MHDC First Place Loan Program
The First Place Loan program offers first-time homebuyers affordable mortgage financing, often at an interest rate below that offered by market rate loans. The loans are available for properties located anywhere in Missouri. Homebuyers may also be eligible for a Non-Cash Assistance or Cash Assistance Loan. Cash Assistance Loans may be applied at closing to a portion of the down payment, closing costs, prepaid taxes, insurance premiums and other loan expenses.
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Qualified first-time homebuyers are eligible to receive a second mortgage of 3% of the loan amount to be used for down payment and closing costs. |
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The second mortgage is a five-year, diminishing loan at 0% interest. |
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The second mortgage is forgiven after five years of occupancy by the owner and monthly payments are not required. |
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No junk fees are allowed. The lender may charge standard closing costs. |
How do I know if I am eligible for the First Place Loan?
Only first-time homebuyers* and qualified veterans may participate in the program. A qualified first-time homebuyer (and spouse) cannot have had an ownership interest in a primary residence for the past three years. One exception is that Homebuyers do not have to be first time buyers if they purchase homes in target areas. Eligible homebuyers must meet the following income and sale price guidelines.
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Property Location |
Non-Targeted Areas |
Targeted Areas |
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1-2 Person Household |
3+ Person Household |
1-2 Person Household |
3+ Person Household |
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St. Louis MSA Counties Sale price limits Non-Target $247,032(SF)$316,252(D) Sale price limits Target $301,929 (SF) $386,531 (D) |
$70,400 |
$80,960 |
$84,480 |
$98,560 |
Is there anything else?
As you could imagine, there are more details that apply. Feel free to give us a call or shoot us an email and we’’ll be happy to send you the complete details and answer any questions. info@livingstl.com 314-514-9600
