First Time Home Buyers

FHA Mortgages or Home Loans are perfect for the First Time Home Buyer looking to buy a new home in St. Louis, St. Charles or anywhere in Missouri, especially for those first time home buyers with little to no money saved, what's even better is that most first time buyers may qualify for down payment assistance from the State of Missouri or local and municipal grant money. A few cities and counties in our area that provide down payment assistance, St. Charles City, St. Louis County, Florissant, Wentzville, O'Fallon, St. Charles County, St. Louis City, there are more if you want to see if your town or area has down payment assistance for first time home buyers just give me a call or email me. You would never get that level of service from any Bank. FHA Mortgages are also much easier to qualify for so if you have lower income or a lower credit score then most chances are that you would still be able to qualify for an FHA Mortgage. You will be surprised at how easy FHA financing can be. 

Mortgages for Anyone

You don't have to be a First Time Buyer to qualify for FHA or HUD loans! No matter how many mortgages you have had and no matter how many homes you may still qualify for FHA mortgage. You can even purchase up to a 4-unit house with a conventional FHA mortgage or refurbish a house that needs a little extra care with an FHA 203k mortgage. There is an FHA Mortgage for just about any home buying situation! 

Low Rates Even for Bad Credit

High interest rates do not exist with FHA Mortgages. You will not be sold into a risky subprime adjustable mortgage with unpredictable rates and payments. Your payment will remain fixed for 30 years at a low interest rate! Not matter what your credit you will still get a low interest rate once you are approved for an FHA Mortgage. My company will approve a FHA mortgage from a 580 credit score and higher, with very low market interest rates. 

Rates and Payments Start and Stay Low

FHA Loans come in many flavors and many different terms. You can rest easy with an FHA Mortgage since rates and payments start and stay low! Get sound peace of mind and the security of the American Government behind your mortgage. 

Qualifications and Pre-Approvals are Free! No Upfront Fees or Costs!
Getting qualified for an FHA Loan is very easy and the process if free of charge. 

The FHA’s mission driven organization encourages home ownership and provides affordable housing opportunities with low down payment and flexible credit requirements.

Since 1934, the FHA has insured over 37 million home mortgages with a market share of 30% in 2010 vs 3% in 2007.  In 2009, FHA programs insured nearly 2 million loans, which included 750,000 first-time home buyers.

While most people believe that the FHA lends money directly to borrowers, it’s actually just insures a certain type of loan that is financed by traditional banks and mortgage lenders.

Four of the most visible single family housing programs that FHA offers are, Section 203(b), Section 234(c), Section 203(k) and Home Equity Conversion Mortgages (HECM) – Reverse Mortgages.

FHA Loan Type Highlights:

Section 203(b)

  • largest of FHA’s single family programs
  • 1-4 unit properties are eligible
  • flexible credit requirements
  • 3.5% down payment allowed
  • down payment may be a gift from specific sources
  • Credit Scores down to 580 with 3.5% down payment
  • Credit Scores down to 500 with 10% down payment
  • Works well with Down Payment Assistance Programs

Section 234(c)

  • provides mortgage insurance for individual condominium units
  • credit, down payment and limits of 203(b) apply
  • in 2010, condominium complexes must be approved through HRAP/DELRAP to be eligible for FHA insurance

Section 203(k)

  • primary program for property rehabilitation
  • encourages community and neighborhood revitalization
  • only 1 mortgage loan is used for both the acquisition and the renovation
  • 1-4 unit properties including condominiums are eligible; check with your lender for manufactured housing eligibility
  • required improvements include cost effective energy conservation standards and smoke detectors
  • consultancy may be required

FHA programs go beyond the scope of the previous listed programs. They offer a Streamline Refinance as well as a Streamline 203(k) for limited repairs. Also, recent legislation has helped FHA offer special programs with incentives to lenders for modifying and refinancing existing mortgages like with the “Making Home Affordable Program.”

When looking for a loan program to fit your specific needs, take a close look at FHA as their programs have become more attractive to both lenders and consumers.

With favorable loan terms, higher loan limits, 30 year fixed repayment terms and flexible down payment options, FHA will continue to encourage home ownership, provide liquidity and stability to the mortgage market.

Have Questions?

Hi, I am Bob Rutledge with New American Funding a progressive and customer oriented Mortgage Company. I have been a Mortgage Loan Officer for over 2 Decades, I have closed 1000s of mortgage, I have experience as a Mortgage Underwriter too.  I specialize in First Time Home Buyer Programs, Renovation and Construction Mortgages, and knowing the best mortgage options, programs and guidelines to provide the best to my clients.  I concentrate on making more options available to home buyers! When we work together you will find that I answer all questions, sometimes before they are asked. I prefer to be available to you as much as my family and life will allow, I am accessible to you via my cell, text, or email, or you can come and visit at my office. You will never wonder if I left you. 


Ask Me About The Great Down Payment Assistance Programs That Are Available To First Time Home Buyers


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Bob Rutledge Mortgage

Loan Officer NMLS#: 297044

New American Funding 12321 Olive Blvd, ste 150
St. Louis, MO 63141