Chris Simms, Certified Mortgage Planner had this to say about MDHC Funds:

It appears as though funds for the Down Payment Assistance programs may be hard to come by in the next few months.  The depressed market is making it difficult for MHDC to encourage investors to back a new ond issue for 2008.  As a result, the worse case prediction is that new funds may not ve available until October of this year.

A proposed new program, Show Me Home (program with a soft second, which was approved by FHA) and would have been offered in addition to their other programs, was voted down at the last MHDC meeting.  The program is going to try to be pushed through again in May.  Until then reservations for the backup list for funds from the Down Payment Assistance program are still being taken but no indication for how long.  Some loans have been moved from the waiting list to the reserved list as funds become available.

If you are a First Time Home Buyer and would like more information on this or other down payment Assistance programs, you may contact Chris at 314.229.4242 or via e-mail at csimms@pulaskibankstl.com.