It can be extremely frustrating to want a home so bad you can taste it, but be turned down because you don’t have enough money to plunk down 5%, 10% or even 20%. You might be thinking you can manage the payments but you’ll never have enough cash in your bank account to drop thousands of dollars in one day. That’s where the MHDC may be able to help you.
What is the MHDC?
The MHDC is the Missouri Housing Development Commission and its funds are used to construct, renovate, purchase, and preserve affordable housing. One way they accomplish these goals is to offer loans to prospective homebuyers in Missouri.
What are MHDC Loans?
An MHDC loan is simply down payment assistance to help you out if you don’t have enough cash to make a down payment on a house. If most cases, there is no required down payment.
417 Home Loans’ parent company, Flat Branch Home Loans, is a Certified Lender that can offer MHDC financing. You can pair your down payment assistance from the MHDC with another long-term loan that your Flat Branch mortgage banker will help you pick out.