City of O'Fallon Down Payment Assistance Program

City of O'Fallon Down Payment Assistance Program is a forgivable loan for homebuyers in O'Fallon, Missouri, administered by City of O'Fallon, MO (Grants and Assistance) via the St. Louis County HOME Consortium. The City of O'Fallon offers a Down Payment Assistance Program to assist low-to-moderate income first-time homebuyers purchasing a home in O'Fallon. The program provides a zero-interest forgivable loan toward the down payment. The program is funded through the St. Louis County HOME Consortium. Pre-purchase housing counseling is required for eligibility. Zero-interest forgivable loan of $10,000 toward the down payment on a home purchase in O'Fallon. Funding comes from Federal HOME Investment Partnerships Program (HUD) funds via the St. Louis County HOME Consortium.

City of O'Fallon Down Payment Assistance Program offers up to $10,000 in assistance. Amounts are the program's published maximums, not an offer — City of O'Fallon, MO (Grants and Assistance) via the St. Louis County HOME Consortium determines any individual award.

City of O'Fallon Down Payment Assistance Program is a forgivable loan, so the balance is forgiven once the program's conditions are met. Repayment is triggered by Forgivable loan; repayment owed if conditions (e.g., owner-occupancy) not met during the forgiveness period. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

City of O'Fallon Down Payment Assistance Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. A homebuyer education course is required. Must be a first-time, low-to-moderate income homebuyer. Pre-purchase housing counseling required. Total gross income of all household members over age 18 must not exceed HUD-set limits. Home must be in O'Fallon. Program administered in coordination with the St. Louis County HOME Consortium.

City of O'Fallon Down Payment Assistance Program sets its income limit as follows: Total gross household income (members over 18) not to exceed: 1 person $57,800; 2 $66,050; 3 $74,300; 4 $82,550; 5 $89,200; 6 $95,800; 7 $102,400; 8 $109,000 (HUD-established). Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

City of O'Fallon Down Payment Assistance Program serves homebuyers purchasing in O'Fallon, Missouri. The program gives priority to designated target areas, so the address matters as well as the county.

Applications for City of O'Fallon Down Payment Assistance Program go through City of O'Fallon, MO (Grants and Assistance) via the St. Louis County HOME Consortium, which publishes the current terms and the application steps on its own site. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.