Down Payment Assistance & Financing

Discover programs that can help you buy a home with less money down. Missouri offers several DPA options for first-time buyers.

Missouri Down Payment Assistance Programs

These programs can provide grants or forgivable loans to help cover your down payment and closing costs:

Missouri First Place

Up to 4% of loan amount for down payment. Available statewide through MHDC. Income limits apply.

St. Louis County DPA

Up to $10,000 in forgivable assistance for qualified buyers purchasing in St. Louis County.

City of St. Louis DPA

Various programs for city residents including forgivable loans and grants for first-time buyers.

USDA Rural Development

Zero down payment for eligible rural areas including parts of Jefferson County and St. Charles.

Eligibility: Most DPA programs require you to be a first-time buyer (haven't owned in 3 years), meet income limits, and complete homebuyer education.

Loan Types Explained

Understanding your loan options helps you choose the best financing for your situation:

Loan TypeDown PaymentBest For
Conventional3-20%Good credit (620+), stable income
FHA3.5%Lower credit scores (580+), first-time buyers
VA0%Veterans, active military, eligible spouses
USDA0%Rural areas, income-qualified buyers

Builder Incentives & Rate Buydowns

New construction builders often offer financing incentives that can save you thousands:

Common Builder Incentives

  • Rate Buydowns: Builder pays to reduce your interest rate (2-1 or 3-2-1 buydowns)
  • Closing Cost Credits: $5,000-$15,000+ toward your closing costs
  • Design Center Credits: Upgrades included at no extra cost
  • Preferred Lender Incentives: Extra savings when using builder's lender

Example: A 2-1 buydown on a $300,000 loan could save you $400+/month in Year 1 and $200+/month in Year 2.

First-Time Buyer Checklist

  • Check your credit score (aim for 620+ for conventional, 580+ for FHA)
  • Calculate your debt-to-income ratio (aim for under 43%)
  • Save for down payment and closing costs (2-5% of purchase price)
  • Complete homebuyer education course (required for most DPA programs)
  • Get pre-approved before shopping for homes
  • Research DPA programs you may qualify for

Check Your DPA Eligibility

Text us to find out which down payment assistance programs you may qualify for.

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