Need help with cash for your down payment?

By
admin
Published: December 7, 2009Posted in: Home Buying
Need help with cash for your down payment?

$1000 image 200x120A lot of our clients have admitted to having some troubles in saving up that down payment.  Saving up several thousand dollars can put a strain on any budget and is the number one factor that deters many potential buyers from ever being able to afford a home.

There are several programs available to help homebuyers.  If you would like someone to just tell you what you could get, Click Here. 

A new program that replaces the TCAL is the new CAL (Cash Assistance Loan) for selected areas in Missouri.

This loan is available to people who qualify for a loan and whose income falls below the guidelines:

MAXIMUM Income Limits

*(you can make up to this amount)

 

 

 

First Place Loans

 

 

 
  Non-Targeted Areas Targeted Areas*
1-2 Person Household 3+ Person Household 1-2 Person Household 3+ Person Household
Kansas City MSA Counties
Caldwell, Cass, Clay, Clinton, Jackson, Lafayette, Platte Ray		 $70,400 $80,960 $84,480 $98,560

 

CAL details:

 
  • Qualified first-time homebuyers are eligible to receive a second mortgage of 3% of the loan amount to be used for down payment and closing costs.
 
  • The second mortgage is a five-year, diminishing loan at 0% interest.
 
  • The second mortgage is forgiven after five years of occupancy by the owner and monthly payments are not required.
 
  • No junk fees are allowed.  The lender may charge standard closing costs.

Targeted Areas:

Jackson 14
  15
  16
  17
  21
  22
  24
  29
  32
  35
  36
  55
  58
  59
  63
Clay 200

Kansas has a list of designated target areas that qualify as well.  Click here to have me send you those.

About the Author

Angela Shopper - REALTOR (c) (cell or text) 913-707-6884 email: ashopper @ reeceandnichols . com or angela @ shopwithshopper . com