Finance
Missouri's MHDC (Missouri Housing Development Commission) First Place Loan program offers:
ALoans only for commercial properties
BBelow-market rate mortgage loans for first-time homebuyers meeting income and purchase price limits✓ Correct
CLoans for real estate investors only
DCommercial construction loans
Explanation
MHDC's First Place Loan program provides below-market fixed-rate mortgage financing and down payment assistance for qualified first-time homebuyers within income and purchase price limits.
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Key Terms to Know
Loan-to-Value Ratio (LTV)
The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Math Concepts
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