Home Ownership Program Designed to Help First Time Home Buyer Assistance Guide Qualify for Home Loan Financing in St Louis | St Charles | MO | US
Good news! First time home buyer assistance is available for home buyers. Especially, where buyers are finding it difficult to first time home buyer qualify for a home loan. Indeed, home loan financing can seem a bit tricky. In many cases, buyers really don’t know “what it takes” to get a home loan. Usually, there are questions regarding credit, down payment assistance and income.
Moreover, buyers just want to know how does it all works together. As a matter of fact, there is a home buyer assistance program called the Home Ownership Program (“HOP”). Consequently, this program was designed as a program on how to qualify
First Time Home Buyer Assistance St Louis | St Charles | MO | US – Credit
Of course, credit can be of major concern with any home buyer. More so, bad credit and no credit are even greater issues. However, mortgage requirements for first time home buyers in 2018 and 2019 virtually remain the same. Apparently, first time home buyer credit qualifications remain consistent and may not change or tighten. Check your credit by getting a free annual credit report.
In general, the minimum credit score needed
First Time Home Buyer Assistance St Louis | St Charles | MO | US: Income
In all cases, home buyers need an appropriate amount of income to qualify for a home loan. More pointedly, first time home buyers want homes in certain zip codes, neighborhoods and school districts.
First, we need to do an overview of first time home buyer income requirements 2018 and 2019. On whole, a good standard for qualification for who can afford a home is using the 1/3 formula of gross (“pre-tax”) income to qualify first time home buyer. Sure, it’s a simple rule, but it works. Even so, you can get helpful advice first time home buyer through HOP.
Certainly, income is king in the first time home buyer steps process. And, it determines everything in buying a home. For starters, a dual income is best in most cases. For example, a single first time home buyer may only have an income of $3,000 and be able to afford $1,000 house payment. Whereas, a couple with a $6,000 combined may be able to afford a $2,000 house payment based on the aforementioned “1/3 income qualification” formula (above). Typically, this is the “golden affordability rule” on housing.
First Time Home Buyer Assistance Understanding “How Much House” Payments Can Buy: Saint Charles | Saint Louis
The Zillow Mortgage Calculator is a first time home buyer assistance tool. It’s important to understand house payments based on income, down payment, interest rate and term of repayment. Income will determine property available, property types available as well as number of bedrooms and baths.
Anyway, here is the difference based on the 1/3 affordability rule of a $1,000 house payment and $2,000 house payment in the 63304 zip code:
|Income||Max Home |
Saint Charles MO First Time Home Buyer Property Available in January 2019
$1,000 House Payment: Unfortunately, there is only one “for-sale” ranch available in the Saint Charles MO area. As a result, limiting a search to one select zip code reveals only 2 ranches for sale (a single 1-bed and the other is a 3-bed property). For the most part, all other property “for sale” account for a few 2-bedroom condominiums.
Obviously, widening the search to the metro area of Saint Charles alone 40 homes are available for sale. In Saint Louis, MO shows 175 homes available for sale.
$2,000 House Payment: 25 2-5 bedroom homes are “for sale” in this zip code. Suddenly, widening the scope to Saint Charles City alone reveals 126 home for sale. Again, if the search is widened to a county-wide search, 670 homes become available in the $150,000 to 266,000 price range.
NOTE: In Saint Louis County, 634 homes are available for sale in this price range.
First Time Home Buyer Assistance St Louis | St Charles | MO | US – Scope of Search and Income Concepts
The wider the area of search, the better the search results. In fact, more homes become available if a first time home buyer is willing to widen the scope of a home search.
The greater the income, the more beds and baths are available.
Definitely, using a co-applicant can significantly improve income and housing picks.
Underemployed? Ask Home Sweet Home for more information on getting another income opportunity or job. Call (636) 209-HOME (“4663”).
First Time Home Buyer Assistance St Louis | St Charles | MO | US: Impacts on Income Considerations
It’s important to understand that debt such as monthly payments on credit cards, car payments, child support, student loans and alimony impact credit negatively.
In contrast, additional income improves housing affordability.
First Time Home Buyer Assistance St Louis | St Charles | MO | US: Tips
Rent | Rent-to-Own | Lease Option
Consider your down payment options. If you have bad credit or no credit, contact us on how to fix this situation. Additionally, consider a rental, rent-to-own (lease purchase) or rent or lease option until you can qualify for a home loan.
Contact Home Sweet Home and get advice on the following:
- Converting move-in-costs into credits for down payment and/or for financing closing costs
- Using rent credits to finance down payment and closing costs
- Get a full or partial closing cost concession from the landlord.
Down Payment As A Consideration
Check out these first time home buyer government programs for low down or zero down payment programs:
- Federal Housing Administration
- Department of Veteran Affairs
- Department of Agriculture
- Well-Documented Gifts from Family Members are Possible
- Use a Down Payment Calculator to understand down payment needs
- Ask friends to donate to a crowdfunding cause such as FeathertheNest.com
- Check out Down Payment Resource
Other First Time Home Buyer Assistance Saint Louis | Saint Charles | MO | US Resources
- Tips for First Time Home Buyers
- First Time Home Buyer Programs by State
- Missouri First Time Home Buyer Programs 2019
- Programs Help First Time Home Buyers
- Down Payment Assistance Programs Missouri
- First-Time Home Buyer Programs in Missouri for 2018
- Housing Partnership STL – Services – Down Payment Assistance
- Justine Petersen – Saint Louis – Homeownership – First Time Home Buyers
- Saint Louis County – First Home Down Payment Loan
- HUD – Missouri Homeownership Buying Programs
- Beyond Housing Down Payment Assistance – Saint Louis
- DOWN PAYMENT & CLOSING COST ASSISTANCE – FIRST HOME – St Louis and St Charles
- St Charles Community Council
- Saint Peters Community Development Block Grant
- First Time Home Buyer Missouri: Incentives, Programs, and Grants
- Housing Grants Missouri – Available Grants and Loans Summary
- First Time Home Buyer Grants and Programs
USA.GOV – Help Buying Home
- HSH.COM – Home Buyer Programs by State
- Complete guide to down payment assistance in the USA