MHDC First Place Program - Missouri Housing Development Commission (MHDC):
MHDC First Place Program
Eligible homebuyers receive up to 4% of the purchase price of the home to assist with down payments and closing costs. Key details include:
The assistance comes in the form of a forgivable loan, which means it may need to be repaid if the home is moved from, sold, or refinanced within the first 10 years.
Starting at the end of the fifth year, the loan forgiveness begins, occurring monthly at one-sixtieth of its original value. By the end of the tenth year, there will be no outstanding balance.
Other requirements include using an MHDC mortgage loan and staying within household income limits and purchase price limits.