Down Payment Assistance Guide
Stop renting and start owning. Discover how Missouri's Down Payment Assistance programs can help cover your upfront costs.
What is Down Payment Assistance?
One of the biggest hurdles to buying a home is saving for the down payment and closing costs. Down Payment Assistance (DPA) programs are designed to help bridge that gap for qualified buyers.
In Missouri, these programs often come in the form of grants (which don't have to be repaid) or forgivable second mortgages. They can cover up to 4% or more of your loan amount, significantly reducing the amount of cash you need to bring to closing.
- Can cover down payment and closing costs
- Available for first-time and repeat buyers
- Options for grants or forgivable loans
- Can be paired with FHA, VA, USDA, or Conventional loans
Common Misconceptions
✗ You need 20% down
False. With DPA, you can often buy a home with little to no money out of pocket.
✗ It's only for first-time buyers
False. While many programs target first-time buyers, several Missouri programs are available to repeat buyers.
✗ You must have perfect credit
False. Many DPA programs accept credit scores as low as 620.
Missouri DPA Programs
We specialize in MHDC (Missouri Housing Development Commission) programs and other local grants to find the best fit for you.
Cash Assistance Loan
Provides 4% of the loan amount to be used for down payment and closing costs. This is structured as a forgivable second mortgage that is forgiven after 10 years if you stay in the home.
- 4% of loan amount
- Forgivable after 10 years
- Can be used for down payment or closing costs
First Place Program
Designed specifically for first-time homebuyers and eligible veterans. It offers below-market interest rates and can be combined with the Cash Assistance Loan for maximum benefit.
- Below-market interest rates
- First-time buyers & Veterans
- Combinable with DPA
Basic Qualifications
Credit Score
Minimum 620 credit score for most programs.
Income Limits
Must meet county-specific household income limits.
Purchase Price
Home price must be within program limits.
Not sure if you qualify? Don't disqualify yourself! Let us review your situation to find all the programs available to you.
Frequently Asked Questions
Common questions about Down Payment Assistance.
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