Down Payment Assistance Programs for First Time Home Buyers in Bates County, Missouri
If you live in Missouri and are interested in buying a home in Bates County – there may be down payment assistance programs available to you. Saving enough money for a down payment is one of the single biggest obstacles to homeownership – but it is entirely possible that down payment assistance is available to you and you aren’t even aware of it.
What is Down Payment Assistance?
It is any kind of program that is designed to help people get into a home. That may be a very broad definition, but down payment assistance programs are not always programs that hand out free money by giving you cash in a suitcase – they can take many different forms. Some examples of the different types of down payment assistance programs that may be available include: Grants, Silent Seconds, Delayed Repayment Loans, Interest Free Loans, and Lender Specific Programs. Since there are so many different types of programs that may be available – it is advised that you find the right loan officer who is knowledgeable in programs in your area.
Down Payment Assistance Programs in Bates County, Missouri
- Missouri Housing Development Commission – First Place Loan – Cash Assistance Payment: The First Place Loan program offers first-time homebuyers and qualified veterans affordable mortgage financing, often at an interest rate lower than market rate loans. The loans are available from Certified Lenders for properties located anywhere in Missouri. For more information, Click here.
Mortgage Programs Available in Bates County, Missouri
- Missouri Housing Development Commission – Mortgage Credit Certificate: MCC’s provide income eligible first-time home buyers* an opportunity to reduce the amount of federal income tax owed each year they own and live in their homes. The MCC program gives qualified borrowers a non-refundable federal tax credit of 25 percent of the total amount of mortgage interest they pay each year. This tax credit allows prospective buyers to obtain mortgage financing in a competitive market. For more information, Click here.
Additional Home Buying Resources
HUD offers some resources to those people who are interested in learning more about the process of buying a home, and the information on HUD’s website is free. Just a few of the services that HUD offers information about include: housing counseling agencies, predatory lending, education, assistance programs, HUD homes for sale, homeownership vouchers, home repairs, avoiding foreclosure, making your home more energy efficient, and more.
Other Relevant Bates County Sites
- Missouri Association of Realtors
- Bates County School
- Bates County Sheriffs
- HUD Homeownership Assistance for Missouri