Sticky -- Advice on where to live in St. Louis

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chaifetz10 wrote:
Mon Jun 12, 2017 7:05 am
Final question, but has anyone taken advantage of any first time home buying credits? Doing some research and it is quite confusing what's available, what the requirements are, and what is legit vs. marketing scams.
Many years ago, I bought my first home with the Missouri Housing Development Commission (MHDC) program "Cash Assistance Payment." It literally paid 4% of my mortgage. And because I had a 3% down payment FHA loan, I walked away from closing without paying a dime..in fact I had a check in my name...which was a huge help.

The major issue you might have is income limits. My timing was fortuitous in that my income limits were based on the previous year's tax return - mostly reflecting the income of a college student. The purchase price of the house was right at the maximum value, which is another issue, but not as big of one.

The only 'catch' is the recapture clause, which is much ado about nothing. It basically prevents folks from using the payment to flip the house for profit. Even in such a scenario, you'd only pay back what you got. And the likelihood of having to do that is next to zero.

If for whatever reason you can meet the income limits, you have to find a lender and preferably a buyer's agent who is familiar with the program though. The first two or three I spoke tried to talk me out of it because they were unfamiliar with it. That would have left thousands of dollars in free money sitting on the table.
bpop, would you mind sending me a PM with the contact info for the lender & agent who you worked with? I'm in a similar situation as you are... my current salary would place me above the limit but if we're going off of the last 3 tax years then I would easily qualify. That one little quirk will really help me out!
bwcrow1s wrote:
Tue Jun 13, 2017 12:46 pm
pasadenahills1 wrote:
Tue Oct 04, 2016 1:09 pm
Another very cool house in Pasadena Hills is on the market. I think it would be hard to find a house as cool and historic for such a good price anywhere in the city or inner ring suburbs.
http://www.zillow.com/homes/7312-Ravini ... -63121_rb/
Wow, still for sale.
For Sell by Owner can take a loooong time. Did it before moving to StL.