Bond Money Still Available!?

According to a local lender, there is currently MHDC bond money available for first time buyers.

This did come as somewhat of a surprise, since there was a time last year that people were still holding on a waiting list for those funds. But for now, it seems, its available for use.

What is bond money you ask? It is money that the Missouri Housing and Development Commission (MHDC), a part of the Missouri state government receives in return for selling bonds in the bond market. MHDC then uses that money to fund mortgages for first time home buyers at a lower than market interest rate (cheaper payments, folks) or near market interest rates when providing assistance towards the FHA minimum downpayment of 3.5% (MHDC calls this the Cash Assistance Program).

The program has some income limits that apply, so it’s best to check on that before proceeding. We’re also not mortgage lenders, so before we go into too much detail, we’ll bring in a loan officer to explain it.

If you have more questions about MHDC bond money or you’re just ready to start considering your first home, check us out at www.springfieldfirsthome.com, email us at firsthomebuyers@remhob.com, or give us a call or text at 417.872.9222.