Down Payment Assistance and Help in St. Louis and St. Charles MO

Down Payment Assistance and HelpDown Payment Assistance

and Help in

St. Charles and St. Louis Mo


Down payment assistance and help for new home buyers in the St. Louis and St. Charles Mo area is within your reach. We have all heard the news spewing from the media that getting a mortgage to purchase a new home is difficult plus lenders are requiring huge down payments too. That message is wrong!

True it isn't as easy to qualify for new home as it was before 2008 but down payment requirements have not changed. There are currently 4 heavily utilized home loan programs that allow for little to no down payment. Buying a new home doesn't have to be a huge financial burden where you have to deplete your entire savings account. With interest rates so low right now it has never made more sense to keep your money in your pocket when you finance your next new home.

VA and USDA are two mortgage programs that allow for 100% financing, meaning no down payment. VA mortgages are reserved for those qualified veterans of the United States Armed Servicecs, if you would like to know more about VA Home Loans follow this link. USDA, sometimes referred to as Rural Development, has specific income and geographic restrictions, to learn more about USDA Rural Development click the link.

The two remaining loan programs allow very low down payments, the first is FHA which has very easy qualification guidelines and a low minimum down payment requirement of 3.5 percent of the sales price.. Then there is conventional, FannieMae and FreddieMac, the minimum down payment requirement for conventional financing is only 5 percent of the sales price.

If you are a new home buyer in and around the St. Charles and St. Louis MO area and are looking for down payment assistance or simply want to keep more of your money in your pocket than I can help. There are many different and distinct ways to fund the costs of your new home, I know of over two dozen ways to fund your down payment and/or closing costs.

1) Down Payment Assistance Programs: there are local and statewide down payment assistance programs available to qualified FIRST TIME HOME BUYERS. In St. Charles one down payment assistance program will provide up to $5,000 in funds to help you buy a new home.

2) Lender Closing Cost Assistance: I help many home buyers through lender credits that pay for a portion to all of your Closing Costs. This leaves you with the down payment, but I can show you how to secure these funds as well.

3) Seller Concessions: did you know that most home loan programs will allow the seller to pay from 3 to 6 percent of the sales price for your Closing Costs? This again leaves you with the down payment, but does keep your money in your pocket and if I can show other means to secure your down payment it may be that you purchase a new home with little to nothing out of pocket.

4) 401k or other type of retirement plans: this is a popular method of saving for your down payment. You can either borrow or withdrawn from many retirement plans for the purchase of a new home. Please check with your retirement plan administrator for the rules and restrictions.

5) Gift Funds: another very popular method to secure down payment help. Your relatives, employer, church, labor union and several other sources can provide you with a gift of funds to pay for your down payment and/or closing costs.

Here are a few more, sweat equity, family member loan, collateralized loan, sale of personal property, and rent credit. As I mentioned I know of more than 2 dozen approved methods of securing your down payment and/or closing costs. Does your mortgage loan officer?

If you are currently looking to buy a new home or will be in the future here is your homework assignment, yes the pun was intended. If you are wanting to get into your new home and keep as much of your money in your pocket as possible than find a mortgage lender that can explain the dozens of ways to make this happen. With today's interest rates being so low it is in your favor to save your money and use it for the things you will need and want when you move into your next new home.

BOB Rutledge - USA Mortgage




Bob Rutledge USA Mortgage

Comment balloon 0 commentsBob Rutledge • March 31 2013 02:23PM
Down Payment Assistance and Help in St. Louis and St. Charles MO
Down Payment Assistance and Help in St. Charles and St. Louis Mo Down payment assistance and help for new home buyers in the St. Louis and St. Charles Mo area is within your reach. We have all heard the news spewing from… more
FHA 203k - HomePath and HomeStyle Renovation Lenders - St. Louis MO
ST. LOUIS AND ST. CHARLES MO FHA 203K HOMEPATH RENOVATION AND HOMESTYLE LENDERS What mortgage lenders in the St. Louis and St. Charles MO area provide for ALL the renovation type mortgages… more
What is the FHA 203k Renovation Loan?
Foreclosures and distressed homes has represented over 1 in 3 homes sold in the St. Louis and St. Charles Missouri area for the past several years. We have all become very aware of HUD foreclosures HomePath, REO, Bank Owned, Short Sale, and all… more
Home Remodeling and Improvement Loans in St. Louis and St. Charles Mo
With interest rates so low Home Remodeling or Home Improvement loans are becoming very popular again. You have owned your home in the St. Louis and/or St. Charles Mo area for a long time, a short time or some where in-between and you are considering… more
The FHA 203k Renovation Mortgage Lender in St. Louis!
Are you looking for a mortgage lender in the St. Louis area who can help you with the FHA 203k Renovation mortgage? Do you have questions about the FHA 203k mortgage, have you found the perfect fixer upper, are you dissatisfied with your current FHA… more
The BEST Jumbo Mortgage Lender in St. Louis and St. Charles Mo!
The best Jumbo Mortgage Lender in the ENTIRE St. Louis and St. Charles area! What exactly does that mean? What constitutes the best? Is it the lowest interest rates? A large and ranging selection of mortgage programs? Easier qualification? The… more
USDA - Rural Development an Affordable Mortgage Option in Missouri
Many home buyers dream of purchasing a home but don't necessarily have the cash on hand to make the hefty 20% down payment required by a conventional home loan. USDA Rural Development mortgages stand alone as the only zero money down program… more
The HUD $100 Down Payment Program - Buying a Foreclosure in St. Louis…
It's back! After leaving Missouri, St. Louis, St. Charles and the surrounding area HUD has brought back the $100 Down Payment Program for a limited engagement! $100, that is all you'll need for a down payment to buy a foreclosure offered for sale by… more
USDA Rural Development Mortgage in Missouri - Buying a new home with…
Are you looking to purchase a home in a rural community, but wondering where to begin looking for help with a home mortgage? Good News! The U. S. Department of Agriculture (USDA) has a home loan guarantee program that can help you obtain a… more
Top 10 Reasons For an FHA Mortgage, When You Buy a New Home in St…
Since 1934, the Federal Housing Administration, (FHA) has offered home ownership assistance to Americans in the form of FHA financing. The program originated to combat the effects of the Great Depression, when the rate of foreclosures and loan… more