Missouri Bad Credit Mortgage Lenders

The housing market in Missouri has recently been hit by tragedy. The emergency situation caused by damage from the recent hurricanes has created a state of turmoil in the Missouri housing market. The state has had a traditionally low cost of housing, and has lagged behind the national average in economic vigor. This has reflected in the state’s housing situation, where the average price of a home is $89,900, compared to the national average value of a domicile which is $119,600.

The Missouri Housing Development Commission is a group created by the 75th General Assembly. Recently, the Commission has invested almost $4 billion state-wide for rental housing developments, preservation of affordable rental housing, home mortgages, home improvement loans, grants to neighborhood housing groups, and other housing programs. To aide in the growth of the housing market in Missouri, the Missouri Housing Development Commission functions as a bank, providing financing directly to borrowers and through a network of private lending institutions.

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The Commission provides loans to non-profit and limited-dividend sponsors of residential housing to make affordable housing available for underserved Missourians. The Missouri Housing Development Commission also provides funds for the purchase of homes for first-time buyers at below-market interest rates. The funds for mortgage financing are provided through the sale of tax-exempt notes and bonds that the Commission has the authority to issue.

In addition to providing the funds mentioned above, the Commission is authorized to create a revolving fund to make non-interest bearing loans to non-profit organizations to assuage development costs of housing for low- and moderate-income persons. The Commission makes available advisory, consultative, training and educational services to non-profit housing organizations.

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Furthermore, the Commission administers the federal Low Income Housing Tax Credit, Missouri Low Income Housing Tax Credit and the Affordable Housing Assistance Tax Credit. They also operate a housing trust fund for very low-income Missourians to help curb homelessness and provide emergency housing assistance.

With the Missouri Housing Development Commission providing these services, Missouri looks poised to get back on her feet after the recent disaster. Those looking to buy a home in Missouri at the moment would be well advised to consider seeking the assistance of the Commission itself, or one of the non-profit housing specialists currently operating in the state. There are many fine housing opportunities available in Missouri, but there is also an element of danger for investors who have not done their homework.