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Last updated: Apr 20, 2024
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Data provided by Icanbuy, LLC. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.

Missouri Mortgage Overview

Missouri has a population of just over 6 million people. The average home price is $157,000 and 66% of the homes in MO are owner-occupied. The Missouri Housing Development Commission offers a variety of programs to make buying your first home in Missouri simple.

If you're thinking of buying a home in Missouri, here are your top loan options.

Missouri FHA loans

You don't need perfect credit to get a mortgage in Missouri. The FHA loan offers flexible guidelines for first-time and subsequent homebuyers. With a 580 credit score and 3.5 percent down on a home, you could become a homeowner in MO. The FHA loan has flexible guidelines including up to 50 percent debt ratios. If you have a 500 - 579 credit score, you may still get approved but with a 10 percent down payment.

Missouri VA loans

The VA helps veterans secure housing by offering a 100 percent down payment program. Veterans need a 620 credit score and enough money to cover their bills and the daily cost of living. The VA doesn't charge mortgage insurance and only charges an upfront funding fee to provide the VA guarantee that allows lenders to offer flexible guidelines for veterans.

Missouri USDA loans

The USDA also guarantees loans for borrowers who don't qualify for any other loan program. You must live in a 'rural' area, but the USDA loosely defines rural, making it more accessible than many people think. USDA loans have low interest rates and closing costs, but they do charge mortgage insurance for the life of the loan.

Missouri conventional loans

Conventional loans are for borrowers with great credit and low debt ratios. They are the 'standard' mortgage, but you can get by with less than 20 percent down. First-time homebuyers need just 3 percent down and subsequent homebuyers need 5 percent down. Conventional loans charge PMI but only until you owe less than 80 percent of the home's value.

First-Time Homebuyer Programs in Missouri

First Place Loan Program

First-time homebuyers or anyone who hasn't owned a home in the last 3 years who meet the MHDC credit score requirement may get closing cost and down payment assistance of up to 4 percent of the loan amount. The assistance is a second mortgage that the MHDC forgives if you stay in the home for 10 years. It's forgiven at 1/60th of the amount each month until the 120th month. The amount your receive and qualifying requirements vary by area.


The mortgage credit certificate enables borrowers to get a tax credit for the mortgage interest paid each year. Borrowers may get a credit for up to 40 percent of the interest paid or $2,000 max. This reduces your tax liability and offsets the cost of owning a home.

Next Step Program

The Next Step Program is for borrowers who make too much money to qualify for the First Place Loan Program but who need assistance. The income limits are higher, but the program offers the same benefits including a 4 percent down payment and closing cost assistance that they forgive over 10 years.

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