Missouri FHA Loans | Requirements | 2023 FHA Loan Limits
If buying a house in Missouri is on your mind, FHA loans are the greatest opportunity to do so. Buy a home in Missouri and get to experience a faster, simpler, and easier way to arrange for finances under the FHA (Federal Housing Administration). Claiming to be the best-ever opportunity for every average American wishing to be a sole owner of their dream house, this is your once in a lifetime opportunity to all those first time home buyers. Offering low down payment with less difficult guidelines to adhere to, this system is one of the best ways to get home loans at down payment as low as 3.5% down payment and credit score as low as 500.
Missouri FHA Loan Requirements
Herein we have complied a list of the required eligibility criterions to fulfil in order to be eligible for the FHA loan. Check out these basic requirements for being considered under the FHA loan in Missouri and put a step forward to get your dream home. If you wish to get your eligibility checked for the FHA loan, we can help you find the best lender match for you. To get a call back from a reliable FHA lender, request a free consultation.
- Credit Score– Borrowers can qualify for different down payments under the FHA loan scheme based on their credit scores. Individuals with credit scores of 580 or higher are eligible for 3.5% down payment, however, those between 500-579, may qualify for a 10% downpayment.
- Job History – Considerations under the proof of employment requires a stable job history for at least 2 years. In case of a job change, the borrower needs to submit a record of their consistent employment record and income.
- Financial Statements– Your financial statements play a major part in the loan qualifying process. Borrowers need to keep a check of their 2 most recent bank statements, their pay stubs, and tax returns to be eligible to apply for this loan.
- Debt-to-Income– To be eligible to bear the facilities of an FHA loan, the borrower cannot hold a debt-to-income ratio greater than 43%. However, under special “compensating factors” like- good savings, stable job history, or great credit score, etc. one can qualify for the loan even with higher debt levels.
- Primary Residence– As a borrower, the main purpose of the intended property should be a primary residence for the borrower, failing which they may not qualify for the FHA loan. As a borrower once the property is purchased, you need to stay in the property and not own it under the purpose of property investment or vacation home or your second home. This could lead to disqualification.
- Mortgage Insurance– No matter who your lender is, all FHA loans, need two types of mortgage insurance. This includes- UPMIP (Upfront Mortgage Insurance Premium) and the regular MIP (Mortgage Insurance Premium). Make sure to check the working systems of both and do not forget to use this FHA loan calculator to get an estimate of your monthly payment and expected mortgage insurance costs through your FHA loans.
- FHA Loan Limits– FHA loans bear the highest lending limits in comparison to the other conventional loans. These loan limits are individually set at the county level. Do not forget to check these FHA loan limits for all counties in Missouri as per the list before applying for the FHA loan in your region.
Wish to check your qualifications for an FHA loan? Get in touch with us to find the best fitting mortgage lender who can offer the best termed FHA loans in Missouri. To let us contact you, request a free consultation.
2023 Missouri FHA Loan Limits
Below are the 2023 FHA loan limits for every county in Missouri:
| County | Single Family | 2 Family | 3 Family | 4 Family |
|---|---|---|---|---|
| ADAIR | $472,030 | $604,400 | $730,525 | $907,900 |
| ANDREW | $472,030 | $604,400 | $730,525 | $907,900 |
| ATCHISON | $472,030 | $604,400 | $730,525 | $907,900 |
| AUDRAIN | $472,030 | $604,400 | $730,525 | $907,900 |
| BARRY | $472,030 | $604,400 | $730,525 | $907,900 |
| BARTON | $472,030 | $604,400 | $730,525 | $907,900 |
| BATES | $472,030 | $604,400 | $730,525 | $907,900 |
| BENTON | $472,030 | $604,400 | $730,525 | $907,900 |
| BOLLINGER | $472,030 | $604,400 | $730,525 | $907,900 |
| BOONE | $472,030 | $604,400 | $730,525 | $907,900 |
| BUCHANAN | $472,030 | $604,400 | $730,525 | $907,900 |
| BUTLER | $472,030 | $604,400 | $730,525 | $907,900 |
| CALDWELL | $472,030 | $604,400 | $730,525 | $907,900 |
| CALLAWAY | $472,030 | $604,400 | $730,525 | $907,900 |
| CAMDEN | $472,030 | $604,400 | $730,525 | $907,900 |
| CAPE GIRARDEAU | $472,030 | $604,400 | $730,525 | $907,900 |
| CARROLL | $472,030 | $604,400 | $730,525 | $907,900 |
| CARTER | $472,030 | $604,400 | $730,525 | $907,900 |
| CASS | $472,030 | $604,400 | $730,525 | $907,900 |
| CEDAR | $472,030 | $604,400 | $730,525 | $907,900 |
| CHARITON | $472,030 | $604,400 | $730,525 | $907,900 |
| CHRISTIAN | $472,030 | $604,400 | $730,525 | $907,900 |
| CLARK | $472,030 | $604,400 | $730,525 | $907,900 |
| CLAY | $472,030 | $604,400 | $730,525 | $907,900 |
| CLINTON | $472,030 | $604,400 | $730,525 | $907,900 |
| COLE | $472,030 | $604,400 | $730,525 | $907,900 |
| COOPER | $472,030 | $604,400 | $730,525 | $907,900 |
| CRAWFORD | $472,030 | $604,400 | $730,525 | $907,900 |
| DADE | $472,030 | $604,400 | $730,525 | $907,900 |
| DALLAS | $472,030 | $604,400 | $730,525 | $907,900 |
| DAVIESS | $472,030 | $604,400 | $730,525 | $907,900 |
| DEKALB | $472,030 | $604,400 | $730,525 | $907,900 |
| DENT | $472,030 | $604,400 | $730,525 | $907,900 |
| DOUGLAS | $472,030 | $604,400 | $730,525 | $907,900 |
| DUNKLIN | $472,030 | $604,400 | $730,525 | $907,900 |
| FRANKLIN | $472,030 | $604,400 | $730,525 | $907,900 |
| GASCONADE | $472,030 | $604,400 | $730,525 | $907,900 |
| GENTRY | $472,030 | $604,400 | $730,525 | $907,900 |
| GREENE | $472,030 | $604,400 | $730,525 | $907,900 |
| GRUNDY | $472,030 | $604,400 | $730,525 | $907,900 |
| HARRISON | $472,030 | $604,400 | $730,525 | $907,900 |
| HENRY | $472,030 | $604,400 | $730,525 | $907,900 |
| HICKORY | $472,030 | $604,400 | $730,525 | $907,900 |
| HOLT | $472,030 | $604,400 | $730,525 | $907,900 |
| HOWARD | $472,030 | $604,400 | $730,525 | $907,900 |
| HOWELL | $472,030 | $604,400 | $730,525 | $907,900 |
| IRON | $472,030 | $604,400 | $730,525 | $907,900 |
| JACKSON | $472,030 | $604,400 | $730,525 | $907,900 |
| JASPER | $472,030 | $604,400 | $730,525 | $907,900 |
| JEFFERSON | $472,030 | $604,400 | $730,525 | $907,900 |
| JOHNSON | $472,030 | $604,400 | $730,525 | $907,900 |
| KNOX | $472,030 | $604,400 | $730,525 | $907,900 |
| LACLEDE | $472,030 | $604,400 | $730,525 | $907,900 |
| LAFAYETTE | $472,030 | $604,400 | $730,525 | $907,900 |
| LAWRENCE | $472,030 | $604,400 | $730,525 | $907,900 |
| LEWIS | $472,030 | $604,400 | $730,525 | $907,900 |
| LINCOLN | $472,030 | $604,400 | $730,525 | $907,900 |
| LINN | $472,030 | $604,400 | $730,525 | $907,900 |
| LIVINGSTON | $472,030 | $604,400 | $730,525 | $907,900 |
| MCDONALD | $472,030 | $604,400 | $730,525 | $907,900 |
| MACON | $472,030 | $604,400 | $730,525 | $907,900 |
| MADISON | $472,030 | $604,400 | $730,525 | $907,900 |
| MARIES | $472,030 | $604,400 | $730,525 | $907,900 |
| MARION | $472,030 | $604,400 | $730,525 | $907,900 |
| MERCER | $472,030 | $604,400 | $730,525 | $907,900 |
| MILLER | $472,030 | $604,400 | $730,525 | $907,900 |
| MISSISSIPPI | $472,030 | $604,400 | $730,525 | $907,900 |
| MONITEAU | $472,030 | $604,400 | $730,525 | $907,900 |
| MONROE | $472,030 | $604,400 | $730,525 | $907,900 |
| MONTGOMERY | $472,030 | $604,400 | $730,525 | $907,900 |
| MORGAN | $472,030 | $604,400 | $730,525 | $907,900 |
| NEW MADRID | $472,030 | $604,400 | $730,525 | $907,900 |
| NEWTON | $472,030 | $604,400 | $730,525 | $907,900 |
| NODAWAY | $472,030 | $604,400 | $730,525 | $907,900 |
| OREGON | $472,030 | $604,400 | $730,525 | $907,900 |
| OSAGE | $472,030 | $604,400 | $730,525 | $907,900 |
| OZARK | $472,030 | $604,400 | $730,525 | $907,900 |
| PEMISCOT | $472,030 | $604,400 | $730,525 | $907,900 |
| PERRY | $472,030 | $604,400 | $730,525 | $907,900 |
| PETTIS | $472,030 | $604,400 | $730,525 | $907,900 |
| PHELPS | $472,030 | $604,400 | $730,525 | $907,900 |
| PIKE | $472,030 | $604,400 | $730,525 | $907,900 |
| PLATTE | $472,030 | $604,400 | $730,525 | $907,900 |
| POLK | $472,030 | $604,400 | $730,525 | $907,900 |
| PULASKI | $472,030 | $604,400 | $730,525 | $907,900 |
| PUTNAM | $472,030 | $604,400 | $730,525 | $907,900 |
| RALLS | $472,030 | $604,400 | $730,525 | $907,900 |
| RANDOLPH | $472,030 | $604,400 | $730,525 | $907,900 |
| RAY | $472,030 | $604,400 | $730,525 | $907,900 |
| REYNOLDS | $472,030 | $604,400 | $730,525 | $907,900 |
| RIPLEY | $472,030 | $604,400 | $730,525 | $907,900 |
| ST. CHARLES | $472,030 | $604,400 | $730,525 | $907,900 |
| ST. CLAIR | $472,030 | $604,400 | $730,525 | $907,900 |
| STE. GENEVIEVE | $472,030 | $604,400 | $730,525 | $907,900 |
| ST. FRANCOIS | $472,030 | $604,400 | $730,525 | $907,900 |
| ST. LOUIS | $472,030 | $604,400 | $730,525 | $907,900 |
| SALINE | $472,030 | $604,400 | $730,525 | $907,900 |
| SCHUYLER | $472,030 | $604,400 | $730,525 | $907,900 |
| SCOTLAND | $472,030 | $604,400 | $730,525 | $907,900 |
| SCOTT | $472,030 | $604,400 | $730,525 | $907,900 |
| SHANNON | $472,030 | $604,400 | $730,525 | $907,900 |
| SHELBY | $472,030 | $604,400 | $730,525 | $907,900 |
| STODDARD | $472,030 | $604,400 | $730,525 | $907,900 |
| STONE | $472,030 | $604,400 | $730,525 | $907,900 |
| SULLIVAN | $472,030 | $604,400 | $730,525 | $907,900 |
| TANEY | $472,030 | $604,400 | $730,525 | $907,900 |
| TEXAS | $472,030 | $604,400 | $730,525 | $907,900 |
| VERNON | $472,030 | $604,400 | $730,525 | $907,900 |
| WARREN | $472,030 | $604,400 | $730,525 | $907,900 |
| WASHINGTON | $472,030 | $604,400 | $730,525 | $907,900 |
| WAYNE | $472,030 | $604,400 | $730,525 | $907,900 |
| WEBSTER | $472,030 | $604,400 | $730,525 | $907,900 |
| WORTH | $472,030 | $604,400 | $730,525 | $907,900 |
| WRIGHT | $472,030 | $604,400 | $730,525 | $907,900 |
| ST. LOUIS CITY | $472,030 | $604,400 | $730,525 | $907,900 |