Missouri’s New Homebuyer Assistance Program
To support the aspirations of prospective homeowners, the collaborative efforts of the City of Blue Springs and local mortgage lenders have given rise to the First-Time Homebuyer (FTHB) Program, a valuable initiative aimed at making homeownership a reality for residents.
Accessible Homeownership Assistance
Under the First-Time Homebuyer Program in Blue Springs, eligible individuals can access financial support for down payments and closing costs. The program offers two primary forms of assistance:
- Down Payment Assistance: The program provides assistance covering 50% of any down payment made by the homebuyer, up to a maximum of $3,000. This contribution directly reduces the purchase price of the home, making it more affordable.
- Closing Cost Assistance: Recognizing that closing costs are a significant part of the home buying process, the City of Blue Springs offers funding for reasonable closing costs typically associated with a home purchase.
The total assistance amount provided by the program cannot exceed $3,000, offering substantial support to those seeking to become homeowners.
To be eligible for the First-Time Homebuyer Program, applicants must meet specific criteria designed to ensure that assistance reaches those who need it most. The program is open to the following groups:
- First-Time Homebuyers: Individuals who have not owned a home in the preceding three years are eligible to participate. This group includes those taking their first steps into homeownership.
- Single Parents: Single parents, who often face unique financial challenges, are eligible for the program. The initiative recognizes the importance of supporting single parents in achieving homeownership.
- Displaced Homemakers: Displaced homemakers, who may have faced changes in their circumstances and seek to establish a new home, are also included in the program’s eligible participants.
To ensure that the assistance reaches those with genuine financial need, income limits have been established for program applicants. All interested individuals must have an annual household income at or below 80% of the area median income, with specific income thresholds based on household size. These income limits promote equitable access to homeownership support while addressing the unique financial situations of different households:
- 1-person household: $48,200
- 2-person household: $55,050
- 3-person household: $61,950
- 4-person household: $68,800
- 5-person household: $74,350
- 6-person household: $79,850
- 7-person household: $85,350
- 8-person household: $90,850
By offering this program, the City of Blue Springs and its partners aim to empower residents to take that crucial step toward achieving their dream of homeownership, fostering stronger communities and brighter futures along the way.