▷ 🏠 First Place Loan Program – Missouri Housing Development Commission (MHDC)

The First Place Loan Program by the Missouri Housing Development Commission (MHDC) offers an incredible opportunity for first-time homebuyers in Missouri to achieve their homeownership goals with affordable mortgage financing and down payment assistance. This program has helped thousands of Missouri residents secure stable, long-term housing with lower upfront costs and supportive resources.

💡 What Is the First Place Loan Program?

Designed specifically for first-time buyers and qualified veterans, the First Place Loan Program provides a 30-year fixed-rate mortgage with the option of combining it with cash assistance for down payments and closing costs. This assistance comes in the form of a forgivable second mortgage of up to 4% of the loan amount, which makes the program a great fit for families who need help with upfront expenses.

✨ Program Highlights

Low, fixed-interest rates
Optional 4% down payment assistance
No repayment on assistance if you stay in the home for at least 10 years
Available across all Missouri counties
Can be combined with FHA, VA, USDA, or Conventional loans

🧭 Who Is Eligible for First Place?

To qualify for the First Place Loan Program, homebuyers must meet specific requirements:

Be a first-time homebuyer or an eligible veteran
Meet income and purchase price limits based on county
Use the home as their primary residence
Have a credit score of 640+ (minimum may vary by loan type)
Complete a homebuyer education course

📋 How to Apply

Start by reaching out to an MHDC-approved lender who will guide you through the process:

Get pre-approved for a mortgage
Complete homebuyer education through a HUD-approved agency
Apply for the First Place Loan and cash assistance

👉 Visit the Official First Place Program Page

🔗 Missouri Housing Support Programs

📚 Educational Resources and Support

One of the standout features of the First Place Loan Program is its emphasis on educating and empowering buyers. MHDC requires applicants to complete a homebuyer education course from a HUD-approved agency. This ensures that homebuyers are prepared not only financially, but also understand their rights and responsibilities as new homeowners.

This type of education is especially important for first-time buyers who may not be familiar with topics such as property taxes, maintenance budgeting, and escrow accounts. With this knowledge, homeowners can avoid common pitfalls and protect their investment for years to come.

🔐 Long-Term Benefits of MHDC Homeownership

Purchasing a home through the First Place Loan Program isn’t just about buying property—it’s about securing your family’s future. Homeownership can lead to long-term wealth building through home equity, improved credit, and financial stability.

In addition, the program helps revitalize Missouri communities by increasing homeownership rates, reducing vacant properties, and fostering neighborhood pride. The economic ripple effect of stable housing leads to increased local spending, better school funding, and safer neighborhoods.

💼 Who Administers the First Place Program?

The program is administered by the Missouri Housing Development Commission (MHDC), a state agency committed to providing quality affordable housing solutions to Missourians. Since its inception, MHDC has helped thousands of low-to-moderate-income families find affordable housing through homeownership, rental programs, and housing development incentives.

🧰 Additional Tools and Programs from MHDC

Beyond the First Place Loan, MHDC offers several other valuable resources:

Next Step Program – A mortgage option for repeat buyers with similar benefits
Mortgage Credit Certificate (MCC) – Helps reduce annual federal tax liability
Energy-efficient mortgage options for sustainable home upgrades

🌍 Accessibility and Statewide Impact

The First Place Loan Program is available across urban, suburban, and rural areas in Missouri. Whether you’re in St. Louis, Columbia, Jefferson City, Springfield, or a small town, MHDC’s reach is statewide. This ensures that families from all regions have the opportunity to benefit from secure, stable housing options.

📞 Ready to Get Started?

Homeownership is one of the most rewarding achievements in life—and with the help of the First Place Loan Program, you can take your first step with confidence. If you’re ready to explore your eligibility and financing options, we recommend reaching out to an MHDC-approved lender today.

✅ They’ll help guide you through pre-approval, education courses, and ensure you access all available assistance programs for your financial situation.

📌 Start Your Homeownership Journey with MHDC