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Missouri FHA Loan

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2018 Missouri FHA Loan Requirements.

Missouri FHA Loans | Requirements | Loan Limits | Apply

Our goal is to provide you with all of the information and tools you need in order to determine if a FHA loan is right for you. On this page, you can view the 2019 Missouri FHA loan guidelines, view loan limits by county, and calculate your monthly payment.  These guidelines include the FHA requirements related to credit history, income, employment, and the type of property you want to purchase.  After reading the loan requirements and loan limits, you can use our detailed FHA calculator, which will allow you to see what your monthly payment, mortgage insurance, and monthly escrow will be.

One of the most common questions people ask is regarding where in Missouri FHA loans are available. They are available throughout every county of the state, and you can view the max lending limits for your county below.  FHA mortgages are especially popular in cities and larger towns, such as: Kansas City, Springfield, and St Louis. You can finance a home purchase with a FHA loan in smaller cities, towns, suburbs, and rural areas as well.

2019 Missouri FHA Loan Requirements

Keep in mind that each application is looked at individually, and FHA loans have a considerable amount of leniency in what is required for an approval. There are some concrete loan requirements set out by the FHA though, which dictates what loans they will insure. The following information is written in the context of buying a home with a FHA loan. If you already have a FHA loan, or if you wish to refinance into a FHA loan, please click here to learn about FHA refinancing.

The mandatory Missouri FHA loan requirements for a home purchase are as follows:

  • Primary Residence – You must occupy the home that you intend to purchase and have it be your primary residence. The FHA does not insure investment properties. Multifamily homes are allowed, which can have up to 4 units, but you must occupy at least one of them for it to be eligible for a FHA home loan in Missouri.
  • Credit Score – A credit score of 580 or higher is needed for FHA loans.  This includes first time home buyer mortgages, repeat buyer loans, and any FHA refinance program.
  • Job History – Proof of employment for 2 years is required. It is ok if you have changed jobs, but you need to show consistency of income.
  • Income Documentation – Pay stubs and tax returns are required to show employment income, as well as bank statements, including your checking or savings accounts.
  • DTI Ratio – Your monthly debts, including your new mortgage payment, must not exceed 43% of your bring home income.  What you want to do is calculate all of your current monthly debts (do not include anything that does not show on your credit report – only those that appear on a credit report are counted).  Then, take the total of your current debts, plus what your expected new mortgage payment, and get a total.  Let’s say your current monthly debts are $750 and your new mortgage payment will be $1,000/month.  Your total monthly debts would be $1,750.  Compare this amount to your monthly income to calculate your DTI ratio.  Your monthly debts compared to your monthly income shall not exceed 43% for you to qualify for a FHA loan.

You can calculate your new FHA payment below. Not sure what your FHA interest rate will be?  We can provide you with a free consultation and rate quote.

FHA Mortgage Calculator

%

Total Monthly Payment

$0

FHA base loan amount$0
FHA upfront MIP 1.75%$0
FHA total loan amount$0
Principal & interest$0
FHA MIP 0%$0
Monthly escrow$0
Down payment0%

  • Price of Home – Enter the price of the home you want to buy. If you do not have a home in mind yet, just add in a number in the range you expect to want to buy a home for.
  • Mortgage – The second field titled “mortgage”, is by default on a 30 year fixed loan schedule.  This is the most common loan repayment schedule selected for FHA loans.  You can change it to 20 years, 15 years, or 10 years if you want a shorter loan amortization.
  • Interest Rate – The interest rate a borrower receives depends on their credit, income, and other qualifying factors.  To get an actual rate quote, you will need to speak with a licensed loan officer.  You can call 1-800-731-3560 to speak with a loan specialist and receive a rate quote.
  • Down Payment – FHA loans require a 3.5% down payment.  If you would like to put more down, add in more into the down payment field.  Please note that not everyone will qualify for a 3.5% down payment, and of course, not all applicants are approved for a loan at all.  The 3.5% is the amount that many FHA loan applicants will be allowed as a minimum down payment.
  • Property Taxes – Add the annual taxes for the home you want to buy.  To find out how much the annual property taxes are, check with the county assessor.  You can also ask a real estate agent to help you find out what the exact annual property taxes are for a home you are interested in.
  • Annual Insurance – The amount that the annual homeowners insurance will cost depends on the property you intend to buy, your homeowners insurance claim history (if you have owned a home before, and had to make a claim), and the specific homeowners insurance company that you select to insure your home.
  • Down Payment – This is the percentage that is calculated based upon the home purchase price and the down payment amount.

After submitting information into these fields, it will calculate how much the FHA mortgage payment will be based upon what is inputted.  The next set of data presented on the right side and shows under the total monthly payment is as follows:

  • FHA Base Loan Amount -This is the amount of your loan after subtracting your down payment from the total, but prior to adding in the FHA upfront mortgage insurance premium (UPMIP).
  • FHA Upfront MIP – All FHA loans require a 1.75% upfront mortgage insurance premium to be paid. This is calculated from the base loan amount. This 1.75% is the same for any borrower and on any type of FHA loan. It does not vary from one FHA lender to another.
  • FHA Total Loan Amount – This is the combined total of your FHA base loan amount (after subtracting the down payment), along with the FHA UPMIP. You have the option to pay the FHA UPMIP amount out of pocket, or you can wrap it into the loan amount.  Most decide to include it in the loan amount, so we have it automatically added on the calculator.
  • Principle and Interest – This is the amount of your mortgage payment before adding mortgage insurance, and property taxes, and property insurance.
  • FHA MIP – This is the monthly mortgage insurance premiums required on all FHA loans.   The amount depends on the type of loan, how many years the repayment schedule is (such as 15 years or 30 years), and the loan-to-value (LTV) ratio.  A 15 year loan with a LTV less than 90%, the monthly MIP will be 0.45%.  A 15 year loan with a LTV greater than 90%, the monthly MIP will be 0.70%.  For a 30 year loan with a LTV less than 95% the monthly MIP is 0.80%.  For a 30 year loan with a LTV greater than 95%, the monthly MIP is 0.85%.
  • Monthly Escrow – This is how much your property taxes and property insurance is after taking the annual amounts and dividing them by 12 monthly payments.

Would you like to receive more information or apply for a FHA loan?

2019 Missouri FHA Loan Limits

County Single Family 2 Family 3 Family 4 Family
ADAIR $314,827 $403,125 $487,250 $605,525
ANDREW $314,827 $403,125 $487,250 $605,525
ATCHISON $314,827 $403,125 $487,250 $605,525
AUDRAIN $314,827 $403,125 $487,250 $605,525
BARRY $314,827 $403,125 $487,250 $605,525
BARTON $314,827 $403,125 $487,250 $605,525
BATES $336,950 $431,350 $521,400 $648,000
BENTON $314,827 $403,125 $487,250 $605,525
BOLLINGER $314,827 $403,125 $487,250 $605,525
BOONE $314,827 $403,125 $487,250 $605,525
BUCHANAN $314,827 $403,125 $487,250 $605,525
BUTLER $314,827 $403,125 $487,250 $605,525
CALDWELL $336,950 $431,350 $521,400 $648,000
CALLAWAY $314,827 $403,125 $487,250 $605,525
CAMDEN $314,827 $403,125 $487,250 $605,525
CAPE GIRARDEAU $314,827 $403,125 $487,250 $605,525
CARROLL $314,827 $403,125 $487,250 $605,525
CARTER $314,827 $403,125 $487,250 $605,525
CASS $336,950 $431,350 $521,400 $648,000
CEDAR $314,827 $403,125 $487,250 $605,525
CHARITON $314,827 $403,125 $487,250 $605,525
CHRISTIAN $314,827 $403,125 $487,250 $605,525
CLARK $314,827 $403,125 $487,250 $605,525
CLAY $336,950 $431,350 $521,400 $648,000
CLINTON $336,950 $431,350 $521,400 $648,000
COLE $314,827 $403,125 $487,250 $605,525
COOPER $314,827 $403,125 $487,250 $605,525
CRAWFORD $314,827 $403,125 $487,250 $605,525
DADE $314,827 $403,125 $487,250 $605,525
DALLAS $314,827 $403,125 $487,250 $605,525
DAVIESS $314,827 $403,125 $487,250 $605,525
DEKALB $314,827 $403,125 $487,250 $605,525
DENT $314,827 $403,125 $487,250 $605,525
DOUGLAS $314,827 $403,125 $487,250 $605,525
DUNKLIN $314,827 $403,125 $487,250 $605,525
FRANKLIN $314,827 $403,125 $487,250 $605,525
GASCONADE $314,827 $403,125 $487,250 $605,525
GENTRY $314,827 $403,125 $487,250 $605,525
GREENE $314,827 $403,125 $487,250 $605,525
GRUNDY $314,827 $403,125 $487,250 $605,525
HARRISON $314,827 $403,125 $487,250 $605,525
HENRY $314,827 $403,125 $487,250 $605,525
HICKORY $314,827 $403,125 $487,250 $605,525
HOLT $314,827 $403,125 $487,250 $605,525
HOWARD $314,827 $403,125 $487,250 $605,525
HOWELL $314,827 $403,125 $487,250 $605,525
IRON $314,827 $403,125 $487,250 $605,525
JACKSON $336,950 $431,350 $521,400 $648,000
JASPER $314,827 $403,125 $487,250 $605,525
JEFFERSON $314,827 $403,125 $487,250 $605,525
JOHNSON $314,827 $403,125 $487,250 $605,525
KNOX $314,827 $403,125 $487,250 $605,525
LACLEDE $314,827 $403,125 $487,250 $605,525
LAFAYETTE $336,950 $431,350 $521,400 $648,000
LAWRENCE $314,827 $403,125 $487,250 $605,525
LEWIS $314,827 $403,125 $487,250 $605,525
LINCOLN $314,827 $403,125 $487,250 $605,525
LINN $314,827 $403,125 $487,250 $605,525
LIVINGSTON $314,827 $403,125 $487,250 $605,525
MACON $314,827 $403,125 $487,250 $605,525
MADISON $314,827 $403,125 $487,250 $605,525
MARIES $314,827 $403,125 $487,250 $605,525
MARION $314,827 $403,125 $487,250 $605,525
MCDONALD $314,827 $403,125 $487,250 $605,525
MERCER $314,827 $403,125 $487,250 $605,525
MILLER $314,827 $403,125 $487,250 $605,525
MISSISSIPPI $314,827 $403,125 $487,250 $605,525
MONITEAU $314,827 $403,125 $487,250 $605,525
MONROE $314,827 $403,125 $487,250 $605,525
MONTGOMERY $314,827 $403,125 $487,250 $605,525
MORGAN $314,827 $403,125 $487,250 $605,525
NEW MADRID $314,827 $403,125 $487,250 $605,525
NEWTON $314,827 $403,125 $487,250 $605,525
NODAWAY $314,827 $403,125 $487,250 $605,525
OREGON $314,827 $403,125 $487,250 $605,525
OSAGE $314,827 $403,125 $487,250 $605,525
OZARK $314,827 $403,125 $487,250 $605,525
PEMISCOT $314,827 $403,125 $487,250 $605,525
PERRY $314,827 $403,125 $487,250 $605,525
PETTIS $314,827 $403,125 $487,250 $605,525
PHELPS $314,827 $403,125 $487,250 $605,525
PIKE $314,827 $403,125 $487,250 $605,525
PLATTE $336,950 $431,350 $521,400 $648,000
POLK $314,827 $403,125 $487,250 $605,525
PULASKI $314,827 $403,125 $487,250 $605,525
PUTNAM $314,827 $403,125 $487,250 $605,525
RALLS $314,827 $403,125 $487,250 $605,525
RANDOLPH $314,827 $403,125 $487,250 $605,525
RAY $336,950 $431,350 $521,400 $648,000
REYNOLDS $314,827 $403,125 $487,250 $605,525
RIPLEY $314,827 $403,125 $487,250 $605,525
SALINE $314,827 $403,125 $487,250 $605,525
SCHUYLER $314,827 $403,125 $487,250 $605,525
SCOTLAND $314,827 $403,125 $487,250 $605,525
SCOTT $314,827 $403,125 $487,250 $605,525
SHANNON $314,827 $403,125 $487,250 $605,525
SHELBY $314,827 $403,125 $487,250 $605,525
ST. CHARLES $314,827 $403,125 $487,250 $605,525
ST. CLAIR $314,827 $403,125 $487,250 $605,525
ST. FRANCOIS $314,827 $403,125 $487,250 $605,525
ST. LOUIS $314,827 $403,125 $487,250 $605,525
ST. LOUIS CITY $314,827 $403,125 $487,250 $605,525
STE. GENEVIEVE $314,827 $403,125 $487,250 $605,525
STODDARD $314,827 $403,125 $487,250 $605,525
STONE $314,827 $403,125 $487,250 $605,525
SULLIVAN $314,827 $403,125 $487,250 $605,525
TANEY $314,827 $403,125 $487,250 $605,525
TEXAS $314,827 $403,125 $487,250 $605,525
WARREN $314,827 $403,125 $487,250 $605,525
WASHINGTON $314,827 $403,125 $487,250 $605,525
WAYNE $314,827 $403,125 $487,250 $605,525
WEBSTER $314,827 $403,125 $487,250 $605,525
WORTH $314,827 $403,125 $487,250 $605,525
WRIGHT $314,827 $403,125 $487,250 $605,525

 

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