Missouri FHA Loans –  Requirements and Loan Limits for 2022 – Missouri FHA Lenders

missouri fha lenders

Missouri home buyers who need a small down payment or have poor credit scores may be able to purchase a home with an Missouri FHA loan. There are many FHA lenders in Missouri who offer FHA loans, but not all of them participate in all of the FHA loan options available.

We will take you through the Missouri FHA loan requirements, detail what is needed to qualify, then help you to get pre-qualified. If you already know that an FHA loan is right for you, then click to connect with an Missouri FHA lender whether you live in Kansas City, St Louis, Springfield, Columbia, or anywhere else.

Missouri FHA Down Payment Requirements

The down payment requirements for an FHA loan is the same in every state. The minimum requirement for an FHA loan is 3.5% of the purchase price. However, if your credit score is below 580, then the down payment requirement will be 10%.

If you do not have the down payment needed, you can also use gift funds from a relative.

Missouri FHA Down Payment Assistance

There are various down payment assistance programs in every state. Below is a list of just a few down payment assistance programs that may be available to you in Missouri. Home buyers will need to contact, and arrange for these programs independently. Lenders will accept the funds from these programs for your down payment but they will not arrange for the down payment assistance.

Missouri Housing Development Contact

Missouri FHA Loan Requirements for 2022

These are the basic FHA loan requirements for this year. All of these must be met to be approved for an FHA loan. If you are not positive on whether you meet these standards or have questions, an FHA lender can help.

  • Down payment of 3.5% or 10% if your credit score is below 580
  • 2-year employment history with some exceptions allowed
  • Fully document your income for the past two years
  • Minimum FICO score requirement of 500 – down payment will vary
  • Mortgage Insurance Premium (MIP) is required for every FHA loan
  • Maximum debt to income ratio of 43% with exceptions up to 56%
  • The home must be your primary residence
  • No bankruptcies or foreclosures in the past two years

Missouri FHA Loan Benefits

These are the benefits of an FHA loan versus a conventional loan:

  • Lower credit scores permitted
  • Lower down payment requirement
  • FHA interest rates are lower than conventional rates
  • Gift funds allowed
  • Seller closing cost contributions are allowed
  • FHA loans are assumable
  • Co-signers allowed
  • Higher debt to income ratios permitted

Top Missouri FHA lenders

These lenders are just a few options for you to consider. Please note that each lender is different and it is possible that none of these options are best for you depending upon your scenario.

  1. Carrington Mortgage Services
  2. Bank of England Missouri
  3. Flagstar Bank
  4. Quicken Loans
  5. Home Point Financial
  6. The Bank of Missouri

Let us help you to find the best FHA lender in your area by completing this FHA loan scenario form with some basic loan scenario information. No credit report will be pulled and we can connect you with the best option.

Missouri FHA Loan Limits

Every county in the United States has specific maximum loan limits that are set for single family homes, as well as 2-4 unit properties. The limits are set based upon the average home sales value in that county. The base FHA loan limit for single family residences in Missouri for most counties is $420,680. Use this FHA loan limit lookup tool to see what the FHA loan limits are in your county.

County Name Single Family 2 Units 3 Units 4 Units
ADAIR $420,680 $538,650 $651,050 $809,150
ANDREW $420,680 $538,650 $651,050 $809,150
ATCHISON $420,680 $538,650 $651,050 $809,150
AUDRAIN $420,680 $538,650 $651,050 $809,150
BARRY $420,680 $538,650 $651,050 $809,150
BARTON $420,680 $538,650 $651,050 $809,150
BATES $431,250 $552,050 $667,350 $829,350
BENTON $420,680 $538,650 $651,050 $809,150
BOLLINGER $420,680 $538,650 $651,050 $809,150
BOONE $420,680 $538,650 $651,050 $809,150
BUCHANAN $420,680 $538,650 $651,050 $809,150
BUTLER $420,680 $538,650 $651,050 $809,150
CALDWELL $431,250 $552,050 $667,350 $829,350
CALLAWAY $420,680 $538,650 $651,050 $809,150
CAMDEN $420,680 $538,650 $651,050 $809,150
CAPE GIRARDEAU $420,680 $538,650 $651,050 $809,150
CARROLL $420,680 $538,650 $651,050 $809,150
CARTER $420,680 $538,650 $651,050 $809,150
CASS $431,250 $552,050 $667,350 $829,350
CEDAR $420,680 $538,650 $651,050 $809,150
CHARITON $420,680 $538,650 $651,050 $809,150
CHRISTIAN $420,680 $538,650 $651,050 $809,150
CLARK $420,680 $538,650 $651,050 $809,150
CLAY $431,250 $552,050 $667,350 $829,350
CLINTON $431,250 $552,050 $667,350 $829,350
COLE $420,680 $538,650 $651,050 $809,150
COOPER $420,680 $538,650 $651,050 $809,150
CRAWFORD $420,680 $538,650 $651,050 $809,150
DADE $420,680 $538,650 $651,050 $809,150
DALLAS $420,680 $538,650 $651,050 $809,150
DAVIESS $420,680 $538,650 $651,050 $809,150
DEKALB $420,680 $538,650 $651,050 $809,150
DENT $420,680 $538,650 $651,050 $809,150
DOUGLAS $420,680 $538,650 $651,050 $809,150
DUNKLIN $420,680 $538,650 $651,050 $809,150
FRANKLIN $420,680 $538,650 $651,050 $809,150
GASCONADE $420,680 $538,650 $651,050 $809,150
GENTRY $420,680 $538,650 $651,050 $809,150
GREENE $420,680 $538,650 $651,050 $809,150
GRUNDY $420,680 $538,650 $651,050 $809,150
HARRISON $420,680 $538,650 $651,050 $809,150
HENRY $420,680 $538,650 $651,050 $809,150
HICKORY $420,680 $538,650 $651,050 $809,150
HOLT $420,680 $538,650 $651,050 $809,150
HOWARD $420,680 $538,650 $651,050 $809,150
HOWELL $420,680 $538,650 $651,050 $809,150
IRON $420,680 $538,650 $651,050 $809,150
JACKSON $431,250 $552,050 $667,350 $829,350
JASPER $420,680 $538,650 $651,050 $809,150
JEFFERSON $420,680 $538,650 $651,050 $809,150
JOHNSON $420,680 $538,650 $651,050 $809,150
KNOX $420,680 $538,650 $651,050 $809,150
LACLEDE $420,680 $538,650 $651,050 $809,150
LAFAYETTE $431,250 $552,050 $667,350 $829,350
LAWRENCE $420,680 $538,650 $651,050 $809,150
LEWIS $420,680 $538,650 $651,050 $809,150
LINCOLN $420,680 $538,650 $651,050 $809,150
LINN $420,680 $538,650 $651,050 $809,150
LIVINGSTON $420,680 $538,650 $651,050 $809,150
MACON $420,680 $538,650 $651,050 $809,150
MADISON $420,680 $538,650 $651,050 $809,150
MARIES $420,680 $538,650 $651,050 $809,150
MARION $420,680 $538,650 $651,050 $809,150
MCDONALD $420,680 $538,650 $651,050 $809,150
MERCER $420,680 $538,650 $651,050 $809,150
MILLER $420,680 $538,650 $651,050 $809,150
MISSISSIPPI $420,680 $538,650 $651,050 $809,150
MONITEAU $420,680 $538,650 $651,050 $809,150
MONROE $420,680 $538,650 $651,050 $809,150
MONTGOMERY $420,680 $538,650 $651,050 $809,150
MORGAN $420,680 $538,650 $651,050 $809,150
NEW MADRID $420,680 $538,650 $651,050 $809,150
NEWTON $420,680 $538,650 $651,050 $809,150
NODAWAY $420,680 $538,650 $651,050 $809,150
OREGON $420,680 $538,650 $651,050 $809,150
OSAGE $420,680 $538,650 $651,050 $809,150
OZARK $420,680 $538,650 $651,050 $809,150
PEMISCOT $420,680 $538,650 $651,050 $809,150
PERRY $420,680 $538,650 $651,050 $809,150
PETTIS $420,680 $538,650 $651,050 $809,150
PHELPS $420,680 $538,650 $651,050 $809,150
PIKE $420,680 $538,650 $651,050 $809,150
PLATTE $431,250 $552,050 $667,350 $829,350
POLK $420,680 $538,650 $651,050 $809,150
PULASKI $420,680 $538,650 $651,050 $809,150
PUTNAM $420,680 $538,650 $651,050 $809,150
RALLS $420,680 $538,650 $651,050 $809,150
RANDOLPH $420,680 $538,650 $651,050 $809,150
RAY $431,250 $552,050 $667,350 $829,350
REYNOLDS $420,680 $538,650 $651,050 $809,150
RIPLEY $420,680 $538,650 $651,050 $809,150
SALINE $420,680 $538,650 $651,050 $809,150
SCHUYLER $420,680 $538,650 $651,050 $809,150
SCOTLAND $420,680 $538,650 $651,050 $809,150
SCOTT $420,680 $538,650 $651,050 $809,150
SHANNON $420,680 $538,650 $651,050 $809,150
SHELBY $420,680 $538,650 $651,050 $809,150
ST. CHARLES $420,680 $538,650 $651,050 $809,150
ST. CLAIR $420,680 $538,650 $651,050 $809,150
ST. FRANCOIS $420,680 $538,650 $651,050 $809,150
ST. LOUIS $420,680 $538,650 $651,050 $809,150
ST. LOUIS CITY $420,680 $538,650 $651,050 $809,150
STE. GENEVIEVE $420,680 $538,650 $651,050 $809,150
STODDARD $420,680 $538,650 $651,050 $809,150
STONE $420,680 $538,650 $651,050 $809,150
SULLIVAN $420,680 $538,650 $651,050 $809,150
TANEY $420,680 $538,650 $651,050 $809,150
TEXAS $420,680 $538,650 $651,050 $809,150
VERNON $420,680 $538,650 $651,050 $809,150
WARREN $420,680 $538,650 $651,050 $809,150
WASHINGTON $420,680 $538,650 $651,050 $809,150
WAYNE $420,680 $538,650 $651,050 $809,150
WEBSTER $420,680 $538,650 $651,050 $809,150
WORTH $420,680 $538,650 $651,050 $809,150
WRIGHT $420,680 $538,650 $651,050 $809,150

FHA 203k Loans in Missouri

FHA 203k loans are a great program which will allow you to borrow the money needed to purchase the home plus additional funds needed to rehabilitate or remodel the home. This program is also available in your state and we work with lenders that help with your FHA 203k loan.

If you would like to fully understand how this program works, we suggest reading our article on FHA 203k loans.

FHA Streamline Refinance in Missouri

The FHA streamline refinance program is available to existing homeowners who would like to refinance for a lower rate while eliminating some of the refinance costs such as an appraisal. You may also get a discount on the mortgage insurance premium which is another advantage.

For more information, please read our article on the FHA streamline refinance.

Missouri FHA Loan Pre-Approval Process

If you are looking for an FHA loan, there is an optimal process you should follow to get pre-approved.

  1. The first step is to make sure you have the minimum down payment needed to qualify
  2. check your credit and try to cleanup anything that is pulling down your scores
  3. Get a copy of your tax returns for the past two years
  4. Get copies of your pay stubs for the past month
  5. Get copies of your last two months’ bank statements
  6. Speak to an FHA lender about your loan scenario

Speak to a lender early in the process because they can identify opportunities to help with your FHA approval. This should be done months before you start looking for a home. Read more about how to get pre-approved for an FHA loan.

What to Look for in an FHA Lender

We take a few things into consideration when looking at which Missouri FHA lenders we work with. Some of these also may be, or should be very important to you as you continue shopping for an FHA loan.

A good FHA lender will:

  • Allow for credit scores as low as 500
  • Provide FHA 203k loans
  • Offer competitive rates and fees
  • Have a great processing and underwriting team
  • Work closely with you throughout the loan process
  • Communicate well and will provide you with updates along the way

Missouri FHA Loan Calculator

FHA Calculator
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Interest Rate
Annual Property Taxes
Annual Homeowner's
Insurance
Credit Score Above 580
Term of Loan
FHA Payment Amount
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FHA Monthly Mortgage
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Frequently Asked FHA Questions

Can I get an FHA loan with a bankruptcy?
In general, you will need to wait two years before applying for an FHA loan after a bankruptcy. However, there are some exceptions which may allow you to apply sooner. Read our article on the bankruptcy waiting period.

Are all FHA lenders the same?
Not all lenders who offer FHA loans are the same. They all do not offer all of the FHA programs and their rates and fees may also vary. Most importantly, the individuals who help to process and underwrite your loan will have a huge impact on your FHA loan experience.

Can I use gift funds for an FHA loan?
FHA loans do allow for gift funds to cover your down payment as well as your closing costs. The gift funds must come from a relative or a close friend as approved by the lender. You will need to provide the lender with a gift letter that is signed by the donor.

Do I need an appraisal for an FHA loan?
The FHA does require an appraisal and inspection before your loan can be approved. The FHA inspection has clear guidelines on what needs to be repaired before your loan can close. They want to make sure home buyers are moving into a home that is safe and operational.

Can I get an FHA loan for an investment property?
FHA loans are for primary residences only and if your goal is to purchase an investment property, you cannot use FHA insured financing for that purchase. However, if you are currently living in a home that is financed with an FHA loan, you can move to a new home and keep the current home as an investment.

We have FHA lenders who can help with your FHA loan in these states:  Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming