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Your West St. Louis Couty Realtors ~ Chesterfield, Clarkson Valley, Frontenac, Ladue, Town and Country and Wildwood, Missouri Areas St. Louisians divide the Greater St. Louis Area into what we refer to as Counties. The city and nearby neighborhoods and communities are referred to as downtown or St. Louis, which is its own county, not to be confused with St. Louis County. The greater suburbia of St. Louis incorporating the vast county is referred to as St. Louis County broken down locally into generality areas of Clayton (the County Seat), South County, North County, and West County. Visit our great West St. Louis County City Websites for more information on each individual community! Contact us for more information on these West County Communities. 
Buyers Remorse >First Time Loans
Most first-time buyers can qualify for a mortgage loan, but they may need help from parents to make the down payment or closing costs on their home. There are loan programs that minimize the down payment and closing costs for first-time buyers. These programs usually require that 3 to 5 percent of the purchase price come from the buyers' funds, not from a loan or gift. Most lenders ask for the last three months' bank records. The borrower will be asked to reveal the origin of any large deposits. If the money comes from the homebuyer's parents, the lender may not consider those funds when qualifying the buyers.
Parents who are planning to help their children finance a home should transfer any funds several months before the house-hunting process begins. If it is a loan rather than a gift, a formal re-payment agreement should be drawn up between parents and children to eliminate potential misunderstandings or future complications with either estate.
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| Q |
What is considered one of the key elements of the American dream?
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| A |
Home ownership is considered to a key to the American dream; more than 2 million first-time buyers bought property last year. |
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