Buying your first home in St. Louis comes down to seven steps: set a budget, get pre-approved, look into down payment help, sign a written buyer agreement, tour and make an offer, inspect, and close. Most purchases close 30 to 45 days after an accepted offer with financing.
Step 1: Set your budget
Start with the monthly payment you are comfortable with, not the maximum a lender approves. Include principal, interest, property taxes, homeowners insurance, HOA fees if any, and a cushion for repairs. The 30-year fixed rate averaged 7.24% the week of 10/29/2026 (Freddie Mac); rates change weekly. See how much house can I afford.
Step 2: Get pre-approved
A pre-approval letter shows sellers you can buy. Compare at least two or three lenders on rate, fees and closing timeline. Ask each about loan types: conventional, FHA, VA and USDA.
Step 3: Look into down payment help
The Missouri Housing Development Commission (MHDC) offers home buyer programs through participating lenders. Some local and employer programs also help. Rules and limits change, so ask your lender which programs you qualify for today.
Step 4: Sign a written buyer agreement
Since August 2024, buyers sign a written agreement with their agent before touring homes. It spells out what the agent does and how they are paid. Compensation is negotiable. Read it, ask questions and agree on terms before you tour. See what is a buyer agreement.
Step 5: Tour, then make a strong offer
Compare homes on what matters most to you: location, commute, layout, condition and total monthly cost. When you find the one, a strong offer is more than price: a clean closing date, solid earnest money and a pre-approval letter all help.
Step 6: Inspection and appraisal
Your inspection shows the home's condition. Buyers typically have a set number of days in the contract to inspect and request repairs or credits. Many St. Louis County municipalities and the City of St. Louis also require an occupancy inspection, usually handled by the seller. Your lender orders an appraisal to confirm value.
Step 7: Closing
The title company handles the closing, transfers funds and records the deed. Confirm wire instructions by phone using a number you trust, never from an email alone. See what happens at closing.
Typical first-time buyer costs
| Cost | What it is |
|---|---|
| Down payment | From 0% (VA, USDA) to 3% to 20% for other loans |
| Earnest money | A deposit with your offer, credited at closing |
| Inspection | Paid at inspection |
| Appraisal | Usually paid through the lender |
| Closing costs | Lender, title and prepaid items; see buyer closing costs |
Common first-time buyer mistakes
- Shopping before pre-approval
- Stretching to the maximum approval
- Skipping the inspection to win an offer
- Opening new credit before closing
Frequently asked questions
How much do I need to buy my first home in St. Louis?
It depends on the loan. Some loans allow 0% to 3.5% down, plus closing costs and reserves. A lender can give you exact numbers.
Are there first-time buyer programs in Missouri?
Yes. MHDC offers programs through participating lenders; ask your lender about current options and limits.
Do I have to pay my buyer's agent?
Compensation is negotiable and set in your written buyer agreement. Sometimes the seller agrees to pay part or all of it.
How long does it take to buy a house?
Many buyers find a home in one to three months; closing usually takes 30 to 45 days after the offer is accepted.
About the author: Stephanie Muhlenfeld, PMP, REALTOR® with LPT Realty. Stephanie helps buyers and sellers across St. Louis City and St. Louis, St. Charles, Jefferson and Franklin Counties move with a plan, not pressure. (314) 597-7494.
LPT Realty (417) 813-1762