Easing the Path to Home Ownership

Home ownership has long been a cornerstone of the American Dream.  Yet, for a lot of folks, the prospect of owning their own homes seems more like an actual dream.  Fortunately, the Missouri Housing Development Commission (MHDC) has two programs available in every county throughout the state for eligible Missourians looking to buy a home.

For many prospective homebuyers, coming up with a down payment is the biggest hurdle to home ownership.  The First Place Loan program provides down payment assistance and closing costs to eligible households buying their first home.  The program provides cash assistance in the form of a grant, and the mortgages offered through the program are 30 year, fixed rate mortgages. The MHDC works with more than 70 certified lenders throughout the state.

Another program is the MHDC’s Mortgage Credit Certificate (MCC) program, which will be available beginning February 2016 and will provide a federal tax credit to first-time homebuyers.  This credit is applied to the borrower’s federal tax liability, reducing the amount of taxes the borrower has to pay.  The maximum allowable credit per year, per household is $2000.  The homeowner can carry that credit forward three years and the credit is good for the entire life of the loan.  A program like this can actually make buying a home much more affordable than renting.

While interest rates are still at record lows, I encourage my constituents to consider taking advantage of these helpful programs.  The MHDC staff is available to meet in person to provide expert counsel and guidance.

The Second Regular Session of the 98^th General Assembly that opened on Wednesday, January 6 will be particularly significant for me personally as this will be the last year I will be eligible to serve in the Senate.  Due to term limit laws, I will become what they call “termed-out.”  When I finish my term, it will have been my privilege to have served a combined total of 14 years between the House and Senate.  So, for me, this last session will be bittersweet.  I intend to savor every minute and to work hard to pass meaningful legislation that will be to the benefit of all Missourians, particularly those who have put their trust in me to best represent them.

As always, please feel free to contact me or my staff with any questions or concerns at any time. We look forward to hearing your comments and suggestions and trying to answer any questions you may have. You can reach us by phone at 866-277-0882 (toll-free) or
(573) 751-2272, or by fax at (573) 526-7381.

Senator David Pearce serves Caldwell, Carroll, Howard, Johnson, Lafayette, Livingston, Ray and Saline counties in the 21^st State Senatorial District.