Missouri FHA Loans

Are you considering relocating to Missouri? Are you looking to purchase a house there? If you answered yes to these two questions, you will definitely want to think about going through the Federal Housing Administration (FHA) to obtain your new loan. The FHA and US Department of Housing and Urban Development (HUD) have been helping families afford new homes for over seventy years. Today the loan program is still going strong, with even greater benefits available than ever before.

Conventional Loans vs. FHA Loans

When you apply for a conventional loan in Missouri right now, you might have to pay upwards of 20% for the down payment on a new house. This huge down payment makes it impossible for many families to afford new homes, especially younger, first time homebuyers. To make the upfront costs smaller, the FHA only requires a 3.5% down payment. Now, even if you haven’t spent your life saving up you will still be able to afford a new house for you and your family.

Additional Benefits

While it is possible to find conventional loans with low down payments, they are rare and usually require the borrower to pay costly private mortgage insurance (PMI). With an FHA loan, you will already be insured by the Federal Government so you won’t have to purchase PMI. This makes you a very secure borrower as well, and as such you will get to take advantage of low interest rates. Finally, with an FHA loan you will be approved easily, have the option to refinance with a streamline refinance and can choose from many different repayment options.

Loan Limits

How much you can borrow depends on a few factors. The loan limits in Missouri vary from county to county, change depending the number of units on the property and will be based on your financial situation and history. Right now it is possible to qualify for loans in the mid to upper-six figures in most Missouri counties and still only have to provide a 3.5% down payment. For a complete list of the loan limits in your county, be sure to check out the website for the US Department of Housing and Urban Development (HUD).

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