When you decide you are ready to purchase your first house, it may seem like a daunting undertaking as buying a home is one of the largest investments you will make. No matter your financial status, whether you are fresh out of college or saving up for the family, don’t let the assumed price tag attached to buying your first home discourage you from doing so! Rest assured, you have options. This blog will detail financial grants available in Missouri for first-time home buyers. Before diving into the details, it is important to note some of these options are grants while others are loans. While a loan is to be repaid in due time, a grant is more like a gift and does not require repayment.
Home Grants Offered in Missouri
While not exclusive to first time home buyers, The Department of Housing and Urban Development only offers this grant to those employed as a public servant. Such eligible occupations include firefighters, teachers and law enforcement officers. This grant can offer up to 50% reduction on the original price of the property purchased if you commit to living there for 3 years. These properties do come with a catch. In order to receive the grant, you must purchase a property that has been marked for revitalization. But what exactly does this mean? These are designated areas which Congress has deemed in need of economic and community development. This can be an urban or rural area that is seen to be in need of some renewal. This is a great opportunity to strike a deal on property to build your custom home!
This loan is targeted towards finding people homes in rural areas. The intention of the USDA loan is to provide financial assistance in the form of a loan to help low to moderate income buyers find a home. While no up-front down payment is required, there are a few income requirements that need to be met first. The income requirements are determined by state, county, number of occupants and financial information. The applicant for this loan will need to consider their feelings towards living in a rural area. It is important to weigh the pros and cons of this loan to determine whether it is the right fit for you and your family.
This program is intended to assist low-to-moderate income families purchase a home within the city limits of Columbia, Mo. Those who apply for this loan must be first time home buyers who meet guidelines determined by the Department of Housing and Urban Development. Providing an up-front down payment on a house can be both trying and draining on your finances. This program is designed to alleviate some of the financial stress of that first, initial payment. By covering 10% of the down payment through a forgivable loan, charged at 0% interest, this program seeks to help kickstart your journey to becoming a new homeowner. While there is some work required by the loan recipient, such as attending homebuyer education seminars as well as present a credit score of 600, this program really pays off to those who are eligible. In terms of the types of property this loan covers, the program requires properties within the city limits of Columbia.
How Watts Construction Can Assist You As A Home Construction Company in Columbia, Mo
At Watts Construction, we work with all different kinds of budgets. We treat each of our clients individually and know how to cater to everyone’s unique needs. It is important to us that you walk away from doing business with us satisfied with your experience with us. Our team can work on a budget friendly custom build or a home remodel no problem. You tell us what your dream home looks like and we make it happen, it’s just that simple when you choose Watts Construction!
A custom home or home remodel from Watts Construction is just a phone call away!