Seeking Mortgage Lending Partners for HomeSTL Homebuyer Assistance Program
SLDC is seeking lending partners with quality (non-predatory) lending products to support 80% AMI homebuyers. Good lending partners should have following attributes:
Offer traditional lending products
Offer CRA lending products or support local lending
Provide credit underwriting that provides meaningful and equitable access to homeownership for residents and families seeking to purchase a home within the City of St. Louis
HomeSTL Homebuyer Assistance Program
To make homeownership affordable for credit qualified first time homebuyers* at or below 80% AMI purchasing a home in the City of St. Louis, SLDC has created a Homebuyer Assistance Program: HomeSTL.
HomeSTL is designed to provide homebuyer assistance to first time homebuyers seeking to purchase a home in the City of St. Louis, with additional assistance available if the home is within a HUD Qualified Census Tract (QCT).
Eligible and credit qualified homebuyers may use homebuyer assistance for closing costs, down payment, permanent interest rate reduction, prepaids and/or principal reduction (no cash back to borrower).
HomeSTL is a forgivable loan with 0% interest and no monthly payments for up to 15 years.
* First time homebuyers cannot have owned or co-owned a home in the last three years and must not have any ownership interest in residential property at time of closing.
Welcome to the HomeSTL Homebuyer Assistance Readiness Questionnaire powered by St. Louis Development Corporation
Begin your path to homeownership in St. Louis with the HomeSTL Homebuyer Assistance Program, a critical step in building wealth and achieving economic justice. This journey is rooted in education, informed choices and sustainable homeownership practices. Let's guide you through the steps:
Step 1: Understand Program Guidelines and Eligibility
Educate Yourself on Program Requirements: It is essential to familiarize yourself with the HomeSTL program guidelines and also understand the criteria of your chosen mortgage program. This dual understanding ensures you're making informed decisions every step of the way. HomeSTL specifically assists first-time homebuyers, defined as those who haven't owned or co-owned a home in the past three years.
Step 2: Determine Your Homeownership Readiness
Assess and Prepare for Your Homeownership Journey:
If You’re Just Getting Started, You Need To:
Confirm your eligibility for the HomeSTL program.
Begin the process of securing and understanding your credit report and score.
Seek out essential information and resources about homebuying, emphasizing the importance of education in achieving sustainable homeownership.
If You’re Getting Ready, You Should Be:
Actively working to meet the HomeSTL program’s eligibility guidelines.
In the process of obtaining and understanding your credit report and score.
Seeking out HUD approved homebuyer education to gain comprehensive knowledge about homeownership.
Exploring various mortgage options to ensure you make an educated choice.
Gathering information and resources to demystify the homebuying process.
If You’re Ready, You Will Have:
Met all eligibility criteria of the HomeSTL program and your selected mortgage program.
Obtained and reviewed your credit report and score to ensure you meet lender requirements.
Completed HUD approved homebuyer education, leading you to a deeper understanding of the homebuying process.
Chosen a suitable mortgage product, like HomeReady, FHA or another loan that aligns with your financial situation.
Received a pre-approval letter, confirming your readiness to start the home buying process.
Engaged a knowledgeable Realtor to help you navigate the real estate market.
Identified a potential home and are prepared to make an informed offer.
Step 3: Find the Right Mortgage Lender
Actively Seek Your Ideal Lending Partner: Start by exploring various mortgage options, including HomeReady, HomePossible, CRA Portfolio Loan products, FHA and other government loans, to find the one that best fits your needs. Make an informed decision by shopping around for mortgages and understanding the unique benefits each offers. Our program partners with ethical lenders providing these products, ensuring you have access to the best resources for your situation.
A list of HomeSTL approved lenders is coming soon!
Complete the HomeSTL Homebuyer Assistance Readiness Questionnaire
Embark on Your Path to Homeownership: Completing the questionnaire is a proactive step in preparing for homeownership. It helps us assess your readiness and connect you with the right resources and support.
Remember: This questionnaire is a vital tool in your homebuying preparation, but does not guarantee mortgage approval or program acceptance. It's designed to equip you with the knowledge and readiness for a successful and sustainable homeownership journey in St. Louis.
Completing the questionnaire does not provide a credit decision to support the purchase of a new home, provide a spot on a “waiting list” for the HomeSTL program or offer a guarantee of grant availability when you are ready to purchase a new home. It simply alerts SLDC of your interest in the program. A completed questionnaire begins the process of verifying program eligibility and will trigger a response from SLDC within 10 days with an estimated timeline of the full program launch and follow-up communication.
Homebuyer Readiness Webinar & In-Person Sessions
During the first quarter of 2024, SLDC, the Office of Financial Empowerment (OFE) and the Neighborhood Stabilization Division (NSD) hosted an educational webinar and in-person sessions for first time homebuyers interested in beginning their path toward homeownership in the City of St. Louis. The sessions provided an overview of the HomeSTL Homebuyer Assistance Program and prepared future homeowners for a successful journey that is rooted in education, informed choices and sustainable homeownership practices.
We encourage future homebuyers to watch the webinar recording.
Additional Support and Resources
Navigate Your Journey with Confidence:
Access to SLDC’s Neighborhood Manager at key steps throughout the process.
Take advantage of educational resources and webinars.
Connect with our community partners for additional guidance, including financial planning and homeownership counseling.
Commitment to Accessibility
Inclusive Homeownership for All:
We are dedicated to ensuring that everyone, regardless of ability, has access to our program and resources.
Should you have any special needs or require accommodation, please reach out to us so we can provide the necessary support.
The HomeSTL Homebuyer Assistance program is wholly funded with Coronavirus State and Local Fiscal Recovery Funds (SLFRF) passed through the City of St. Louis Community Development Administration (CDA). SLDC does not determine creditworthiness or make mortgage lending decisions. Attending Homebuyer Readiness Sessions and/or meeting HomeSTL eligibility requirements does not guarantee funding.