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  Your Professional Realtor of Choice  -  Dwight Puntigan  -   dpuntiga@charter.net                                   636-219-6242
 
 
 
 
 
 

Buyer Assistance Programs

First time home buyer assistance, down payment assistance, financial help with repairs and maintenance are all available in St. Charles and St. Louis area. Most of these programs do not have year around funding available. However, nearly all will at some point during the year. It literally pays to become familiar with the programs, and a team of professionals that can assist you with your house. I will help you to coordinate. You must stay in touch though until it all comes together. There is a situation developing with a young lady who is receiving 100% financing. She only works part time. The lender will fund the closing, but the young lady will likely be in default when the first payment comes due. Situations do happen, and I want to help you make the right decisions. There are ways to make the impossible work, but they take work.

 

Check out these various links and web sites. The ones that seem applicable to you should be followed up on. Ask for help and advise. Remember, have me as your Realtor involved as soon as possible. The buyer does not normally pay for my services. The commission is paid by the seller.

 

Right now is a Buyer’s market. The inventory of homes on the market was at an all time high. Most sellers are feeling the need to negotiate.

 

 

 

 

 

HOME St. Charles
Click here to view the downpayment assistance program available to unincorporated St. Charles County residents.

email: smohrmann@edcstcharlescounty.com

 

 

St. Charles Program
Click here to view the homeownership programs available to St. Charles City residents.

email: anita.telkamp@stcharlescity.com

http://www.stcharlescity.com/

 

 

St. Peters Program
Click here to view Community Development Block Grant Programs available to low and moderate income City of St. Peters residents.

email: communityprojects@stpetersmo.net

http://www.stpetersmo.net/Default.asp?sectionID=59

 

 

O'Fallon Program
Click here to vew the Community Services available to City of O'Fallon residents.

email: tbrown@ofallon.mo.us

http://www.ofallon.mo.us/cdbg/cdbg1.htm

 

 

Wentzville Program
Coming soon.

http://www.wentzvillemo.org/

 

 

 

Housing Programs in St. Louis County
1st HOME Down Payment Program
Florissant Down Payment Loan
St. Charles Down Payment Loan
For-Sale Housing Production
Home Improvement
Lead Hazard Control
Healthy Homes
Rental Housing Production

 

Housing & Community Development Director:
City of Florissant
Denise M. Mandle
1055 Rue St Francois
Florissant, MO 63031
(314) 839-7680
Fax: (314) 839-7663
Email: dmmandle@florissantmo.com

 

Ferguson Neighborhood Improvement Plan

City of Ferguson

Phone: 314-524-5197

Email: FNIP@fergusoncity.com

 

Kathy Baker, Public Works Secretary
City of Hazelwood
415 Elm Grove Lane
Hazelwood, MO 63042
(314)839-3700 / Fax (314)839-0249
clbaker@hazelwoodmo.org

 

Missouri Housing Trust Fund

 

CAASTLC has comprehensive housing assistance programs

 

There will routinely be more added, but if you need info that is not listed please contact me at dpuntiga@charter.net or call 636-219-6242.

 

Housing Market News (American Recovery and Reinvestment Act of 2009)

The President signed the bill on February 17, 2009. The bill is a $780 billion package, with roughly 35% of the package devoted to tax cuts (mostly for 2009) and the rest to spending intended to occur in 2009 and 2010. 

The number of short sales and foreclosures should decrease over the next quarter. This is due to loan modifications, and also the changes to the refinancing requirements.

 

Home owners with a Fannie Mae or Freddie Mac loan would be eligible to refinance as long as their mortgage doesn't exceed 105 percent of the home's current market value. Currently owners need to have at least 20 percent equity. Now if you are upside-down by more than 5% the lenders have strong incentives to do a loan modification. All terms of the loan are up to negotiation including the amount of principal. For lenders that voluntarily agree to lower a borrower's payment so that it makes up no more than 38 percent of the borrower's income, the government would share the cost of lowering the mortgage burden to 31 percent of income. Incentives to lenders to participate include a $1,000 payment. Borrowers can receive up to $1,000 as an incentive to stay current on their new mortgage. Still in the works is a proposed provision that would allow bankruptcy judges to require loan modification (known as a cram down) as part of a household's restructuring. That provision requires legislation by Congress. 

First time home buyers are still defined as those who have not owned a home during the past three years. Last years program for a $7,500 tax credit (that must be repaid to the government) has been replaced by an $8,000 credit that does not need to be repaid if you live in the house for three years. This credit presently is only good for home purchases made prior to December 1, 2009 and the full amount applies to any house greater than $80,000. Those who may have claimed the $7,500 credit on this year’s tax will be allowed to amend the return if they qualify for the $8,000.  FHA, Fannie Mae and Freddie Mac Loan Limits -The bill reinstates last year's 2008 loan limits for FHA, Freddie Mac, and Fannie Mae loans. These limits were equal to the greater of 125% of the 2008 local area median home price or $271,050 for FHA and $417,000 for Fannie and Freddie, with an overall maximum cap of $729,750. For the few areas where the 2009 limits were higher, the higher limits will apply. In addition, the bill includes language providing the HUD Secretary with the discretion, if warranted, to increase the loan limit for any “sub-area”, i.e.an area smaller than a county.  The Secretary's discretion is again limited by the $729,750 cap. These 2009 limits will expire December 31, 2009.

Commercial Real Estate - Commercial real estate is impacted primarily through those provisions of the bill focused on green building and energy efficiency as well as business tax incentives. H.R. 1 provides significant funds for state energy programs, which could be used to support commerical property owners' investment in energy efficiency upgrades while commercial property owners seeking to invest in alternative energy systems for onsite power generation would benefit from the Department of Energy Renewable Energy Loan Guarantees Program. Of particular benefit to small businesses would be certain provisions of the bill that provide tax relief in the area of bonus depreciation and capital expenditures, as well as the 5-Year carryback of net operating losses for small businesses.

Rural Housing Service – The bill provides an additional $500 million to existing USDA Rural Housing programs. The RHS provides both a guaranteed loan program and a direct housing loan program for those meeting the program’s eligibility criteria. The direct loan program will receive $270 million while $230 million will be allocated for unsubsidized guaranteed loans. It has been reported that this level of funding would provide for an additional 192,000 homeowners. USDA Rural Development is a good source of funding in the rural areas. Some areas as close as St. Charles county and Jefferson county on out have areas supported by USDA for affordable housing development.  Applicants may borrow up to 100% of a new or existing homes value.

VA loans also support 100% no money down financing. FHA's 203(k) Mortgage Program permits homebuyers to finance an additional $35,000 into their mortgage to improve or upgrade their home before move-in. With this product, homebuyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser.

The most popular FHA home loan is the 203(b). This fixed-rate loan often works well for first time home buyers because it allows individuals to finance up to 97 percent of their home loan which helps to keep down payments and closing costs at a minimum. The 203(b) home loan is also the only loan in which 100 percent of the closing costs can be a gift from a relative, non-profit, or government agency.

62 or older perhaps a reverse mortgage to purchase a new house and rent out the old.

 

 

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