Missouri First-Time Home Buyer Programs of 2021
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If you're a first-time home buyer in Missouri, the state has programs to help you achieve your dream of homeownership. The Missouri Housing Development Commission, or MHDC, offers mortgage programs for first-time home buyers, with and without down payment assistance. You can qualify as a first-time buyer if you haven't owned a primary residence for three years.
The first-time home buyer requirements are waived for veterans, active-duty military and people buying homes in economically disadvantaged areas.
 NASB: NMLS#400039 | ||
|---|---|---|
Min. Credit Score620 | Min. Credit Score580 | Min. Credit Score620 |
Min. down payment3% | Min. down payment3% | Min. down payment3% |
National first-time home buyer programs
Conventional mortgage
Best for:
Low down payments, limited mortgage insurance premiums
What you need to know:
A conventional mortgage is a home loan that isn’t guaranteed or insured by the federal government. Conventional mortgages that conform to the requirements set forth by Fannie Mae and Freddie Mac allow down payments as low as 3% for first-time buyers or lower-income home buyers. Unlike FHA loans, conventional loans allow borrowers to eventually cancel their mortgage insurance or avoid mortgage insurance altogether if they put at least 20% down.
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