SLDC Approves Six Mortgage Lenders, Begins Accepting Reservations for HomeSTL Homebuyer Assistance Program
St. Louis, MO (June 27, 2024) — To make homeownership affordable for eligible and credit qualified first time homebuyers at or below 80% AMI purchasing a home in the City of St. Louis, St. Louis Development Corporation (SLDC) has created a Homebuyer Assistance Program: HomeSTL. Today, the economic development organization welcomes the first six (6) mortgage lenders into the HomeSTL program, which offers homebuyer assistance up to $50,000 in the form of a forgivable loan with zero percent interest and no monthly payments for up to 15 years.
“Only SLDC approved mortgage lenders can participate in HomeSTL, so we are excited to welcome the first round of lending partners into the program. This means potential homebuyers can now find and engage a lender to begin the preapproval process and reserve HomeSTL funds,” said SLDC’s SVP of Strategic Growth, Lance Knuckles.
Approved HomeSTL Mortgage Lenders
Lender Recruitment Continues
SLDC is still seeking lending partners and anticipates adding new lenders to the program and its website as they are onboarded each month. Interested financial institutions are invited to apply to participate in HomeSTL here. The HomeSTL team will evaluate lenders moving forward on a rolling basis and future lender trainings will be posted as lenders are approved. The approved lender list will be updated on an ongoing basis.
About HomeSTL Homebuyer Assistance
HomeSTL assistance may be applied toward down payment, closing costs, a permanent interest rate reduction, prepaids and/or to a principal reduction — and must be combined with a FHA, VA or conventional 30-year, fixed rate, first mortgage provided to qualified homebuyers.
To qualify for HomeSTL assistance, borrowers must:
Be a first time homebuyer purchasing a home within St. Louis city limits, with additional assistance available if the home is within a HUD Qualified Census Tract (QCT)
Meet household income limits by family size (80% of Area Median Income)
Complete a HUD approved Homebuyer Education course
SLDC anticipates HomeSTL will fund assistance for approximately 75 loans and will be closed once funds are fully utilized or December 31, 2026, whichever comes first.
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).