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MHDC Bond Money program Missouri Bond Loans -First Time Home Buyers Bond Loan -Need downpayment for your first purchase this is the Loan program for you! REALTORS WORKING WITH FIRST TIME HOME BUYERS IN MO READ THIS !!
Missouri Housing Development Commission has announced the new rates for 2 very successful loan programs that assist first time home buyers with obtaining down payment funds.  New rates have been announced for the programs and I wanted to explain how each of the programs work so that if you are currently looking for that first home or your a realtor working with a first time  home buyer you have the basic details.
The first program is the CAL program or Cash Assistance Loan - this program allows the borrower to do a first mortgage and a second mortgage the current bond issue rate on this program is at 5.625% The second mortgage is in the amount of 3% of the first loan amount but the interest rate on that is get ready 0 %, thats right I said 0 percent - and this loan has no monthly payment required as long as the first time home buyer stays in the home for 5 years you the entire second mortgage is forgiven.  This will bring down the amount of what your clients have to come up with to a little over .5 percent for down payment.  More details are as follows:
Qualified first-time ... more

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