UMB is committed to helping build and better the communities we serve. We are always looking for new ways to meet the needs of our customers, which is why in December 2021, we launched a new down payment assistance program.

In just a few short months, UMB has approved more than 100 loans for different families to secure their first home across UMB’s footprint totaling more than $24 million in funds granted.

What is the down payment assistance program?

UMB’s first-time homebuyer grant[1] and down payment assistance program[2] helps qualifying, first-time homebuyers achieve their dreams of homeownership by providing:

  • Grant: Qualifying borrowers can receive a one-time grant of up to 3% or 5% of the purchase price of their home to be used as a down payment and an additional 2% to be used towards closing costs; or
  • Down Payment Assistance: Qualifying borrowers can finance up to 100% of the purchase price of their new home.

What are the key benefits of these programs?

  • If customers qualify for a grant, there is no need to repay the grant – ever.
  • No application or origination fee.
  • No private mortgage insurance (PMI) to pay.
  • Only fixed-rate loans with fixed monthly principal and interest payments are available under these programs.

Real life success  

Rigo Jurado, community mortgage banker, recently worked with a family who was moving from St. Louis to Kansas City. The family’s realtor referred them to UMB after working on previous loans with the bank. Like most mortgage applications, a few roadblocks came up during the underwriting process. Rigo was able to work with the family and create a strategy for them to overcome the hurdles and the family was preapproved for their mortgage.

After working through the process, the family was able to get approved for a mortgage as well as receive a 3% grant from the down payment assistance program for the sales price of their home, which covered their down payment for the new house. The family also received an additional 2% grant to cover their closing costs. As part of the program, the family didn’t have to pay an origination fee or PMI, which let their funds go even further. The family is now settling in to their first home in Kansas City!

UMB is honored to support families on their journey to homeownership. The down payment assistance program is open to any qualifying buyer within UMB’s assessment areas. Learn more about the UMB Down Payment Assistance Program.

OTHER PROGRAM TERMS AND CONDITIONS: Other restrictions may apply. Terms and conditions also apply and are subject to change without notice. Loans are subject to credit and collateral approval. Not all loan programs are available in all states for all loan amounts. Escrow for taxes and property insurance are required. Minimum credit scores and maximum loan amounts may apply. This marketing flyer and disclosure are not a commitment to lend. UMB may discontinue this program or any portion of it without notice.

[1] IMPORTANT INFORMATION ABOUT UMB’S FIRST-TIME HOMEBUYER GRANTS You may be eligible for UMB’s First-Time Homebuyer Grant program if your annual household income meets certain income limits for the county where your property is located. All financed properties must be located where UMB operates and are limited to designated assessment areas by county and census tracts. For qualifying borrowers, UMB will provide a grant of up to 3% or 5% of the purchase price as a down payment and up to 2% lender credit applied towards closing costs and prepaid items for a maximum 7% lender grant. All grant funds are one-time grants applied to an eligible purchase transaction regardless of the number of applicants. Seller credits are to be applied before UMB lender credit is applied. Seller credit and UMB credits combined must not exceed total closing costs and prepaid items. No cash back allowed. Grant funds will be applied towards the purchase price, closing costs, and prepaid items only. The 2% lender credit provided for closing costs may not pay all such costs in full. Any closing costs above the 2% lender credit are borrower’s responsibility. Grants will appear as lender credit on the closing statement. Borrowers are not required to repay grant funds to UMB Bank. Grants are subject to issuance of a Form 1099-MISC and may be considered taxable income to the borrower. Applicants should consult their tax advisor for implications based on their unique situation.

[2] IMPORTANT INFORMATION ABOUT UMB’S FIRST-TIME HOMEBUYER DOWN PAYMENT ASSISTANCE MORTGAGES You may be eligible for UMB’s First-Time Homebuyer Down Payment Assistance Mortgage program if your annual household income meets certain income limits for the county where your property is located. All financed properties must be located where UMB operates and are limited to designated assessment areas by county and census tracts. For qualifying borrowers, UMB will lend up to 100% of the purchase price of the financed property. No lender grants or credits are provided towards closing costs or prepaid items. Borrower is responsible for all closing costs and prepaid items.