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Missouri
First Time Home Buyer
 St.
Louis has been battered by foreclosures and home
values are expected to drop 11% in 2009 but the tax credit has gotten some
first time homebuyers off the fence. Home sales may start to rise soon so if
you are a Missouri first time home buyer then this may be the time to buy a home
at a bargain basement price.
Missouri First Time Home Buyer Stats
| Average Home List Price |
$233,299 |
| Best Places to Live |
Ellisville, Jackson, Lake St.
Louis, Liberty |
| Foreclosure Rate-Kansas City |
1 in 180 Homes |
| Fastest Growing Job Markets |
Healthcare, Retail, Truck Drivers |
| Unemployment Rate |
9.3% |
Special
Programs
The My Community Missouri First Time Home Buyer Program Opens Doors for a
Fireman, Police Officer, Paramedic, Teacher, Healthcare Worker such as Nurse,
and Military Personnel.
This program features 3% down financing and you receive a $500 credit toward
closing costs. Also, you can have use part-time or overtime income from last 12
months to qualify.
Missouri Time Homebuyer FHA Program
FHA $100 down program is available if you purchase FHA foreclosure.
FHA Single Family Mortgage Limit is $271,050 for most counties in Missouri. Please visit
FHA mortgage limits
if your Metro Area doesn't appear below.
| |
Single Family |
2-Unit |
3-Unit |
4-Unit |
| Kansas City |
$271,050 |
$347,000 |
$419,425 |
$521,250 |
| St. Louis |
$281,250 |
$360,050 |
$435,200 |
$540,850 |
| Springfield |
$271,050 |
$347,000 |
$419,425 |
$521,250 |
VA Program
Zero down payment up to $417,000 loan amount
If you served during wartime for at least 90 consecutive days or
during peacetime for at least 181 consecutive days then you are
eligible for the VA Home Loan Program. If you are currently on
active duty then you are eligible for the program after 90 days of
active service. You are also eligible if you are on Reserve, as long
as you have served for at least six years, which can be
non-consecutive and in different branches of the Reserves. The
Reserve branches eligible for the VA Home Loan Program are Army
National Guard, Army Reserve, Air National Guard, Coast Guard
Reserve, Navy Reserve, Marine Corps.
Missouri USDA Rural Program
Zero down payment with NO PMI or mortgage insurance. You must purchase home in
eligible county and there are maximum income limits. The income limit for
most counties is $73,600 and St. Louis has $78,050 income limit.
List of INELIGIBLE COUNTIES: Andrew, Boone, Buchanan, Cape
Girardeau, Cass, Christian, Clay, Cole, Greene, Jackson, Jasper, Jefferson,
Newton, Platte, Pulaski, St. Charles, and St. Louis.
Visit
USDA website to determine if a specific home is eligible for the program.
You will need full address with zip code.
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