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Missouri Housing Commission Offering 3.50 Percent Mortgage Rate

Missouri Housing Development Commission (MHDC) has lowered the interest rates on mortgages offered under its first-time homebuyer program. A 3.50 percent 30-year fixed rate mortgage is available to homebuyers not needing assistance with  down payment and/or closing costs, while a 4.0 percent 30-year fixed rate mortgage is available to those buyers who do take advantage of cash assistance.  These rates are the lowest ever offered by MHDC.

 “These record low rates offer Missourians an incredible opportunity to purchase their first home at an affordable cost,” said Greg Spurgeon, Single Family Homeownership Administrator for MHDC. “The historically low mortgage rates now available through MHDC will encourage sustainable homeownership and help support the state’s housing market.”

The MHDC Cash Assistance Loan allows qualified first-time homebuyers to borrow an additional amount, up to three percent of their loan, to use for down payment and closing costs.  MHDC will forgive this amount after the homebuyer has lived in the house for five years.  Having determined that the primary obstacle faced by many first-time homebuyers is the lack of a significant down payment, MHDC created the Cash Assistance Loan program to allow more Missouri residents to purchase a home, with the added result of stimulating the housing market. 

For first-time homebuyers not needing assistance with a down payment or closing costs, the Non-Cash Assistance Loan program provides a lower interest rate than is available elsewhere. Both the Cash Assistance and Non-Cash Assistance mortgages are funded primarily through capital, raised by the sale of MHDC’s mortgage revenue bonds in the municipal bond market and the U.S. Treasury New Issue Bond Program.

MHDC’s first-time homebuyer program experiences a lower foreclosure rate as compared to the industry average, as the program’s focus on providing sustainable housing mandates prudent underwriting practices, including requiring fully documented proof of income and issuing only fixed-rate loans. MHDC intentionally avoided the practices of subprime lending institutions that helped lead to the country’s recent housing market collapse.

To take advantage of these record-setting low rates, Missouri residents interested in purchasing a first home are encouraged to contact one of MHDC’s 50 certified lenders who are authorized to offer its programs, found at www.mhdc.com. MHDC’s establishment of this network of lenders allows homebuyers to apply for a mortgage through their local financial institutions.

In addition to its first-time buyer programs, Missouri Housing Development Commission provides financing for the construction and rehabilitation of affordable housing in Missouri, and administers the Missouri Housing Trust Fund to help prevent homelessness and to provide emergency housing assistance for very low-income Missourians.

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Posted in: Market Watch, Mortgage Watch, Real Estate News Tagged: 3.5% mortgage, first time buyer, low mortgage rates, mhdc, real estate, st louis

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Still LOVE my home – thank you!!

Lynn B. Ballwin, Missouri

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Thanks Jim. I was prepared for a miserable experience. You took the worry and tension out of selling.

John Walsh Seattle, Washington

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We had the best experience during the purchase of our first home with Jim. We love it. One of my best friends is a Realtor and I have already told her that when I move, Jim Hurley is the one I work with.

James Fagan Ballwin, Missouri

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It was our first home and we spend several months looking. Jim never lost patience. He spent hours educating us and helping us through the process. He’s always smiling and positive…. Linda and Steve Green St. Peters, Missouri

Linda and Steve Green St. Peters, Missouri

default image

I wasn’t really considering buying a new home but one I had looked at before we bought the last one, which I loved, came on the market. I called Jim and we moved 45 days later with no problems. He really cares about the people involved in the process.

Tina and Tom Shinner Kirkwood, Missouri

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