Home affordability is an achievable dream for many Americans thanks to government-sponsored loan programs designed to help working adults transition from renting to home ownership. Because one specific type of loan does not apply for every situation, there are a variety of loans tailored to individual home-buying audiences including first-time home buyers in Missouri, veterans and military members, and prospective rural homeowners.
If you are considering moving to a rural or undeveloped area, consider applying for a USDA Rural Housing Development Loan. This type of loan offers up to 100 percent financing and is a 30-year, fixed-rate term.
Active duty or former military members can take advantage of VA Loans. These loans offer fixed-rate and adjustable rates to qualified borrowers. A great advantage of VA loan programs is the no- or low-money down payments.
Missouri residents have specific loan programs designed to assist with home ownership. The MHDC Mortgage Revenue Bond Program is available to first-time buyers in Missouri and offers the best competitive interest rates; with rates below market terms. Cash assistance for down payments and closing costs are also part of the program. If you are a resident of Missouri, this is definitely a program worth investigating.
Should your home-buying situation not apply to one of these circumstances, there are still multiple loan programs to pursue. FHA loans are open to all buyers, as long as monthly payments can be met, making home ownership a realistic goal for all buyers.