First-Time Homebuyer Loans… NOT JUST for First-Time Homebuyers!
August 3, 2018
You may qualify for a First-Time Homebuyer Loan even if you've owned a home before. This program gives first-time homebuyers the edge they need to purchase a home with affordable interest rates and additional incentives offered by the Missouri Housing Development Commission. Here's what you need to know:
There's a three year rule that allows anyone who has not held ownership in a primary residence in the past three years to qualify for a first-time homebuyer loan. If the home was sold more than three years ago, you may be eligible.
Another little-known advantage of this type of loan is first-time homebuyers can receive four percent of the mortgage amount for the down payment and closing costs. Homebuyers benefit from this because they're not selling a home and then using the profit as a down payment on the next home purchase.
First-time homebuyer loans have a lot to offer, so if you or someone you know might be eligible, make sure to share this information! If you don't qualify as a first-time homebuyer, there are many other loan products that may be perfect for you. Contact your lender today to see how they can help.
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