If you have not owned a principal residence in the past three years, lenders usually treat you as a first-time buyer. Some programs include qualified veterans who have owned before. Married couples are often reviewed on both spouses. A lender makes the call on your file.
MHDC First Place is the statewide first-time path, delivered by certified lenders on eligible Missouri property. The Missouri Housing Development Commission has existed since 1969. First Place can include a commission-set rate and optional cash assistance toward down payment and closing costs. Income and purchase-price limits apply and change. Read the current terms on mhdc.com.
MHDC Next Step also serves repeat buyers, with higher income limits than First Place. If you owned a condo five years ago and now want a house in St. Charles, this may be the statewide tool that still fits.
HomeSTL is City of St. Louis assistance through the St. Louis Development Corporation. It is for first-time buyers purchasing in the City, generally at or below 80 percent of area median income. The help is a forgivable loan at 0 percent interest with no monthly payment for up to ten years. It applies to City of St. Louis purchases. It pauses when funds run out.
Beyond Housing is a HUD-approved counseling agency and a major down payment assistance provider. Education first is the pattern. They have published that they do not fund DPA inside the City, where HomeSTL is the city-side tool.
Richard does not administer any of these programs. He lines you up with a lender who does, then keeps the house search inside what the program can close.
Why it works
- First Place can put an MHDC rate and optional cash assistance on a Missouri house.
- Next Step is there if you owned before and still fit the income band.
- HomeSTL is a 0 percent forgivable City loan when funds are open and income fits.
- Beyond Housing starts with the class, then the pot of money that matches the address.
- The house still has to pass inspection.
Homes here
A first time home buyer St. Louis search should match the program to the map. A St. Louis realtor will keep the tour inside what the lender can fund. Use the neighborhoods guide to pick the pocket, then the buyer consult.