St. Charles County HOME Down Payment Loan Program

What is St. Charles County HOME Down Payment Loan Program?

St. Charles County HOME Down Payment Loan Program is a forgivable loan for homebuyers in St. Charles County, Missouri, administered by St. Charles County Community Development (HOME Investment Partnerships Program).

• The HOME-funded Down Payment Loan Program provides zero-interest down payment loans to income-eligible homebuyers purchasing in the 'St. Charles Urban County' (cities of St. Charles, St. Peters, Cottleville, Weldon Spring, New Melle, St. Paul, Wentzville and unincorporated areas of St. Charles County). Loans are second mortgages, originated and sold to the County by approved nonprofit housing counseling agencies. Purchasers do not need to be first-time homebuyers.
• Zero-interest down payment loan up to $10,000, structured as a second mortgage that is forgivable after five years.
• This is a federal program, so it is available beyond a single state or city.
• Funding comes from Federal HOME Investment Partnerships Program (HUD) funds administered by St. Charles County.

How much assistance does it provide?

St. Charles County HOME Down Payment Loan Program offers up to $10,000 in assistance.

• Amounts are the program's published maximums, not an offer — St. Charles County Community Development (HOME Investment Partnerships Program) determines any individual award.

Do you have to pay it back?

St. Charles County HOME Down Payment Loan Program is forgiven after 5 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Forgiven after five years; second mortgage lien with repayment if conditions not met within the forgiveness period.
• The assistance is recorded in second position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

St. Charles County HOME Down Payment Loan Program is open to buyers who will live in the home as their primary residence.

What are the income limits?

St. Charles County HOME Down Payment Loan Program sets its income limit as follows: Maximum income limits by household size: 1 person $56,250; 2 $64,300; 3 $72,350; 4 $80,350; 5 $86,800; 6 $93,250.

• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Where does it apply?

St. Charles County HOME Down Payment Loan Program is a federal program, so it is not limited to Missouri.

• The program gives priority to designated target areas, so the address matters as well as the county.

How do you apply?

Applications for St. Charles County HOME Down Payment Loan Program go through St. Charles County Community Development (HOME Investment Partnerships Program), which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program before funds are reserved.

2. 2

   Contact St. Charles County Community Development (HOME Investment Partnerships Program) to reserve funds

   Funds are reserved with the provider and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.