1st HOME - Downpayment Loan Program
City of O'Fallon
The O'Fallon 1st HOME program is an effort by the City to provide zero-interest down payment loans to income-eligible homebuyers in O'Fallon. Under this initiative, O'Fallon will purchase subordinated second mortgage loans which finance, in conjunction with the origination of the primary loans by the Mortgage Lender, the down payment and eligible closing costs associated with acquiring qualified owner-occupied residences.
The Second Mortgage Loans are at zero percent interest, due upon sale or transfer of title or occupancy and will be originated and sold to O'Fallon by approved not-for-profit housing counseling agencies. O'Fallon will provide each housing counseling agency with a program manual that will provide detailed Program Procedures, and will coordinate a training and review session with participating agencies.
HOUSING COUNSELING REQUIRED
Loan Amount
$5,000.00
Participating Lenders/Counseling Agencies
Better Family Life
5535 Delmar Suite 2100
St. Louis, MO 63112
(314) 367-1843 |
Beyond Housing/NHS
4156 Manchester
St. Louis, MO 63110
(314) 533-0600 |
Northeast Community
Action Committee
3400 Meadow Pointe Dr
O'Fallon, MO 63366
(800) 748-7636 |
