Up until recently there were very few loan resources on the market targeted at non-first time home buyers. Well, the MHDC (Missouri Housing Development Commission) has finally changed that. Recently they introduced their “Next Step” loan program and it’s targeted at people who may have already owned a home and are looking to make their next purchase. Here’s a few of the things you need to know about it:
- It’s meant for primary residence purchases meaning you can’t apply for this loan if you’re trying to buy a rental or secondary property.
- You must occupy the home within the first 60 days of the loan closing and remain in the home as long as the loan exists.
- There is a 4% cash assistance loan that can be used for down payments and closing costs.
They are also offering an incentive if you’re willing to move to an opportunity area. All in all this is pretty big news for Missouri home buyers and definitely something you should ask a qualified loan officer about if you’re interested in learning more.