Darren Stewart

Down Payment Assistance - Missouri Bond Loans- How the bond program works in Missouri ! (edit/delete)

MHDC is able to have down payment assistance to persons buying a home with the MHDC Bond program regardless of whether or not you are a first time home buyer in some specifice counties in Missouri. This is fantastic news because these counties are now classified as a targeted area since we had some flooding in Missouri.

How the program works - MHDC Cash Assistance Program Example

You have a client buying a $100,000 home - we can do a FHA, VA or RD loan that would allow them to minimize their down payment and combine with the MHDC cash assistance program to minimize cash injection into the property. An example follows:

Purchase price 100,000

FHA financing - 97000 (3 % down payment) soon to be 3.5% down payment required.

leaves down payment amout of 3000.00 required - + closing costs

MHDC forgivable second - $2,910 (3% of the loan amount not the sales price)

This is all but $90.00 of the loan amount, and it is given in the form of a forgivable second. The forgivable second is a recorded second mortgage with 0 interest rate - and each month 1/60th is forgiven after 5 years the second is then released by the lender. This would = 2,910 / 60 or $48.50 per month.

This 48.50 is not a payment your client makes it is forgiven each month, since it is a forgiven debt the IRS says this is realized income so your client in our example would have to pay taxes on the forgiven amount each year in our example thats extra income on $582.00 or 48.50x12 months.

The closing costs in this example would be the only thing the buyer would have to come up with or the seller could pay the closing costs based on the contract negotiations.

Please note when doing this option with a VA or RD loan our loan amount is 100% and the forgivable grant would cover all of the closing costs and possibly result in the reduction of the loan amount if the forgivable second was more than closing costs.

Its a great program and we have utilized this for a number of years in targeted counties in Missouri we are seeing that this is now available whether your client is purchasing their first home or not.

**Important NOTE- anyone financing a home with tax revenue bonds will NOT be eligible to also take the $7,500 tax credit/loan in April, please note this because there could be a different loan program that we can utilize that would still enable you to do the credit.

For more information regarding this program please feel free to contact me at

417 447 7927

Darren Stewart

OakStar Bank

Down Payment Assistance - Missouri Bond Loans- How the bond program works in Missouri ! (edit/delete)

MHDC is able to have down payment assistance to persons buying a home with the MHDC Bond program regardless of whether or not you are a first time home buyer in some specifice counties in Missouri. This is fantastic news because these counties are now classified as a targeted area since we had some flooding in Missouri.

How the program works - MHDC Cash Assistance Program Example

You have a client buying a $100,000 home - we can do a FHA, VA or RD loan that would allow them to minimize their down payment and combine with the MHDC cash assistance program to minimize cash injection into the property. An example follows:

Purchase price 100,000

FHA financing - 97000 (3 % down payment) soon to be 3.5% down payment required.

leaves down payment amout of 3000.00 required - + closing costs

MHDC forgivable second - $2,910 (3% of the loan amount not the sales price)

This is all but $90.00 of the loan amount, and it is given in the form of a forgivable second. The forgivable second is a recorded second mortgage with 0 interest rate - and each month 1/60th is forgiven after 5 years the second is then released by the lender. This would = 2,910 / 60 or $48.50 per month.

This 48.50 is not a payment your client makes it is forgiven each month, since it is a forgiven debt the IRS says this is realized income so your client in our example would have to pay taxes on the forgiven amount each year in our example thats extra income on $582.00 or 48.50x12 months.

The closing costs in this example would be the only thing the buyer would have to come up with or the seller could pay the closing costs based on the contract negotiations.

Please note when doing this option with a VA or RD loan our loan amount is 100% and the forgivable grant would cover all of the closing costs and possibly result in the reduction of the loan amount if the forgivable second was more than closing costs.

Its a great program and we have utilized this for a number of years in targeted counties in Missouri we are seeing that this is now available whether your client is purchasing their first home or not.

**Important NOTE- anyone financing a home with tax revenue bonds will NOT be eligible to also take the $7,500 tax credit/loan in April, please note this because there could be a different loan program that we can utilize that would still enable you to do the credit.

For more information regarding this program please feel free to contact me at

417 447 7927

Darren Stewart

OakStar Bank

Down Payment Assistance - Missouri Bond Loans- How the bond program works in Missouri ! (edit/delete)

MHDC is able to have down payment assistance to persons buying a home with the MHDC Bond program regardless of whether or not you are a first time home buyer in some specifice counties in Missouri. This is fantastic news because these counties are now classified as a targeted area since we had some flooding in Missouri.

How the program works - MHDC Cash Assistance Program Example

You have a client buying a $100,000 home - we can do a FHA, VA or RD loan that would allow them to minimize their down payment and combine with the MHDC cash assistance program to minimize cash injection into the property. An example follows:

Purchase price 100,000

FHA financing - 97000 (3 % down payment) soon to be 3.5% down payment required.

leaves down payment amout of 3000.00 required - + closing costs

MHDC forgivable second - $2,910 (3% of the loan amount not the sales price)

This is all but $90.00 of the loan amount, and it is given in the form of a forgivable second. The forgivable second is a recorded second mortgage with 0 interest rate - and each month 1/60th is forgiven after 5 years the second is then released by the lender. This would = 2,910 / 60 or $48.50 per month.

This 48.50 is not a payment your client makes it is forgiven each month, since it is a forgiven debt the IRS says this is realized income so your client in our example would have to pay taxes on the forgiven amount each year in our example thats extra income on $582.00 or 48.50x12 months.

The closing costs in this example would be the only thing the buyer would have to come up with or the seller could pay the closing costs based on the contract negotiations.

Please note when doing this option with a VA or RD loan our loan amount is 100% and the forgivable grant would cover all of the closing costs and possibly result in the reduction of the loan amount if the forgivable second was more than closing costs.

Its a great program and we have utilized this for a number of years in targeted counties in Missouri we are seeing that this is now available whether your client is purchasing their first home or not.

**Important NOTE- anyone financing a home with tax revenue bonds will NOT be eligible to also take the $7,500 tax credit/loan in April, please note this because there could be a different loan program that we can utilize that would still enable you to do the credit.

For more information regarding this program please feel free to contact me at

417 447 7927

Darren Stewart

OakStar Bank

September is starting out with a huge bang as 4 applications have come in over the holiday weekend and 2 contracts have been accepted, I really appreciate my business partners who worked over the weekend and going in to lock a couple of loans yesterday on labor day was awesome to put a kick start to September. I also want to say that I made a new contact/business partner here on Active Rain we spoke in depth yesterday and that was awesome!

Active Rain is a great source for business and I appreciate everyone on the network, we are still locking loans in and will be able to close FHA, VA and rural development loans prior to the end of the month along with that there is still a small amount of bond money left for Missouri, but its running out fast.

Should any of you have any questions please feel free to contact me, if you are a consumer and would like a free pre-qualificiation before you buy I am available 24/7 at 417 447 7927 or my email at dweldonstewart@oakstarbank.com.

My online application is located at www.oakstarbank.com- lower right hand corner - apply now.

OakStar Bank is a locally owned bank but Nationally chartered association with the capability of doing loans from coast to coast. - We strive to bring you the best rate at the lowest closing costs with low cost high volume loans that we are able to do.

I believe you will find our service excellent whether you live in the Ozarks or live across the country, we have the capability of making sure your closing is on time and prompt because we fund and process our own loans with no waiting for documents or funds - no matter where you are in the nation.

I look for the opportunity to work with you and thanks to those business partners who are continually putting your trust in me it is truly a pleasure to assist your clients.

Darren Stewart

OakStar Bank

417 447 7927

VACATION - that word brings to mind some fond memories and some very peaceful times - fun times when you take the family and go on an adventure or just take the time to relax close to a body of water- someplace warm or maybe its just someplace outside.

Financing a vacation or second home is something we have specialized in at OakStar Bank we are able to assist clients locally purchase homes in any other state in the nation and we are able to assist clients from any state in the nation purchase a second home in the Branson lakes area here in the Ozarks.

Living in the Ozarks is truly a priviledge and Branson Missouri has spectacular entertainment for the entire family to enjoy, once you have visited you will see why many people buy second homes here for future retirement and vacationing.

Whether your purchasing your first or your second home our team is at the ready to assist you we have the ability to close and fund the loans in any state in the United States with the personal service and attention that you get from a local bank located in Springfield in the heart of the Ozarks- with a closing guarantee and low closing costs you will see why OakStar will be your first choice for your second home.

Darren Stewart

417 447 7927

Apply online at www.oakstarbank.com -