First Time Home Buyer?
For professional guidance, make sure you choose a REALTOR. The whole process may be intimidating, but as a Real Estate expert, it's my job to guide you from beginning to end. This is a service that you don't pay for as the commission on a home you choose is paid by the seller.
We will consider the following options for you:
What you can afford and how to qualify for a mortgage.
How much cash to put down or how to purchase a home for little or nothing down.
Call me for a confidential interview - it's easy!
Email me with your name and address to request your "FREE First TIme Home Buyer Packet." I'm happy to send it and it's full of information on how to begin your search and explanations of the home buying process. Click on "email me" above.
When buying a home, there are many details that need to be considered. One of the services I provide as your buyers agent is to put you in contact with the very best service professionals in the industry. From a lending standpoint, I will help you secure the very best loan program, rate, and terms to meet the needs of your particular situation. Specifically, if you are a first time buyer, or putting less than 20% down, I can help you access special loan programs.
The first program is for first time homebuyers and is known as MHDC. (www.mhdc.com) Since there are only a handful of lenders in the St. Louis Metro area offering this loan, it is sometimes referred to as, "The Best Kept Secret in Town." There is a new issue of $10 million and when it is gone there may not be another offering for awhile. Here are the program highlights:
Below market interest rates
- Up to 3% grant towards down payment, & closing costs
Note: grant does not have to be repaid and is not a lien against the property. This is very good!
- May be eligible for $0 down payment with reduced mortgage insurance
- May be eligible for job loss protection insurance
- Maximum sales prices: $237,000 single family detached homes, condo’s
- Maximum income for 1-2 persons $57,100, 3+ persons $65,500
- All borrowers must be first time buyers, or have not owned a home in last 3 years
- All borrowers must occupy the property
FHA Loans are an excellent way for 1st time home buyers to purchase a home and you can put as little as 3.5% down. On FHA, ratios of 31% (for housing expense to income) and 43% (for total debt to income) cannot be exceeded.
You can be part of the American Recovery and Reinvestment Act of 2009 that was signed into law in Febraury, 2009 and now extended to April 30, 2010 - called the Homeowner Tax Credit. With this, both 1st-time Homebuyers and current Homeowners are elegible. In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010. Shop for a house early because YOU WILL be in competion with home owners wishing to take advantage of this option.
First-time homebuyers (people who have not owned a home withing the last 3 years) may be eligible for a tax credit - 10% of the purchase price of the home, with a maximum available credit of $8,000.
Current Homeowners can receive up to $6,500 (up to $3,250 for a married individual filing separately. This is for qualified purchasers who have owned and occupied a primary residence for 5 consecutive years during the 8 year period ending on the date the replacement home is purchased.
Both of these tax credits cannot be claimed in advance of purchasing a property but can be claimed on your tax return. There are income caps and purchase price caps on these programs which I will be happy to share with you.
So whether you can qualify as a first time buyer, or you're looking for a special financing, I can provide you the resources to get the very best rate and terms available.
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