Nearly one in every 4 home sales in St Louis (23.9%) during the 3rd quarter of 2015 were financing with an FHA loan, according to data just released by RealtyTrac. This is a slight decrease from the quarter before when 24.3% of the homes sold were financed with an FHA loan, but is an increase of 30% from a year ago when FHA financing was used on just 17.45 of the homes purchased in St Louis.
FHA financing has more lenient credit requirements, as well as a required downpayment of just 3.5 percent of the sales price, making home financing available to home buyers that cannot meet the more stringent credit and/or downpayment requirements of conventional financing.
At the other end of the spectrum….
As the table below shows, nearly one in four (24.2%) of the homes sold in St. Louis during the quarter were cash sales. Like FHA financing, cash sales’ share of the market dropped slightly during the 3rd quarter of 2015 from the quarter before but increased 32.6% from a year ago.
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Data Source: RealtyTrac Copyright 2015 St Louis Real Estate News