| | Ron Gorman, Realtor | | Coldwell Banker Gundaker | | St. Louis Office | | 4320 Hampton Ave | | St. Louis, MO 63109 | | Office: (314) 351-6005 | | Cell: (314) 570-5125 | | Fax: (314) 667-3016 | | Contact Me |
|
If you are one of the many considering purchasing a home, obtaining of a home loan can be a daunting task today. There is so much media press on the problems facing the home mortgage business that the potential home buyer could easily be persuaded not to pursue obtaining a loan.
There are many web sites that can be of help to you as you attempt to determine your ability to obtain a loan. The following web sites are excellent places to start to better understand what is needed to obtain the loan at rates that are compatible with your financial strength. The best place to start before you even begin your home search is to obtain a pre-approval from a financial institution. It is very important to know "upfront" what your future mortgage lender will agree to so that you avoid the frustration of looking at price points of homes that are beyond your financial strength. On the other hand, you might be underestimating what you can really afford. You should submit your request to more than just one mortgage lender so that you can compare both the preapproval level as well as the interest rate that is being quoted. HOPE The state of Missouri has a program called HOPE that is administered by the Missouri Housing Development Commission (MHDC). The program is funded with $15 million from funds that have been allocated for the funding of the new Home Ownership Purchase Enhancement Program (HOPE). The funds are for Missouri families that are eligible for an incentive payment of up to $1250 based upon real estate taxes that were paid in 2009. In addition, for those home owners receiving this incentive, there is an additional incentive if they are purchasing a newly-constructed, energy-efficiency home or if energy-efficiency upgrades are made within 60 days of purchase. The maximum payment is $1750. The HOPE funds are provided in the form of a loan with no interest and no repayment required if they occupy the home for more than one year. For more information, see www.mhdc.com/homes/HOPE/. BETTER FAMILY LIFE Better Family Life is a Federal program that offers assistance in several counties in the St. Louis area. The program is designed for low to moderate income families who will obtain financial assistance thru an educational process aimed at improving the financial responsibilities of potential home owners. "The HUD approved Home Buyer Education & Asset Development Programs are designed to create a vehicle where the low-to-moderate income community can create wealth through home ownership and other financial initiatives that have traditionally been non-existent. This underserved community has had difficulties in purchasing real property and congruently needs a better understanding of the total home buying process. The Asset development program consists of a financial literacy service which has been licensed by both the FDIC and the Department of Treasury to participate in the National New Market Tax Credits programs which was designed to service the inner cities and blighted urban communities of America. Our FDIC Financial Literacy Alliance Partnership agreement positions Better Family Life to train this low to moderate income group about the discernment of financial choices, the discussion of money and financial issues, planning for the future, and being able to respond competently to life events that affect everyday financial decisions.
Although Better Family Life’s housing and asset development department is certified by HUD and FDIC to provide a myriad of housing and financial literacy services respectively, our paramount goal is to provide clients with a positive homeownership experience with the financial benefits and satisfaction of becoming a stabilizing force in their community. Each participant is instructed in a 12 hour workshop seminar and afterwards is assigned a personalized budget credit specialist who designs a customized financial plan that assists them in changing their perceptions about managing their lives, money, assets and personal affairs. In conjunction with the rest of our educational services, we are able to offer first time home buyers up to $5,000 to pay for closing cost and/or down payment assistance.
Better Family Life has provided housing counseling and individualized budget and credit services to over 1,100 clients in the St. Louis Metropolitan area. Our Housing Department is currently contracted with St. Louis County, the City of St. Louis, Jefferson County, City of Wentzville, City of Florissant, City of O’Fallon, St. Charles City and County to provide home buyer education, budget credit counseling and down payment assistance to potential first time home buyers." For more information, see. Motgage 101 Compare Interest Rates
Coldwell Banker Mortgages
Metlife Home Loans  MetLife Home Loans and Coldwell Banker are not affiliated. All loans subject to approval. Certain conditions and fees apply.
Mortgage financing provided by MetLife Home Loans, a division of MetLife Bank, N.A. Equal Housing Lender. |