivable 3% cash assistance loan for down payment and closing costs on a home. 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. Continue Reading →

St. Louis Mortgage Rate Update; Forgivable down-payment assistance loan available for first-time homebuyers

By Dennis Norman, on January 11th, 2012

First-time home buyers receive a forgivable 3% cash assistance loan for down payment and closing costs. 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 and is completely forgivable after five years of continuous occupancy. MHDC will have the monies available for the borrowers regardless of bond issuance through Constant Funding. Continue Reading →

MHDC Lowers rates for First Time Home Buyers Down-payment Assistance Program

By Robert Fishel, on September 28th, 2011

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%.*

Continue Reading →

MHDC’s CAL Cash Assistance loan rate is now 4.5 percent!

By Robert Fishel, on August 24th, 2011

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

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. Eligible owner occupied properties include: Single-Family Detached, Duplexes, Semi-Detached, Condominiums, Town Continue Reading →

New Limits for First Time Home Buyers Down-payment Assistance Program; St. Louis Interest Rates Update

By Robert Fishel, on June 8th, 2011

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. For further information go to http://www.box.net/shared/v0piidunf7 or www.mhdc.com.

Continue Reading →

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

By Robert Fishel, on April 21st, 2011

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

Continue Reading →

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

By Robert Fishel, on February 9th, 2011

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:

Continue Reading →

MHDC’s Cash Assistance Loan; St. Louis Mortgage Rate Update

By Robert Fishel, on December 23rd, 2010

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

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 more information about this program, go to http://www.box.net/shared/s2x9zriz1g or www.MHDC.com .

Continue Reading →

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

By Robert Fishel, on June 30th, 2010

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 Continue Reading →

St. Louis Real Estate – St. Louis Mortgage Interest Rates Drop Back Below 5 Percent

By Robert Fishel, on March 17th, 2010

LAST CALL FOR HOMEBUYER’S TAX CREDITS!

Prospects are scurrying to sell and/or buy homes before next month’s tax credit deadline.” “It’s been absolutely nuts, I have showings galore and contracts are coming in left and right,” commented one real estate agent. To qualify for the credit, buyers must have fully executed sales contracts in place by April 30 and the deal must close by June 30. First-time home buyers are eligible for up to $8,000. Buyers who have owned a home for five consecutive years within the past eight years can get a credit of up to $6,500. Other Continue Reading →

Missouri Offers to Pay Property Taxes but Homebuyers not biting

By Dennis Norman, on March 2nd, 2010

Dennis Norman

UPDATE June 7, 1010 – Here are links to the Forms from MHDC to claim the tax credit as well as some sample forms they have provided showing how to fill them in:

Program ApplicationHome Purchase AffidavitPromissory NoteHope Program Information and InstructionsSample Forms

******

Dennis Norman

Back in December I wrote a post about a $35 million economic development initiative that was approved by the Missouri Housing Development Commission which included $15 million to pay the first-year of property taxes for qualified homebuyers who purchase a new or existing home after January Continue Reading →

MHDC approves $20 Million incentive for Missouri home buyers

By Dennis Norman, on December 18th, 2009

Dennis Norman

UPDATE June 7, 1010 – Here are links to the Forms from MHDC to claim the tax credit as well as some sample forms they have provided showing how to fill them in:

Program ApplicationHome Purchase AffidavitPromissory NoteHope Program Information and InstructionsSample Forms

******

Just moments ago, the Missouri Housing Development Commission passed at $35 million economic development initiative. Part of this initiative (to the tune of $20 million worth) is aimed toward helping stimulate home sales in Missouri.

The initiative includes:

$15 million to pay the first year of property taxes for qualified homebuyers who Continue Reading →