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Missouri First Time Home Buyer

Missouri first time home buyer

Real Estate Market News

FirstHomeBuyers reports that the Missouri housing market is weak but showing signs of improvement. Home prices have been appreciating 4% in the last year and they are expected to go up 3% in the next year. The average home price is $132,000 and the most affordable homes are located in St. Louis, Springfield, Joplin, and Independence and a first time home buyer can own a home for less than the $900 average cost of renting. The best places to live are St. Louis, West Plain, Kansas City, and Columbia. Some of the best small towns to live are Farmington and Rolla MO and the 0 down payment rural program is eligible for these cities. The real estate market in Missouri is starting to turn the corner in the recovery process and 1st homebuyers needs to move fast to achieve the goal of homeownership. In Columbia, MO the homeownership rate increased from 25% to 35% last quarter which is the biggest jump in millenials buying homes since 2004. The main reason for this increase is the fact that rents are rising fast and buyers are getting off the fence and jumping into the market.

Missouri First Time Home Buyer Programs

Get Pre-Approved Now!  Apply Now
USDA Rural Development Loan

USDA 100% Financing Program
Zero down payment
640 minimum credit score
Property must be located in targeted area. Check property eligibility.
Email Dream@Firsthomebuyers.net with property address if you want us to check if the home is eligible.
Income restrictions apply. Check income eligibility.  
Seller can pay 6% of purchase price toward closing costs

FHA Loan Program

FHA Program
Low down payment
620 minimum credit score
Check single family, condo, and 2-4 unit property loan limits
FHA approved condos eligible
Kiddie condo option: Parents or family member can co-sign on loan
Lower down payment than standard FHA program is available in Alabama, Florida, Georgia, Illinois, Indiana, Kentucky, Mississippi, North Carolina, South Carolina, Tennessee if you purchase FHA Foreclosure
Down payment can be 100% gift or down payment assistance or grant funds
Seller can pay 6% of purchase price toward closing costs

HomeReady Program

HomeReady Program
Fannie Mae Conventional Program
Low down payment and more flexible sources of funds
620 minimum credit score
Loan designed for low to moderate income borrowers
Lower mortgage insurance options

good-neighbor

Good Neighbor Next Door
Get home at 50% discount on home in target areas. Search homes now.
Must be law enforcement, police officer, teacher, firefighter, or emergency medical technician to be be eligible for this program
Low Down Payment Option available in HUD Participating Communities.

teacher first time home buyer

Home Possible Neighborhood Solution Program
You may be eligible for this program is you are a Teacher, Law Enforcement Officer, Firefighter, Healthcare Worker, Nurse, Emergency Medical Technician (EMT), or Military Personnel
620 Credit Score
Reduced mortgage insurance which means lower monthly mortgage payment
Flexible Qualification Guidelines

va-first-time-home-buyer

VA Loan
0 down payment Great fixed rate loan program with 0 Down Payment for veterans or active military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard. Reservists eligible with 6 years service.
620 minimum credit score
No maximum loan limit
Single family home-VA Approved Condos-townhome

203k rehab loan

FHA Streamline 203k Renovation Loan
Repairs which range from $5,000-$35,000+ may be included in loan amount.
Great program to fix up foreclosures. 
Visit 203K Loan for more details on Streamline 203k program

no-pmi

PMI Buster
Low down payment
NO PMI or mortgage insurance
720 minimum credit score


Rent Versus Own
Rents are moving up and you need to stop paying your landlord. When you own a home you build up wealth, get tax breaks, and experience the pride of homeownership. Try rent vs own calculator now and find out why owning a home is better than renting.

10 Steps To Buying A Home
Don't know where to start the process? View video on how to buy your first home.Today it is tougher to buy a house and you need a roadmap to navigate the home buying maze. You can't miss a step or it could spell disaster and wreck your chances of owning a home.


Search for homes in your area.
Start working with a Realtor and get the lastest property listings emailed to your email inbox. The inventory of homes on the market are down so it is important that you take action and set up an appointment to see the home you like as soon as possible. In most cases, you should use a Realtor to increase your chances of getting your offer accepted on the home you have your heart set on.

Down Payment Assistance
Cash Assistance Loan(CAL)-Get up 3% to cover down payment and closing costs.
Missouri Down Payment Assistance Programs-Government website providing resources and grants for buying your first home in Missouri.
Community Development Block Grant Program provides 1st homebuyer grants in targeted communities.

Don't Know Where To Start?


Equal Housing Lender

FirstHomeBuyers.net

(847) 516-5743
dream@firsthomebuyers.net

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