First time home buyers may take advantage of  the $8,000 tax credit http://www.digits.hrblock.com/tipsandpodcasts/text/homecredit.php?otpPartnerId=2889&CampaignID=2889_0017&pgm=31444300  

The Missouri housing and development are offering $15,000 to buyers  of foreclosed homes http://www.mhdc.com/homes/nsp/index.htm  

St Charles county is offering an incentive program to gain new St Charles County home owners.  The county provides $500 which is matched by the lender, builder, or seller to provide a one thousand dollar assist with your closing costs.  Joe Calcaterra at 314-368-9515 is cooperating with this matching fund program.  See http://www.homestcharles.org./  While there also look at the tab for down payment programs available from the cities of St Charles, St Peters, and O'Fallon.  

Remember, your least expensive money to purchase housing should be conventional financing.  However, this will also require your credit to be at its best, and adequate down payment.  FHA mortgages help fill this gap.  Read this comparison http://www.fhainfo.com/fhavsconventional.htm  

Your VA benefits help your home purchase buy not requiring the 3%+ down payment that the FHA does but also due to government guarantee the credit restrictions are not as strict. Read http://www.vamortgagecenter.com/f/conventional_vs_va_loan.html  

As close as Lincoln, Warren, Jefferson, and other rural counties are it is worth looking at USDA funding.  The advantage is near 100% financing with less attention to credit score.  Read http://www.usdaloanapproval.com/usda_loan_guidelines_index.html  

Bankruptcy, foreclosure, unemployment are normally what keeps you out of the housing market.  There are tools that often can be used to avoid this if used soon enough.  I can't keep you from losing your job, but possibly foreclosure and bankruptcy.     Thank you,
 
Dwight Puntigan
River City Real Estate
636-219-6242   Cell
800-689-6991   Fax
http://DwightPuntigan.Point2Agent.com
http://www.StCharlesHousing.com
http://seniorplanningdwightpuntigan.com/
http://stpetersrealestateinvestment.2trom.com/