VA Loan Updates

Missouri announced that available funding to assist first time homebuyers in Missouri has surpassed totals not seen in 15 years. The $145 million allocated in 2007 has helped provide $300 million in home loans to about 3,000 first time homebuyers.

Throughout 2007 the Missouri Department of Economic Development (DED) provided the Missouri Housing Development Commission (MHDC) with $145 million worth of tax exempt funding in 2007, the highest amount in the last fifteen years. MHDC used the $145 million with other funding sources to issue about $300 million in bonds. The funds helped provide $300 million in home loans during 2007. Most first time homebuyers also receive 3 percent down payment assistance.

Loans offered through the program are standard fixed rate mortgages guaranteed by the Federal Housing Administration (FHA), Veterans Administration (VA), U.S. Dept. of Agriculture Rural Development Program (RD) or Fannie Mae/Freddie Mac. These types of loans help protect homeowners from the gimmick or sub-prime loans that could hurt them in the future.

This was also an exceptional year for multi-family housing with the total tax exempt funds exceeding $111 million. Funding for both single family and multi-family home strongly reiterates the Blunt administration’s commitment to helping Missouri families find safe and affordable homes for families and especially children.

“I am proud of the strong cooperation between DED and the MHDC that made these gains possible,” said Missouri Department of Economic Development Director Greg Steinhoff. “It is heartening to think that so many more families will be living in good homes around the holidays and beyond. We remain committed to this partnership and will continue to look for ways to help better the lives of our fellow Missourians.”

The Department of Economic Development allocates tax exempt bond authority to eligible issuers for a variety of private economic development activities. One of those activities allows the DED and MHDC to help developers create affordable housing for Missouri families in need.

“Through low interest loans and down payment assistance, this program has offered support for thousands of Missouri families working to create a better life for themselves and their children,” Gov. Blunt said. “Working together with the Missouri Department of Economic Development and the Missouri Housing Development Commission we are helping thousands more Missourians realize their dream of owning their own home.”

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