The Next Step Cash Assistance loan offers assistance funds to help with the down payment and closing costs.
Qualified individuals can access 4% of their first mortgage amount as assistance funds in the form of a second mortgage. This second mortgage is forgiven entirely as long as the applicants use the property as their primary residence for no less than ten years.
The lender is allowed to charge the borrower standard closing costs, but junk fees are not allowed.
As of 2020, the sales price limits are $360,067 for single family houses and $461,046 for duplexes. Income limits, which vary depending on location and household size, also apply.
Other programs in Missouri:
- First Place Loan Program with Cash Assistance
- CAASTLC Down Payment Assistance
- Individual Development Account
- Columbia Homeownership Assistance Program
- Springfield Down Payment Assistance