The HOME St. Charles program is an effort by the County to provide zero-interest down payment loans to income-eligible first time homebuyers within the participating jurisdictions of the St. Charles Urban County, Cottleville, Lake St. Louis, New Melle, St. Charles City, St. Paul, St. Peters, Weldon Spring, Wentzville, or the unincorporated area of St. Charles County. Under this initiative, the County 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 St. Charles County by approved not-for-profit housing counseling agencies. St. Charles County 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