Up to $14,999 Down Payment Whem Purchasing a Missouri Foreclosed Property
New Program To Help Stabilize Missouri Neighborhoods
MHDC is offering a new product to help stabilize and rebuild the neighborhoods of Missouri hard hit by the housing downturn. The commission received $4.2 million from the Neighborhood Stabilization Program (NSP), which was part of the Housing and Economic Recovery Act of 2008. These funds are intended to be used for down payment and closing cost assistance for qualified buyers purchasing foreclosed property that will be used as the owner’s principal residence.
| * | Qualified buyers may receive up to 20% of the purchase price (up to $14,999) to use for down payment and closing costs. | | * Buyer must use MHDC First Place Loan program for first mortgage. | | * | NSP funds provided through a second mortgage with an interest rate of 0%, which is forgiven after five years of occupancy. | | * | First-time and repeat buyers are eligible. | | *Purchase price must be discounted a minimum of 5% from the current appraised value. This must be determined by an appraisal completed within 60 days prior to making an offer on the property. | | *Borrower must receive eight hours of homeownership counseling from a HUD-certified counselor. | | *Borrower income limit is 120% of area median income, see Income & Price Limits. | | *Must be an owner-occupied, foreclosed property that has been without tenants for the last 12 months.
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First-time homebuyers utilizing this program are also eligible to receive the $8,000 federal tax credit for first-time homebuyers if the home is purchased prior to December 1, 2009. http://mhdc.com/homes/nsp/index.htm |
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