Step 3: Down Payment Assistance
Program Overview
Homebuyer Services is a program of The Housing Partnership, Inc. (THP) that is designed to prepare homebuyers across the St. Louis region so they can have the knowledge, skills, and connections to become educated and responsible homeowners in long-term affordable housing.
The Homebuyer Services program covers three main areas:
1. Education on the homebuying process that is achieved through homebuyer orientations and an online homebuyer education course
2. One-on-one counseling sessions to help households achieve their goals
3. Down payment & closing cost assistance for eligible homebuyers purchasing in select jurisdictions
Funds for the Down Payment Assistance Program are provided by the St. Louis County Office of Community Development and the Community Development Administration of the City of St. Louis.
Step 3: Down Payment Assistance
Down Payment Assistance is the last step in the process towards homeownership. Once you complete all the items in Step 1 and Step 2, let us determine if you are eligible for down payment and closing cost assistance.
Have you filled out an intake packet yet? Visit Step 1: Education for more information.
The Steps to Homeownership
17. Enroll in a FREE Homebuyer Orientation
18. Submit intake packet with supporting documentation so we can determine eligibility for down payment/closing cost assistance
19. Complete online homebuyer education class. Fee is $115.
20. Attend FREE one-on-one counseling sessions
21. Work with a mortgage lender to receive loan approval
22. Work with a real estate agent to find the right home for you
23. Comply with all program requirements, building inspections, and permits
24. Attend closing. You are now a homeowner!
Down Payment & Closing Cost Assistance
Down payment assistance is provided as a 0% interest, $0 payment loan that is forgivable after 5 years of living at the home as your primary residence. Funds are first come, first served. Homebuyers must have at least $1,000 of their own funds vested into the transaction. Please check with us to make sure funding is available.
Assistance For Eligible Homebuyers
| County | Amount |
|---|---|
| St. Louis City | $3,500 |
| St. Louis County | $3,000 |
| City of Florissant | $3,500 |
| Jefferson County | $5,000 |
| St. Charles County | $10,000 |
| City of St. Charles | $10,000 |
| City of O'Fallon | $10,000 |
Not only do the homebuyers have to qualify, but the property has to qualify as well.
2020 Income Guidelines for St. Louis City
| Family Size | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
|---|---|---|---|---|---|---|---|---|
| Income | 46,450 | 53,050 | 59,700 | 66,300 | 71,650 | 76,950 | 82,250 | 87,550 |
2019 Income Guidelines for St. Louis County, Jefferson County and St. Charles County
| Family Size | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
|---|---|---|---|---|---|---|---|---|
| Income | 45,550 | 52,050 | 58,550 | 65,050 | 70,300 | 75,500 | 80,700 | 85,900 |
Maximum Purchase Price Limits
| Single Family Existing Home Purchase Price Limits | New Construction Purchase Price Limits | |
|---|---|---|
| St. Louis County | $152,000 | $234,000 |
| St. Charles County | $176,000 | $233,000 |
| Jefferson County | $152,000 | $227,000 |
| St. Louis City | No Price Limit | No Price Limit |
