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Stone County - Missouri Loans - Missouri Loan officer - MHDC Bond Money availability
Down Payment Assistance - Missouri Bond Loans- How the bond program works in Missouri ! (edit/delete)
MHDC is able to have down payment assistance to persons buying a home with the MHDC Bond program regardless of whether or not you are a first time home buyer in some specifice counties in Missouri. This is fantastic news because these counties are now classified as a targeted area since we had some flooding in Missouri. 
How the program works - MHDC Cash Assistance Program Example
You have a client buying a $100,000 home - we can do a FHA, VA or RD loan that would allow them to minimize their down payment and combine with the MHDC cash assistance program to minimize cash injection into the property. An example follows:
Purchase price 100,000
FHA financing - 97000  (3 % down payment) soon to be 3.5% down payment required.
leaves down payment amout of 3000.00 required - + closing costs
MHDC forgivable second -  $2,910  (3% of the loan amount not the sales price)
This is all but $90.00 of the loan amount, and it is given in the form of a forgivable second.  The forgivable second is a recorded second mortgage with 0 interest ... more

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