A 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.
A 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.
