Excellent credit, high income but don't have 20% of 700-800k. Need to sell..... 5458 pebble lane Osage beach MO 65065

Asked by Gloria Stockton-Peth, Chesterfield, MO Fri Mar 22, 2013

Looking for lease option so we can stop paying high rent. Our house has not been on market for long but we moved to St. Louis and ,I've in a penthouse dowtown. Need to be 15 miles of St Mary's hospital. Any ideas? One year left on current lease, could sublet.

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Penny Davis’ answer
Penny Davis, Agent, St Louis, MO
Fri Mar 22, 2013
Significant changes in FHA (3.5 % down payment) mortgages as of April 1st. If you get a contract on a home by Thursday, you can save yourself quite a bit of money. I would recommend talking to a lender - Christine Menker-Wilson at Realty Mortgage is great - and with a pre-approval letter in hand, see if you can find a home this next week. I would be happy to help - call or email me with questions.
Penny Davis
Red Key Realty St Louis
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Patti Click, , Baltimore, MD
Fri Mar 22, 2013
There are financing options with less than 20% in that price range. I am a local lender and would be happy to speak with you about Jumbo programs and what you may qualify for.
0 votes
Sebastian Ba…, Agent, Clayton, MO
Fri Mar 22, 2013
Maybe you shouldn't spend $700-800,000? You have lots of options for a lot less money. Even if your income is high enough to qualify for your existing mortgage, the current penthouse lease, and a new place, you could think about buying something low enough to use less than 20% down. Have you had a conversation with a loan officer?

15 miles from St. Mary's is pretty much the entire St. Louis Metropilitan Area.

I live across form St. Mary's in a little neighborhood called DeMun and would be available anytime to have an intelligent discussion of your options.
0 votes
Klaus Illian, Agent, St Louis, MO
Fri Mar 22, 2013
Forget FHA financing if you plan to buy in the $700-800k range. The FHA limit in this area is a little over $275k. A good local lender can give you the details. I can refer you to one but feel free to use anyone you want. I am sure I could help you. Do you want to meet for coffee on day next week?

Klaus Illian
Wood Brothers Realty
5600 Hampton Ave.
St. Louis, MO 63109
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