Happy New Year!

10 Best Neighborhoods To Live in St. Louis: From Movoto.com

  1. Peabody-Darst-Webbe
  2. Soulard
  3. The Hill
  4. Central West End
  5. North Hampton
  6. Ellendale
  7. Lindenwood Park
  8. Skinker-Debaliviere
  9. Lafayette Square
  10. Saint Louis Hills

The Down Payment – Do I need 20 percent to buy a house?

The down payment is often the ultimate hurdle in your path towards homeownership. One doesn’t need a sizeable down payment to buy a home. Nowadays, federal, state, and local down payment assistance programs (DAPs) are available to the first-time homebuyer. These programs make it possible to put as little as 1% down when buying a home. Keep in mind, not everyone qualifies for down payment assistance, but it is worth investigating.

Now don’t start jumping on Zillow to find that dream home quite yet. It’s important to understand how the amount of money, in terms of the down payment percentage, ultimately affects the cost of a loan. Generally, the more money someone can commit up front, the more likely the overall cost of the loan will be lower.

When one can commit to a sizeable down payment (20 percent and above), it is a sign of commitment to the property in question and an early indicator of one’s likelihood to default. There is “skin in the game” so to speak. To the lender, it means not having to protect their investment (your loan) by the lender or buyer purchasing PMI (Private Mortgage Insurance).

This is where a qualified, knowledgeable mortgage professional becomes the prospective home buyer’s new best friend. A good mortgage professional (a.k.a. Angie Childs) can review your finances, the desired property/location, and associated costs to recommend the most cost-effective path to homeownership for you to reach your future financial goals.

This is where loved ones gather, celebrations take place and wishes come true. This is home. Wishing you and yours a happy, safe and prosperous New Year. 

For the exceptional mortgage services you deserve, contact me today.

Angelia Childs profile
Angelia Childs

Contact me, Angie Childs today for all your mortgage needs!

Chat with Lucy, my 24/7 assistant for any questions you might have.

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