Well, it is official, and it is good news! Missouri Housing Development Commission (bond money) has increased the income limits for our area. The income limits are for the Springfield and surrounding areas. A household size of 1-2 people has an income limit of $60,700 for a property located in a non-targeted area. There are various qualifications that need to be met with this type of loan, but it is a great option for your first-time home-buyers who have limited funds available for a down payment. Feel free to give me a call if you would like more information!
http://www.mhdc.com/homes/documents/brochures/fpb_i.pdf
Missouri Housing Development Commission, the state housing finance agency, offers first time home buyers the opportunity to own a home.
Available for those who:
- Have not owned or had principal interest in a home in the past 3 years.
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Have qualifying credit (minimum credit score require)3.Meet income and purchase price limits
- Household income limits are based on the total gross annual household income for all residents age 18 and older who live in the home. Includes wages, overtime, bonuses, commissions, child support, alimony and earnings from second job, business and investments.
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Purchase price limits are the same throughout the state and can be single-family detached homes, 1/2 duplex, semi-detached homes, condominiums, townhomes, or manufactured homes on a permanent foundation. Duplexes are eligible, provided one unit is owner-occupied and units are at least 5 years old.
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Loans in the program may be subject to recapture tax provisions under federal law.
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The home-buyer must occupy the home within 60 days of loan closing.Borrowers should contact one of our certified lenders throughout the state. A list can be found at www.mhdc.com.
*****The first-time home buyer requirements have been waived for:
- Qualifying veterans
- Home in Target Areas.
This program also has down payment assistance program. Give me a Call at 417-234-0887 to find out more about this great program.
If you are thinking of BUYING a HOUSE IN 2012, you will want to assemble a great team to work for you. I want to be your REALTOR, on your time line. I can answer all your questions and get you on track to make your dreams your reality.
