At River City Real Estate we've just received word that the state has freed up $4.2Million to aide in the purhcase of foreclosed properties. This money will not last long at all due to the nature of the program.
As we understand the program:
- You do need to be a first time homebuyer
- You still qualify for the additional $8000 tax credit
- They will give you up to 20% or $15k whichever is less
- It's a 5 year forgivable loan with 0% interest (meaning if you stay in the home 5 years or longer you don't need to pay it back and there are no monthly payments to be made during that 5 year period)
- Only income requirement is that you don't make more than 120% of the median income for the area
This is facilitated through the MHDC program of Missouri and is called the NSP, or neighborhood stabilization program.
Contact us toll free for more information (866) 456-1862
Alternatively you can call our lending department direct to apply immediately at (636) 757-9676
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