The O'Fallon 1st HOME program is an effort by the City to provide zero-interest down payment loans to income-eligible first time homebuyers in O'Fallon.
Under this initiative, O'Fallon will purchase subordinated second mortgage loans which finance, in conjunction with the origination of the primary loans by the Mortgage Lender, the down payment and eligible closing costs associated with acquiring qualified owner-occupied residences.
The Second Mortgage Loans are at zero percent interest, forgivable after 5 years and will be originated and sold to O’Fallon by approved not-for-profit housing counseling agencies.
O’Fallon will provide each housing counseling agency with a program manual that will provide detailed Program Procedures, and will coordinate a training and review session with participating agencies.
FY 2018 Income Limit Category
Low (80%) Income Limits
Northeast Community Action Corporation
3400 Meadow Pointe Dr
O'Fallon, MO 63366