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Get Matched Free →MHDC Next Step 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 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 1/60th of the original balance per month, reaching zero at year 10. If the home is sold, refinanced, or no longer owner-occupied before year 10, the remaining balance is due.
Eligibility
- Income limits: Higher income limits than the First Place program. Exact limits vary by county and household size. Contact an MHDC-approved lender or visit mhdc.com for current Jackson County limits.
- First-time buyer required: No
- 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 Next Step Loan Program
Step 1: 1. Contact an MHDC-approved participating lender to confirm Next Step eligibility and income limits for your county. 2. Complete an approved homebuyer education course. 3. Apply for a Next Step loan through the lender, selecting the CAL option if down payment assistance is needed. 4. The lender reserves funds with MHDC and walks you through underwriting and closing.
Notes
Program details sourced from MHDC public pages. Income limits change periodically—verify with an MHDC-approved lender before applying.