Homes in St. Peters and St. Charles Mo.

First time home buyer assistance, down payment assistance, financial help with repairs and maintenance are all available in St. Charles and St. Louis area.  Most of these programs do not have year around funding available.  However, nearly all will at some point during the year.  It literally pays to become familiar with the programs, and a team of professionals that can assist you with your house.  I will help you to coordinate.  You must stay in touch though until it all comes together.  There is a situation developing with a young lady who is receiving 100% financing.  She only works part time.  The lender will fund the closing, but the young lady will likely be in default when the first payment comes due.  Situations do happen, and I want to help you make the right decisions.  There are ways to make the impossible work, but they take work.

Check out these various links and web sites.  The ones that seem applicable to you should be followed up on.  Ask for help and  advise.  Remember, have me as your Realtor involved as soon as possible.  The buyer does not normally pay for my services.  The commission is paid by the seller.

Right now is a Buyer's market.  The inventory of homes on the market is at an all time high.  Most sellers are feeling the need to negotiate.  Terms associated with a motivated seller who is interested in broadening the market for his house are:  2nd available, assumption, buy down, lease option, lease purchase, owner may finance, seller assist, seller may pay small closing costs, special financing call agent.  These are all searchable terms in the MLS.  It doesn't include additional items that could be negotiated in the right situation.  That is a contract for deed, or an installment purchase.  Cash carry back is another possibility.

Why is it important to have a motivated Seller? 

The more methods to achieve a 20% down payment the better.  The 20% or more allows you to avoid the PMI (Private Mortgage Insurance).  Thus, lower monthly payments.  The larger the down payment the less the money costs. 

Seller assists on closing costs and pre paid items can represent  3% to 6% of the loan value.  Negotiated items for roof repair, painting, carpet, concrete repair do not count in this area of seller contributions toward financing.

A buyer many times will pay points to get a better interest rate, but with the larger down payment that may not be needed.  Pre-paid interest or points could mean a savings of 1/4 to 3/8 of a percent lower interest rate for every point paid or 1% of your loan.

Piggy Back Loans are often used to achieve 20% or more down payment.  The second mortgage typically 10% would be a higher interest rate and different term.  The reasoning is that on the second mortgage the interest is tax deductible whereas that on the first is not.  However, be careful with the numbers to see if you are really saving money.

Housing Programs in St. Louis County
1st HOME Down Payment Program
Florissant Down Payment Loan
St. Charles Down Payment Loan
For-Sale Housing Production
Home Improvement
Lead Hazard Control
Healthy Homes
Rental Housing Production

Housing & Community Development Director:
City of Florissant
Denise M. Mandle
1055 Rue St Francois
Florissant, MO 63031
(314) 839-7680
Fax: (314) 839-7663
Email: dmmandle@florissantmo.com

Ferguson Neighborhood Improvement Plan

City of Ferguson

Phone:  314-524-5197

Email:  FNIP@fergusoncity.com

Kathy Baker, Public Works Secretary
City of Hazelwood
415 Elm Grove Lane
Hazelwood, MO 63042
(314)839-3700 / Fax (314)839-0249
clbaker@hazelwoodmo.org

Missouri Housing Trust Fund

CAASTLC has comprehensive housing assistance programs

There will routinely be more added, but if you need info that is not listed please contact me at dpuntiga@charter.net or call 636-219-6242.