Multi-family rehab at Wyoming and California by Phoenix Development. July 2013.
Renter Info
Need a contract or simply advice on your rehab project? Join for free the St. Louis Rehabbers Club or just visit their Contractors List.
Benton Park West welcomes renters to our community. We highly encourage all residents to attend and participate in neighborhood meetings and events.
Please note: BPWNA does not formally endorse any landlord, realtor, property owner, or property management company.
Housing and Investing
Federal Tax Credits
To learn more about historic tax credits, please visit the Missouri Department of Natural Resources, State Historic Preservation's site.
Tax Abatement
Real Estate Tax Abatement maybe available for owner-occupied renovation projects. Tax abatements are typically 5-10 years. You must contact your alderman before you start your rehab project. Contact Alderman Ken Ortmann (w) 314-622-3287, (h) 314-776-0161 for more information.
Home Buyer Programs
Law enforcement officers, pre-Kindergarten through 12th grade teachers and firefighters/emergency medical technicians can contribute to community revitalization while becoming homeowners through HUD's Good Neighbor Next Door Sales Program. HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home. In return you must commit to live in the property for 36 months as your sole residence.
MHDC First Place Homebuyer Programs
First-time home buyers may be eligible for down payment and closing cost assistance or a lower interest rate.
Loan Options
Real estate investing is increasingly complex, so let us simplify some options for you.
Construction Loan
A loan borrowed to finance theconstruction of a home and typically only interest is paid during theconstruction period. Once the construction is over, the loan amount becomes due and it becomes a normal mortgage.
Conventional Loans
A mortgage loan not insured by any government program, conventional loans are the most common type of mortgage. They differ from FHA loans and VA loans which are insured by the government. Conforming conventional loans follow the loan amount guidelines set by Fannie Mae and Freddie Mac.
FHA 203K Loans (Renovation Loans)
When a homebuyer wants to purchase a house in need of repair or modernization, the homebuyer usually has to obtain financing first to purchase the dwelling; additional financing for the rehabilitation; and a permanent mortgage when the work is completed to pay off the interim loans with a permanent mortgage. Often the interim financing (the acquisition and construction loans) involves relatively high interest rates and short amortization periods. The Section 203(k) program was designed to address this situation. The borrower can get just one mortgage loan, at a long-term fixed (or adjustable) rate, to finance both the acquisition and the rehabilitation of the property. To provide funds for the rehabilitation, the mortgage amount is based on the projected value of the property with the work completed, taking into account the cost of the work.
VA helps Servicemembers, Veterans, and eligible surviving spouses become homeowners. As part of their mission to serve these individuals, they provide a home loan guaranty benefit and other housing-related programs to help buy, build, repair, retain, or adapt a home for personal occupancy.
