Buying a House in St. Louis, MO
Welcome to Your Next Chapter in St. Louis
Buying a house is an exciting journey. Whether it’s your first home or your tenth one.
At Gateway Realty Group, our experienced St. Louis real estate agents are here to guide you through every step, from showings and open house schedules to closing day.
We serve buyers across the St. Louis Area. We work in St. Louis City, St. Louis County, St. Charles County, Jefferson County, and other parts of the metro area.
Why St. Louis Buyers Trust Us
- We are local agents who know the ins and outs of Saint Louis real estate
- Access to exclusive listings and off-market options
- Experience with luxury homes, new construction, and first-time homebuyers
- Assistance with loan options, negotiations, and navigating closing costs
- Trusted partnerships with lenders, inspectors, and title companies
Explore the Best Places to Live in St. Louis
Looking for the best place to call home in the St. Louis metro area? Explore some of our most popular neighborhoods:
St. Louis City
St. Louis County
Preparing to Buy: How To Be Competitive
Before you start house hunting, it’s smart to get preapproved for a mortgage. In a fast-moving market like St. Louis, a preapproval helps you act quickly and stand out.
Pre-Qualified: In order to be pre-qualified, a lender may or may not check your credit score and won’t require documentation, only going off what you tell them. This will give you an idea of what you could qualify for, but when you’re serious about buying, you’ll need to get pre-approved.
Pre-Approved: To be pre-approved, the lender will pull your credit and ask you for documentation to verify your finances. Before making an offer on a house, it is best to get pre-approved to show sellers your offer is serious and that a lender has already approved you for enough money to purchase the home.
Why Preapproval Matters
- Gives you clarity and helps you determine your target price range.
- Makes your offer more competitive, especially when up against cash offers.
- Gives sellers confidence that you are a highly qualified buyer.
Common Loan Products for St. Louis Homebuyers
Conventional Loan
The most common home loan type, offered through most lenders, typically requires a minimum of 5% down.
VA Loan
VA loans are designated for veterans, spouses, and reservists, offered through private lenders, and guaranteed by the U.S. Department of Veteran Affairs. VA Loans are popular for their 0% down options for those who qualify.
FHA Loan
FHA loans are designed for those with higher debt-to-income ratios and/or lower credit scores. They are popular among first-time homebuyers, but you don’t need to be a first-time buyer to use an FHA Loan. FHA loans are offered by FHA-approved lenders and backed by the Federal Housing Administration.
USDA Loan
USDA loans are for homebuyers in designated rural areas, backed by the U.S. Department of Agriculture. These loans do not require any down payment, but there are limitations on income and assets in order to qualify.
| TYPE OF LOAN | DOWN PAYMENT | TERMS | MORTGAGE INSURANCE | MINIMUM CREDIT SCORE |
|---|---|---|---|---|
| CONVENTIONAL | 5 - 20% | 15 - 30 Years | On down payments under 20% | 620 |
| FHA | 3.5 - 20% | 15 - 30 Years | For 11 years or life of the loan | 620 |
| VA | None | 15 - 30 Years | None | 640 |
| USDA | None | 15 - 30 Years | None | 640 |
How to Choose a Lender
Interviewing mortgage lenders is important in determining what type of home loan is best for you. Not all lenders are the same, and the type of loans available, interest rates, and fees can vary.
Here are some questions to consider when interviewing lenders:
- Which types of home loans do you offer?
- Do I qualify for any special programs or discounts?
- What estimated closing costs can I expect to pay?
- What is your average loan processing time?
Home Loan Application - Documents Checklist
To determine loan eligibility, lenders typically require the following types of documents from each applicant:
INCOME:
- Federal tax returns: last 2 years
- W-2s: last 2 years
- Pay stubs: last 2 months
- Any additional income documentation: pension, retirement, child support, Social Security / disability income award letters, etc
ASSETS:
- Bank statements: 2 most recent checking and savings account statements
- 401(k) or retirement account statement and summary
- Other assets: statements and summariesof IRAs, stocks, bonds, etc
OTHER:
- Copy of driver's license or ID and Social Security card
- Addresses for the past 2 - 5 years and landlord's contact info if applicable
- Student loan statements: showing current and future payment amounts
- Documents relating to any of the following if applicable: divorce, bankruptcy, collections, judgements or pending lawsuits
PLEASE NOTE:
Each Person and Home Loan is Unique, this list is a start, your lender WILL request other documentation pertinent to YOUR specific situation.
1. Tell us what you’re looking for – Bedroom homes, Sq Ft, price range, zip codes, and features like new roof, open floor plan, or family room
2. Get a personalized list of STL Homes – Includes off-market listings, open houses, price reductions, and new construction options
3. Tour homes – We coordinate showings and help evaluate comparable sales to help you get a sense of value.
4. Make a strong offer – We help you compete on List Price, negotiate closing costs, and set a closing date
5. Celebrate your new home – From the main level to the lower level, we’ll help you make the most of your living area
