Free Money comes at a Cost

Last night a buyer called me about free money.  Very understandable.  Who could complain about free money?   Well, in reality, it may not be entirely free, and there could be a catch…..or two.

The Missouri adminsitration that handles most home buying assistance is called the Missouri Housing Development Commission, commonly known as MHDC.  Programs through MHDC range from rehabilitation loans and rebates to loans with downpayment assistance.   Timing is important if you’re interested in securing assistance from MHDC as most of their programs rely on the sale of bonds for funds.  The funds become available on a certain date and then expire when the funds are exhausted.  First come first serve. 

To look more closely into MHDC or any other home buyer program, contact an approved lender.  Make sure your lender is approved for the program in which they are giving information, as some lenders may try to avoid the subject or convince buyers that the program isn’t  useful if they aren’t able to participate.

Another entity in the St Louis are is Beyond Housing.  They also have a home buyer center that can assist low income buyers in achieving thier goal of home ownership. 

For all the Missouri associations providing assistance and education to St Louis home buyers, a list can be found at the US Department of Housing and Urban Development website

Happy Hunting!

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