Conventional loan snapshot for Missouri
| Item | Estimate |
|---|---|
| Minimum down payment | 3% |
| Minimum credit score | 620 |
| Typical MO home value | $215,600 |
| 3.5% down on typical home | $7,546 |
| 20% down on typical home | $43,120 |
| Avg. effective property tax | 0.88%/yr (~$157/mo) |
| Income for typical home (31% rule) | $67,000 |
Rate assumption: 7.18% (Freddie Mac PMMS 30-year fixed average, week of November 5, 2026). Change it in the payment calculator.
Which Missouri programs pair with Conventional loans?
- First Place Loan: A first mortgage for first-time buyers with optional cash assistance.
- Next Step: A first mortgage with assistance for buyers who aren't first-time but meet income limits.
Details and current limits: Missouri Housing Development Commission (MHDC).
How does a conventional loan work?
Conventional loans are made by private lenders and usually sold to Fannie Mae or Freddie Mac. Because they follow those agencies' guidelines, they're called conforming loans. You can choose a fixed rate (15, 20 or 30 years) or an adjustable rate.
Your rate and mortgage insurance cost depend heavily on your credit score and down payment, so improving either before you apply can noticeably lower your payment.
Who qualifies for a conventional loan?
- Credit score: generally 620 minimum.
- Debt-to-income (DTI): up to 45%, and sometimes 50% with strong compensating factors.
- Down payment: 3% (HomeReady, Home Possible, 97% LTV programs) to 5%+.
- Steady, documented income — usually two years of history.
- Property: primary homes, second homes and investment properties are all allowed (with higher down payments for non-primary homes).
Conventional loans in Missouri cities
Frequently asked questions
Get matched with Conventional lenders in Missouri
Answer a few quick questions and get matched with purchase mortgage lenders in your area. Free, and it won't affect your credit score.
Get My MatchesFigures on this page are estimates for educational purposes only and are not a loan offer or commitment to lend. Rates, loan limits, fees and assistance programs change frequently and vary by lender, location and borrower profile. Confirm current terms with a licensed loan officer.