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 two very 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
The second program is known as Power Plus. If you are like most buyers today and looking to purchase your new home with less than 20% down, the most popular loan structure is a combination loan. This would consist of a 1st mortgage at 80%, and a 2nd mortgage to make up the difference. While many lenders in town offers this structure, very few offer a below market rate on the 2nd mortgage. For instance, with 5%, 10%, or 15% down, you secure the same note rate for both loans!
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.
There is an FHA 203K Loan that can be used for rehab houses or improvements. Improvements costing $5000 - $35,000 may be included in the maximum mortgage worksheet and are subject to appraisal determinations.
You can be part of the American Recovery and Reinvestment Act of 2009 that was signed into law in Febraury, 2009. This is the new $8,000 Tax Credit for 1st time homebuyers and there is NO REPAYMENT REQUIRED!
So whether you can qualify as a first time buyer, or you're looking for a combination loan, I can provide you the resources to get the very best rate and terms available.
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