Down payment Assistance Programs Cover All of Buyers Downpayment In Most St Louis Areas

There are a variety of down payment assistance providers in the St Louis area where a qualifying home buyer can obtain assistance with their downpayment to buy a home.  According to a report just released today by RealtyTrac, the average amount of down payment assistance covers the typical down payment on a median priced home in 4 out of five of the St Louis Counties that make up the core market, with St Charles County being the only exception.  As the table below shows, in St Charles County the average down payment assistance of $5,000 falls short of the typical downpayment on a median priced home of $6,150 but still covers most of it.  In the other 4 counties the down payment is more than covered.

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Information On Down Payment Assistance Programs Available In Missouri
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St Louis Area Homes Are Affordable-Down payment Assistance Can Make Even More So

St Louis area homes are already affordable based upon the relationship between the median home price and median income for the area, but can become even more affordable when home buyers take advantage of down payment assistance programs that are available throughout the area.

Housing affordability is still good in spite of rising prices-

Data for April, from RealtyTrac, shows house payments on a median priced home in St Louis County required 23% of median income and in St Charles County required just 21% of median income while the national average was 23%.  Even with the hot market we have been in, and rising home prices in St Louis, affordability for April in both St Louis County and St Charles County were still lower than their historic norms of 24% and 22% respectively.

Downpayment assistance programs make homes even more affordable –

There are several (over 50) down payment assistance programs in Missouri with many of them available in the St Louis area.  To see a complete list of downpayment assistance programs available, along with complete program information, visit Downpayment Assistance Programs For Missouri.  To give you an idea of the type of assistance that is available, below is some data from buyers that received down payment assistance in the St Louis area in April 2015:

  • In St Louis County the average down payment help benefit received was $6,125.00 which represented 3.53% of the median sales price.
  • In St Charles County the average down payment help benefit received was $5,000.00 which represented 2.5% of the median sales price.
  • There are 24 down payment help programs available to people buying homes in St Louis County and 16 programs averrable to people buying in St Charles County.

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Complete Information On Over 50 Down Payment Assistance Programs Available In Missouri

St. Louis Mortgage Rate Update; Forgivable down-payment assistance loan available for first-time homebuyers

First-time home buyers receive a forgivable 3% cash assistance loan for down payment and closing costs.

 

The Missouri Housing Development Commission (MHDC) provides a competitive interest rate on a safe 30-year fixed rate 1st mortgage. Your 3% advance loan is treated as a 2nd mortgage and is completely forgivable after five years of continuous occupancy. MHDC will have the monies available for the borrowers regardless of bond issuance through Constant Funding.   Continue reading “St. Louis Mortgage Rate Update; Forgivable down-payment assistance loan available for first-time homebuyers