St. Louis First Time Home Buyer
Let our “TBD Mortgage Approval Program” take the stress out of buying your first home in St. Louis.
Trying to buy your first home without a mortgage approval is the equivalent of putting the cart in front of the horse. You are being led around to homes that you possibly might not be able to afford, or that are significantly under your budget. With our TBD mortgage approval program, you have the freedom to search for that perfect house without fear of being rejected by the bank later.
Getting Financing For First Time Home Buyers
By now, you have heard it a thousand times. Buying your own home is likely to be the single most significant investment you will make in your lifetime. Our team knows that this is an event you have been dreaming of for years and wants to make it as enjoyable for you as possible. We know all there is to know about obtaining financing for this major purchase and are more than happy to pass our knowledge onto you.
Don’t let yourself be surprised at the end of your search to find out that you can’t qualify for the home of your dreams that you have invested months looking for. We offer a variety of different mortgage programs aimed at first time home buyers and with our “TBD Mortgage Approval Program” you can be confident that you qualify before the search even begins.
First Time Home Buyer Mortgage Options:
Conventional: With only 5% down, this Fannie Mae mortgage is a huge benefit for first time home buyers who have little capital to start with. You can also choose the HomePath renovation, which calculates the cost of fixing up a home that requires some repairs.
VA Loan: For soldiers who put their lives on the line to protect our country there is the Veterans Affairs Home Loan Program which allows a vet to purchase a new home with 100% financing, O down and no private mortgage insurance. This is just a small way of saying thank you for the sacrifices you made for us.
FHA 203B: In an effort to promote home ownership, the Federal Housing Administration will provide the insurance needed to help high risk buyers secure a mortgage. With less than 5% down, an FHA loan benefits people who have had financial problems in the past and want a second chance at home ownership while at the same time building up their credit scores. The FHA 203B is available for single family home purchases that will be owner occupied.
FHA 203K: The FHA 203K works like the FHA 203B, except additional funding of up to $35,000 may be added to the mortgage amount to help with any major repairs or renovations a house may need. This construction loan alleviates the need for a home buyer to seek additional funding through home equity loans or lines of credit.
USDA Home Loans: One of the rare home loans available that allow you to finance the complete cost of a new home. Available to buyers looking for home ownership in rural parts of the state, this USDA backed loan is specifically targeted towards low and median income households. This is an ideal type of loan for a first time buyer who needs that extra capital in his pocket to help furnish his new house.
Homestyle Renovation Mortgage: This Fannie Mae loan package combines the cost of your new home with up to 50% of its post construction value making it possible for a St. Louis homebuyer to purchase a house that is in need of repair. So long as the funds are used to increase the value of the property with fixed structures and repairs, the Homestyle Renovation mortgage is the perfect solution for the homebuyer who likes a house and wants to turn it into a home that he loves.
Fixed Rate Mortgage: A fixed rate mortgage remains constant throughout the life of the loan. The interest percentage you locked into at closing will be the same after 5, 10 even 25 years.
Adjustable Rate Mortgage: An adjustable rate mortgage will remain steady for the first 5 or 7 years depending on your terms, but will then change to reflect current interest rates.
The Sean Z mortgage team will take the time to find the right mortgage with a payment that you can afford. There is more than just a monthly mortgage payment to consider, and we want you to be well aware of that long before you set your sights on a home that is out of your budget. When helping you figure out your monthly budget, our team is going to look not only at the payment and interest but also property taxes, insurance, utilities, and the possibility of homeowner association fees. Our team of professionals is going to make sure that you start your hunt fully armed, knowing how much home you can afford.
Get Started Today!
Sean Z and his entire team are just as excited about your new home purchase as you are. We are proud to be a part of such a monumental milestone in your life and are dedicated to ensuring that it is an enjoyable experience for you that it should be. Get in touch with us today and start making those first steps to putting rent payments behind you and buying that first home you have always dreamed of.