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First Time Home Buyer Assistance Saint Louis | Saint Charles | MO

First Time Home Buyer Assistance St Louis | St Charles | MO | US

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 guide in owning a home (see video below):

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 is between 580 and 620. Furthermore, in cases where credit scores are lower, the Home Ownership Program (“HOP”) can act as a guide to raise credit scores. Indeed, the good news is that the minimum credit score first time home buyer has fallen 60 points in recent years. However, Home Sweet Home’s Home Ownership Program can serve as a first time home buyer guide to raise scores.

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. Over all, income plays a determining factor in house hunting.

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:

IncomeMax Home
Pymt
RateDown
Pymt
TermHome
Price
$3,000$1,0004.5%3.5%30-year$123,000
$6,000$2,0004.5%3.5%30-year$266,000

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 in Saint Louis | St Charles | MO | US Couple Searching

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:

Other First Time Home Buyer Assistance Saint Louis | Saint Charles | MO | US Resources

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