Darren Stewart

Barry County is included.

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

Andrew County is included

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

Obtaining a pre-approval for a home loan is essential in this market especially if you happen to find a really great priced home that requires you to act fast to give you the best chance at making you the buyer of that home. The amount of inventory we have on the market right now makes for great opportunities to be purchasing a home and lately we have seen an increase in the amount of buyers that are out there.

A true pre-approval will be issued upon review of the loan application that can be turned in to us 3 ways, online, over the phone, and in person. Once we have it a copy of that is sent to you, keep this with you on your appointments with agents so that if you find a home that you would like to make an offer on they can be turned in along with your offer.

Pre-approvals are excellent tools and have the possibility of saving you money and making the offer for that house an attractive offer.

Darren Stewart

OakStar Bank

We are having another seminar for realtors where our topic will be the USDA rural development loan. Our topics will include

USDA Rural Development - rules guidelines quick overview

New Construction guidelines and Thermal requirements- talking to builders you work with about the program

An Appraiser will be coming by to give you an update on the market and what they are seeing

A representative from the local USDA office will also be there to answer questions

Missouri Bond Money changes and how that effects you and the impact of the changes -

We had close to 40 realtors attend last week and all have said that this information was valuable to them.

This will be Wednesday at 9 - 10:30 with a small breakfast served at 8:30.

Please call 417 447 9555 to reserve your spot seating is limited.

OakStar Bank

1020 E Battlefield

Springfield MO

Today is an awesome day in the Ozarks its also an awesome day to be looking for your home, their are many open houses this weekend and if you happen to be needing to obtain a preapproval letter we can provide one to you.

The pre-approval letter is important - its crucial that your agent and the sellers agent know exactly where you stand financially as far as your ability to buy a home. Obtaining a pre-approval letter can also assist you when it comes to contract negotiations and obtaining the home at the price that you would like to pay for it.

My clients are given more than a pre-approval they are actually ran through automated underwriting prior to issuing the letter this way you know exactly where you stand on the home purchase, we also give you any results on the letter of things that are going to be needed for full approval or loan commitment, this is a reminder of what is left to be turned in to us but also lets your agent know exactly where you are in the process. This is huge as open communication between client, loan officer and agent makes for a smooth closing and pleasurable buying experience.

If you have found that perfect home this weekend but have yet to obtain a pre-approval there are a few ways that we can get started right away, 1) call me- at 417 447 7927 - and we can take an application over the phone - this process takes about 10 minutes and we can get started right away. 2) Apply online at www.oakstarbank.com- in the lower right hand corner is our apply online for mortgage - it allows you to select a loan officer and complete a quick application that alerts us as soon as you click submit.

There are more advantages to getting pre-approved for a home loan and the entire process costs you nothing- if you have questions or would like to discuss these advantages further feel free to contact me at 417 447 7927.

Best of luck on your house hunt this weekend - and enjoy this great cool afternoon.