Missourihomeowner.com

MissouriHomeOwner.com



Dear Future Homeowner,

This page explains what is expected of you and what you can expect from us as we help you become a homeowner. Here are the steps you need to take to own your own home:

1. APPLY ONLINE

You will immediately receive an email confirming that your application has been received and requesting that you call us to schedule an appointment to finalize your approval. There is no application fee and no money whatsoever is paid until you submit an actual purchase agreement for the home you ultimately choose. And, that won't occur until after you are approved.

Approval usually occurs within 24 hours from your appointment with us and at that time you will know that exact approval amount of the home you are able to purchase. And, as an approved buyer you will get advance information on newly acquired properties long before they are advertised on our website or in the newspaper.

2. Drive by the new homes we offer and come to the open houses. (Usually on Sunday afternoons) We can answer questions and you can learn about the homes, neighborhoods and prices. We also will conduct private showings once you are approved.

3. After you are approved no money is due until you submit an actual purchase agreement for the home you've ultimately chosen. Upon submission of the purchase agreement $1250 is paid and credited towards your down payment. We will schedule a closing date to be held at the attorney's office or our servicing agent's office. Your remaining down payment balance and closing costs ($850) are due at closing in the form of certified funds, wire transfer, cashier's check, etc. No personal checks are allowed at closing. As soon as closing is complete you are given the keys to your new home.

We are able to extend, based on your credit and situation, an interest rate of between 7.9% and 10.9% and although this is lower than the interest rate offered to individuals with credit challenges by some banks and mortgage companies, we still encourage you to refinance as soon as you can to achieve an even lower monthly payment. Whether it is next year or five years from now, we will assist by reporting your on-time payment history when you apply for the new loan. We structure the transaction as a Contract for Deed that allows you to take possession of the deed once you rebuild your credit and refinance conventionally in the future.

4. Monthly payments are required to be automatically deducted from your bank account. This will occur on the same day every month and you must have sufficient available funds in your account to cover your payment each and every month. We are very strict about timely payment and make no exceptions to our enforcement of these. We charge late fees and bank charges if the bank draft doesn't clear and require the payment including the late fees to be made with a cashier's check immediately.

5. Your monthly payment will include both the principal and interest on a 30-year amortized and fixed rate loan. In addition, you will pay the estimated amount for taxes, servicing agent fees and insurance as part of your monthly payment. The servicing agent will escrow these amounts and disburse directly to the county tax collector and insurance company. There are no surprises at the end of the year.

6. This house is yours and you have taken possession of it in as-is condition. We will not pay any bills or reimburse you for repairs, maintenance or expenses. You can improve it, paint it, change the wallpaper, have more kids there, have pets, whatever. Bottom Line, we want you to enjoy your home, improve your credit and achieve the goal of refinancing.

7. If you still have questions please call John Cone at 636-336-0022 for additional information and assistance.

Talk to a Real Person: 636-336-0022
or email: info@missourihomeowner.com

Missourihomeowner.com Owner will Finance Homes

The Home Buyer TAX CREDIT has been EXTENDED AND EXPANDED!!

NEWS FLASH-November 6, 2009: The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. It also authorized a tax credit of up to $6,500 for qualified repeat home buyers.

$8,000 First-time Home Buyer Tax Credit at a Glance

• The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
• The tax credit does not have to be repaid.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
• The tax credit applies only to homes priced at $800,000 or less.
• The tax credit now applies to sales occurring on or after January 1, 2009 and or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
• For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
• For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
• More info
• The credit is claimed using Form 5405, which you file with your original or amended tax return. More info and forms from the IRS website.

The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance

• To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
• The tax credit does not have to be repaid.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
• The tax credit applies only to homes priced at $800,000 or less.
• The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by May 1, 2010, the home purchase qualifies provided it is completed prior to July 1, 2010.
• Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

• More info
• The credit is claimed using Form 5405, which you file with your original or amended tax return. More info and forms from the IRS website.

Missourihomeowner.com

This year Missourihomeowner.com has now completed over 50 new homes and another 30 homes are under construction right now. Workers are working and families are getting their own homes. This progress occurred because small business stepped up and took risk when many others sat on their hands and waited for the government to solve their problems.

We are proud that real families who were told NO by the lending industry are now putting up Halloween decorations at their own homes. Soon they'll be putting the star on the top of the Christmas tree. We are proud that roofers, carpenters, dry wallers and painters will get a paycheck this Friday and be able to take the family out to dinner, buy new school clothes for their kids and put something in the collection plate at church this Sunday. This is what makes our country strong. Risk, boot-strapping, community concern, support of local businesses and good old-fashioned American made Capitalism.

We continue to strive to help good families achieve the joy of home ownership. These are families with good income and solid employment that are falling short of the much higher credit score minimums now required by lenders. This extreme constriction of lending has significantly increased the number of Americans who are being told they can't own their own homes. We have met these families. We know their employers. They are good people who not only deserve their own home but who will succeed at home ownership. They have good income and solid employment. So, we are saying YES. Many of these families who will purchase their own home using our seller financing program on or before November 30 will receive an $8000 tax credit as well. There is talk of this incentive being extended. We support this effort.

The federal stimulus package passed in February has many detractors, but nearly everyone agrees that one provision — the $8,000 first-time home buyer tax credit — is working precisely as planned, stimulating demand amid record-high unemployment and economic uncertainty.

So it's crucial that when Congress returns from recess next week, lawmakers extend the soon-to-expire credit through 2010. And if they want to bolster the fledgling recovery, they'll expand eligibility. Let your elected officials know that you support this. The link below will allow you to send a message to them with just a click. Please be part of the solution and take part in our democracy now:

Send Your Message to Congress and other elected officials NOW