What is a Bond Loan?
A bond loan is a type of mortgage where a portion of the costs of borrowing are partially subsidized by a mortgage revenue bond. These bonds may be issued by cities, states or other entities and are frequently used in first-time buyer programs that provide down payment and/or closing cost assistance for borrowers.
In many instances these bonds are designed for low to moderate income borrowers or to incent borrowers to purchase homes in underserved areas.
PrimeLending offers a number of bond loan programs in the Kansas City metropolitan area including MHDC (Missouri Housing Development Commission), KHAP (Kansas Housing Assistance Program), City of Blue Springs Down Payment Assistance, City of Lee’s Summit, Builders Development Corp NSP program, Kansas Housing Resource Corporation, and others.
Please be sure to ask your PrimeLending loan officer for program highlights and details.