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Get Matched Free →MHDC First Place Loan Program
How much assistance
Up to 4% of the loan amount via the Cash Assistance Loan (CAL) for down payment and closing costs, paired with a below-market fixed-rate first mortgage (Conventional, FHA, VA, or USDA). (Forgivable Loan)
The 4% CAL is a second mortgage that is fully forgiven if the borrower occupies the home for 10 years. Forgiveness begins at the end of year 5, at the rate of one-sixtieth of the original balance per month, reaching zero by the end of year 10. If the home is sold, refinanced, or no longer occupied before then, the remaining balance is due.
Eligibility
- Income limits: Varies by county and household size. Income limits are set annually by MHDC and are typically aligned with area median income. Contact an MHDC-approved lender or visit mhdc.com for the current Jackson County limits.
- First-time buyer required: Yes — Has not had an ownership interest in a principal residence in the past 3 years. Qualified veterans and buyers in designated targeted areas may be exempt from this requirement.
- Credit score minimum: 640
- Geographic restrictions: Property must be located in Missouri and be the borrower's primary residence.
- Homebuyer education required: Yes
How to Apply for MHDC First Place Loan Program
Step 1: 1. Contact an MHDC-approved participating lender to confirm eligibility and current income/purchase price limits for your county. 2. Complete an approved homebuyer education course. 3. Apply for a First Place loan through the lender, selecting the CAL option if down payment assistance is needed. 4. The lender will reserve funds with MHDC and work with you through underwriting and closing.
Notes
Program details based on MHDC public materials and the First Place Loan Program Operations Manual. Income and purchase price limits change periodically—verify with an MHDC-approved lender before applying.