Amberly B.
Our landlord informed us in December that he would be selling the house we live in. Our rent runs February to February, so two months was NOT enough time to work things out (our choices were move or buy the house ourselves). We had NOT planned on house buying, have a below market rent, etc. We worked out a deal for one more year (Feb 2026-Feb 2027) with a $100/month increase in rent (which is still below market value for the area). We don't want to buy this house, we already know all the issues. We did not have a downpayment saved, but an aunt passed in late December and provided a 40K inheritance, which is being set aside for house buying.
Here's my struggle. We are considered "moderate" income (about 125K total) so don't appear to qualify for any of the local homebuying programs, which are all geared to low income residents. We have ZERO experience with home buying, but have worked out that we need to come up with $300-500 more per month than our current rent to afford a reasonable house (200K purchase price). We need help with budgeting, understanding mortgage options, making the right combination of down payment/ PMI/ etc. We both have credit scores in the 800s, but that's because we have retirement loans (we consolidated our credit cards in late 2025, right before we learned about this….) that don't show on our credit reports.
Are there homebuying programs/guidance for non-Low income purchasers, and if so, how do I find them???? I'm in Missouri, if that helps.