This elegant villa home in Chesterfield will be open Sunday 2-4!

Impeccably updated 1.5 story, end-unit villa in prestigious, gated Conway Meadows. Transformed by a Top Ladue Designer, this custom home boasts new exotic walnut floors, Jeffersonian Wood floors, a granite kitchen, leaded custom art glass doors, triple crown molding, carefully chosen paints and Schumacher wall coverings, a lighted, private courtyard (access from both Breakfast Room and Master Bedroom) with lush perennial beds and fountain. Dramatic 2 story entry with leaded glass chandelier, opens to large living room with new carpet. 17 ft long Dining Room has 4-window bay. Kitchen and breakfast room boast many windows and overlook lush plantings in private courtyard — custom cabinetry, granite, dbl ovens, new DW, planning desk, can lights, new hardware, walk-in pantry, and fabulous light fixtures. Great room with vault. Master bedroom suite. 2nd large bedroom and full bath on main level. Additional master suite upstairs. New hot water heater, HVAC, roof, gutters, & security sytem.

If you want to see this condo, please call me for an appointment at 314.267.2636.

You can also visit my St. Louis Internet Home Search page.

Financing Condos in St. Louis

There is a serious financing problem with condos in St. Louis and throughout the country.  A little background… lenders love homebuyers to have 20% down.  These loans have very little risk.  When you put down less than 20%, lenders typically require that you get PMI, or Private Mortgage Insurance.  PMI is an insurance policy, paid monthly (rates based upon loan amount and credit scores — usually about 0.7% of the loan amount annually), that insures your loan in the event that you default.  

Recently, PMI companies have decided to stop insuring condo loans in “distressed” markets.  Distressed markets are housing markets that will likely continue to see declines in home value values.  Mortgage investors are considering St. Louis a “distressed” area in terms of home values.  We are not alone in this. 

Bottom line is this:  If you want to buy a condo in St. Louis, you must have 20% to put down.  Conversely, if you need to sell a condo in St. Louis, you will have to find a buyer who can put 20% down.  The ramifications are obvious, aren’t they?  It’s going to take a long time to find a buyer.

FHA is an answer to this problem.  FHA continues to loan 96.5% of the purchase price to qualified buyers — even on condos.  Here’s the catch:  Not every condo complex is FHA approved.  FHA loans are only available on select developments.  

The other answer to this crisis is the portfolio loan.  The portfolio loan is a loan from a smaller bank that will keep the loan in house and not sell to Fannie Mae or Freddie Mac.  Because they are not selling off the loan, they are able to make their own decisions on whether or not to loan.  Typically the rate will be higher and the terms less beneficial to the owner.

If you’re in the market for a St. Louis condo, you need an expert lender.  Call Matt Eversgerd of First Integrity Mortgage Services for professional advice.  His number is 314-620-7227.