Hey there! If you're thinking of buying a home for the first time, and haven't saved up for a down payment, you still might be able to get it done.

Before I jump into the programs, let me briefly explain how down payment assistance works.

How it works

Down payment assistance comes in two forms: a grant, or a loan

A grant doesn't require repayment.

A loan does require repayment, but there are 3 different ways:

Monthly repayment. This is where they charge you interest and a monthly payment until the loan is paid off

Silent second. This is where they don't charge you interest, they don't charge you monthly payments, they just require that you pay it back when you sell the home.

Forgivable. This is where they forgive the loan as long as you meet certain criteria. A common requirement is that you live in the home as your primary residence for a set number of years. Once you've completed the timeframe, they forgive your loan and you don't need to pay it.

Approved lenders only

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.

Now that we have that out of the way, let's jump in! Below are the local programs available to help make homeownership more accessible.

Missouri

Missouri Housing Development Commission (MHDC) First Place Loan Program

  • What It Offers: Provides up to 4% of the loan amount in down payment and closing cost assistance.

  • Who Qualifies: First-time homebuyers and veterans using an MHDC loan.

  • Income Limits: Based on county and household size.

  • Repayment: Forgivable after 10 years if the buyer remains in the home.

  • Website: https://mhdc.com/services/homebuyer-programs/first-place/

MHDC Next Step Program

  • What It Offers: Provides down payment assistance for repeat homebuyers.

  • Who Qualifies: Homebuyers using MHDC mortgage programs.

  • Income Limits: Based on area median income (AMI).

  • Repayment: Loan is repayable monthly over 10 years.

  • Website: https://mhdc.com/services/homebuyer-programs/next-step/

City of St. Louis Homebuyer Assistance Program

  • What It Offers: Provides up to $5,000 for down payment and closing costs.

  • Who Qualifies: Homebuyers purchasing within St. Louis city limits.

  • Income Limits: Based on HUD guidelines.

  • Repayment: Forgivable after five years.

  • Website: https://www.developstlouis.org/homestl

Mortgage Credit Certificate (MCC)

St. Charles County

  • Down Payment Loan Program (HOME)
    • Assistance: Offers zero-interest down payment loans up to $10,000 to income-eligible homebuyers.

    • Eligibility: Residents of the "St. Charles Urban County," which includes the cities of St. Charles, St. Peters, Cottleville, Weldon Spring, New Melle, St. Paul, Wentzville, and unincorporated areas of St. Charles County.

    • More Information: https://www.sccmo.org/313/Down-Payment-Loan-Program

City of Columbia

City of Springfield

City of O'Fallon

Please note that program availability and terms can change. It's advisable to contact the respective agencies or visit their websites for the most current information.

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.