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No matter what side of I-70 you live on, whether you're rooting for the Cardinals or the Royals, or whether you pronounce it Missour-ee or Missou-rah, buying a house in The Show-Me State is a great choice.
FHA loans are great for Missouri homebuyers who maybe don’t have an established credit history, or don’t want to spend a lot of money on a down payment. Continue reading to see if an FHA loan in Missouri is right for you.
Why Consider an FHA Loan in Missouri?
Thousands of people are purchasing homes in the Show-Me State, and many are using FHA home loans to do so. As of April 2019, the total value of FHA loans in Missouri was $177 million, which makes it a highly popular mortgage option.
Benefits of choosing FHA Loans in MO
FHA loans are great for first-time homebuyers, especially those who can’t or don’t want to put down a large down payment.
FHA mortgage rates are typically lower than conventional mortgage rates.
FHA down payment and credit score requirements are typically lower than conventional loans
Sellers can contribute up to 6% of the purchase price or appraised value (whichever is less) towards the buyers’ closing costs.
Knowing how much a lender is going to let you borrow is important when beginning your house hunting journey. That said, there are maximum loan limits in place throughout Missouri. These limits are adjusted annually and depend on which county you want to live. The baseline limit in Missouri for 2021 is $331,760 but this may be higher in some counties. Use the table below to see the full list of Missouri FHA loan limits for 2021.
Buyers must be able to provide the following information and documents as requested by lenders:
The addresses of all your residences over the past two years.
The names of your employers over the past two years.
W2's for the past two years and current paycheck stubs.
Your current gross monthly salary.
Your Social Security Number.
Names, addresses, and account numbers with balances on all checking and savings accounts.
Addresses and loan information of any other real estate you owned.
Self-employed individuals will need to provide personal tax returns for the past two years and a current income statement and balance sheet for the business.
Students will need to provide evidence of enrollment. If you have student loans, you need to provide verification information.
Note: Facts and figures sourced from the latest statistics available at the time of this writing including data from the United States Department of Labor, United States Census Bureau and the United States Department of Housing and Urban Development.