Independence, Missouri First Time Homebuyer Grant Program Funds Available!

If you are a first time homebuyer interested in purchasing a home in Independence, Missouri, you could benefit from the City of Independence First Time Home Buyer Grant Program. This program is designed to assist first time home buyers with down payment and/or closing cost assistance up to $5,000 when purchasing their first home.

The grant program in Independence, Missouri has specific qualifications that the home buyer must meet:

• The buyer must not have owned a home in the past three (3) years
• Applications must be handled through the buyers lender who is approved for the program.
• Your Realtor must be aware that you intend to use the program.
• You, the buyer must meet the income guidelines for total family income of all persons 18 and older
• The property must be within the city limits of Independence
• The property must pass a City of Independence Housing Inspection. (This is in addition to the buyers' home inspection and appraisal.)
• You, the buyer, must agree to sign a Deed of Trust and a Promissory Note. You must agree to live in the property for a minimum of 5 years and not have converted the home to a rental unit or pay back the amount of the grant if you move prior to that period. After five years, the Loan/Grant is forgiven.
• You must sign an agreement that you will use the home as your primary residence for five years.
• You must attend and complete an approved First Time Homebuyer Class.

After completing the home buyer education class, the buyer then seeks a home and places a contract on the home. The City Home Inspector inspects the home and if the home meets the requirements, the grant money is set aside or reserved for you, the applicant buyer.

There are a couple of class options available, including Neighborhood Services of Kansas City, and Classes held by the Independence Home Buyer Education Program. You must register for these classes in advance. The program requires a minumum of 8 hours of class time.