down payment assistance programs cole county, mr

Down Payment AssistancePrograms Cole County, MR

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Assistance Programs for First Time HomeBuyers in Cole County, Missouri

If you live in Missouri and are interested in buying a home in ColeCounty – there may be down payment assistance programsavailable to you. Saving enough money for a down payment is oneof the single biggest obstacles to homeownership – but it isentirely possible that down payment assistance is available to youand you aren’t even aware of it.



What is Down Payment Assistance?

It is any kind of program that is designed to help people get intoa home. That may be a very broad definition, but down paymentassistance programs are not always programs that hand outfree money by giving you cash in a suitcase – they can takemany different forms. Some examples of the different types ofdown payment assistance programs that may be availableinclude: Grants, Silent Seconds, Delayed Repayment Loans,Interest Free Loans, and Lender Specific Programs. Since thereare so many different types of programs that may be available –it is advised that you find the right loan officer who isknowledgeable in programs in your area.



Down Payment AssistancePrograms Available inCole County, Missouri



Missouri Housing Development Commission – First Place Loan –Cash Assistance Payment: The First Place Loan program offers first-time homebuyers and qualified veterans affordable mortgagefinancing, often at an interest rate lower than market rate loans. Theloans are available from Certified Lenders for properties locatedanywhere in Missouri.

Missouri Housing Development Commission – First Place Loan –Cash Assistance Payment – Targeted Select Areas: The First PlaceLoan program gives first-time homebuyers and qualified veterans theedge they need to purchase a home. Affordable interest rates, incombination with additional incentives offered by MHDC, allowprospective buyers to obtain mortgage financing in a competitivemarket. There’s no obligation to apply and it only takes a fewminutes to see if you qualify.



Mortgage ProgramsAvailable in

Cole County, Missouri



Missouri Housing Development Commission – Mortgage CreditCertificate: MCC’s provide income eligible first-time home buyers*an opportunity to reduce the amount of federal income tax owedeach year they own and live in their homes. The MCC program givesqualified borrowers a non-refundable federal tax credit of 25 percentof the total amount of mortgage interest they pay each year.

Missouri Housing Development Commission – Mortgage CreditCertificate – Targeted Select Areas: In accordance with programguidelines, the Mortgage Credit Certificate Program has funds setaside for targeted area loans. A Targeted Area is a census tract inwhich 70 percent or more of the families have incomes that are 80percent or less of the statewide median income or an area ofchronic economic distress.



Additional Home Buying Resources

HUD offers some resources to those people who are interested inlearning more about the process of buying a home, and theinformation on HUD’s website is free. Just a few of the services thatHUD offers information about include:

Housing counseling agencies – free or low-cost counselingservices for buying, renting, defaults, foreclosures, creditissues and reverse mortgages.

Predatory lending – beware if you’re buying or refinancingyour home; don’t become a victim of unfair lending practices



Education – learn about buying and maintaining your home

Assistance programs – resources and programs to helpyou buy and maintain your home

HUD homes for sale

Homeownership vouchers – some public housing agencieshelp you become a homeowner through the Housing ChoiceVoucher Homeownership Program

Home repairs – money for home improvements and repairs

Avoiding foreclosure – don’t lose your home

Making your home more energy efficient



Other Relevant Cole County Sites

Missouri Association of Realtors

Cole County Schools

Cole County Sheriff

HUD Homeownership Assistance forMissouri


http://www.missourirealtor.org/home

http://coler-v-k12-ct.schoolloop.com/

http://colecountysheriff.org/

http://portal.hud.gov/hudportal/HUD?src=/states/missouri/homeownership/buyingprgms

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Justin McHood is Americas MortgageCommentator and has been providingMortgage commentary for over 10 years.

INFORMATION PROVIDED BY: JUSTIN MCHOOD

MORTGAGE COMMENTATOR


http://mortgagecommentator.com/

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down payment assistance programs cole county, mr

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