Missouri First-Time Homebuyer Guidance

Unlocking Homeownership in Missouri: Assistance Programs for First-Time Buyers

Exploring Financing Options:

1. USDA 100% Financing: Rural first-time homebuyers in Missouri may qualify for a home without a down payment through the USDA 100% financing option, provided they meet financial criteria and reside in a designated rural area.
2. Missouri HERO and First Place Home Programs: These programs offer down payment assistance, potential savings on home purchases, and the possibility of securing lower-than-average interest rates. Eligibility is based on income, credit, and residency qualifications.
3. FHA Loans for Low-Income Buyers: First-time homebuyers in Missouri might find assistance through FHA loans backed by HUD. While a down payment of 3-10% is still required, these loans can be accessible for those with lower incomes and credit scores.
4. VA-backed Loans: Military homebuyers with VA benefits may benefit from lenders specializing in VA-backed loans, potentially offering better terms than conventional mortgages.

County-specific Resources:

Boone County:

• Homeownership Assistance Program in Columbia offers support in finding a home, down payment assistance, and guidance on financing options.

Buchanan County:

• St. Joseph residents can explore homebuyer assistance programs, including counseling services and potential down payment assistance.

Jackson County:

• Kansas City Homeowner Assistance Program aids with down payments and helps navigate the home-buying process. Income and residency requirements apply.

Lee’s Summit:

• Residents may qualify for up to $3,000 toward a down payment through the homeownership program, subject to income, credit, and residency criteria.

Jasper County:

• Joplin residents can access assistance for new construction, home rehabilitation, and down payment support through homeownership programs.

Ozark County:

• Ozark Action Inc. program provides various resources to aid in home search, financing, and down payment assistance.

St. Charles County:

• The Homeownership Assistance Program in St. Charles offers educational opportunities and resources to facilitate the home-buying process.

St. Peters:

• St. Peters Housing Department provides assistance and incentives for homebuyers, including a home search and support toward the new home.

St. Louis County:

• St. Louis City residents can seek assistance through the Community Development Department, offering support for home search, financing, and down payment requirements.
• The broader St. Louis County Housing Assistance Program aims to help first-time homebuyers save on purchases, secure better mortgage rates, and reduce down payment costs.

Specialized Support:

• Habitat for Humanity: Those facing desperate housing situations can explore support through Habitat for Humanity, which may include assistance with building a home, subject to waitlist and sweat equity contributions.

These diverse programs and county-specific initiatives aim to make homeownership more accessible for first-time buyers in Missouri.