Mortgage guidance · Licensed state
Mortgage broker serving Missouri
Michael DuBois is a mortgage broker serving eligible buyers and homeowners in Missouri, one of 14 states where he is licensed through Stonebridge Mortgage Inc. For first-time buyers, Missouri Housing Development Commission (MHDC) publishes a homeownership program worth checking before you commit to a financing plan.
Which Missouri first-time-buyer resource is available?
MHDC First Place Program is published by Missouri Housing Development Commission (MHDC). MHDC says First Place offers mortgage financing at rates lower than regular market rates for potential first-time homebuyers and qualified Veterans, through Certified Lenders for eligible Missouri properties. Its official FAQ says Cash Assistance Loans provide 4% of the total loan amount for down payment and closing costs; the program also offers a non-cash-assistance option. MHDC states that rates, allowable closing costs, income limits, purchase-price limits, and other requirements apply—confirm current terms with a Certified Lender.
Program availability, rates and borrower eligibility change. Ask the agency or a participating lender to confirm the current rules for the property and your application.
How might Missouri property taxes affect the payment?
Missouri property taxes are administered locally. The Missouri State Tax Commission says the assessor determines market value; residential real property is assessed at 19% of market value, and the local tax levy is then applied. Your actual bill, deadlines, and payment details depend on the county or City of St. Louis—contact the local assessor/collector.
Official references: Missouri property tax guidance
Get a property-specific estimate from the local assessor or tax office; a seller's existing bill might not reflect your future taxes.
What should a Missouri buyer know about closing costs?
Closing costs vary by loan, property, contract, and location. The CFPB lists possible charges including appraisal, title insurance, government taxes, and prepaid property taxes, insurance, and interest; the contract or state law may determine whether the seller pays some costs. MHDC states First Place Cash Assistance may be used for down payment and closing costs and that allowable costs are set by MHDC. Review the Loan Estimate and confirm program-specific costs with a Certified Lender.
References: CFPB: mortgage closing costs · Missouri housing agency: closing costs
Review the Loan Estimate and Closing Disclosure for your actual numbers and any credits or assistance. Michael can help you ask the right questions while the lender and settlement provider confirm the figures.
Missouri mortgage questions
Who may qualify for MHDC First Place, and can it help with closing costs?
MHDC First Place is intended for potential first-time homebuyers and qualified Veterans buying an eligible Missouri property through an MHDC Certified Lender. Its Cash Assistance Loan may help with both the down payment and closing costs, subject to the program’s requirements.
Where can Missouri buyers check first-time-buyer programs?
Start with MHDC’s official First Place page, then contact an MHDC Certified Lender to review current first-time-buyer options, requirements, and availability for the property you are considering.
How are property taxes handled in Missouri?
Missouri residential property is generally assessed using 19% of its locally determined market value, with the local tax levy driving the bill. For the exact amount, due dates, and payment instructions, check with the county assessor/collector or the City of St. Louis assessor/collector.
Which closing costs should a Missouri buyer plan for?
Budget for items such as appraisal, title insurance, government taxes, and prepaid property taxes, homeowners insurance, and interest. The contract or state law may shift some charges to the seller, while MHDC Cash Assistance may apply to allowable closing costs; compare the Loan Estimate and confirm details with a Certified Lender.
Does the MHDC First Place Program guarantee assistance?
No. The published Cash Assistance Loan feature is not a guarantee for every applicant; an MHDC Certified Lender must confirm eligibility, current terms, allowable costs, and whether assistance applies to your transaction.