MHDC January 2008 Bond Issue

The Missouri Housing Development Commission is going to release a new bond issue for January 2008.  The last bond issue was 6.04% without cash assistance and 6.49% with a 3% cash grant with no repayment.  Cornerstone Mortgage is one of the Top 10 MHDC approved lenders!

Only certified lenders can offer MHDC secured mortgages.  Clients must have an accepted contract to have an approved MHDC lender reserve their grant online.  Pending on whether or not you would like the 3% grant, your rate will differ.  Usually the mortgage rates and closing cost are significantly lower for MHDC Approve first time home buyers.  The program works in conjunction with the My Community, FHA, and other 100% Fannie Mae and Freddie Mac programs.  The household income is limited to $57,000 for 1 to 2 persons and $65,550 for 3 or more.  The property must be under $237,000 and a 1-2 unit.