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How to buy a home in Missouri

Quick answer

To buy a home in Missouri, most buyers use an FHA, conventional, VA or USDA loan, often combined with Missouri Housing Development Commission (MHDC) down payment assistance. With a typical home around $215,600, a 3.5% FHA down payment is about $7,546 and the estimated monthly payment is roughly $1,743 at a 7.18% rate.

By Purchase Mortgage Loan Editorial Team Checked against official sources per our editorial standardsLast updated

Missouri is one of the more affordable places to buy in the U.S., which means many buyers can get in with a modest down payment and a payment that compares well to local rents. Because Missouri has a smaller population, local lenders and the state housing agency play an outsized role — it pays to compare a few loan officers. A household earning around $67,000 a year could comfortably afford a typical Missouri home under the 31% housing guideline.

What does a home cost in Missouri?

ItemMissouri estimate
Typical home value$215,600
3% down (conventional)$6,468
3.5% down (FHA)$7,546
20% down$43,120
Est. monthly payment (FHA, 3.5% down)$1,743
Household income to afford (31%)$67,000

Rate assumption: 7.18% (Freddie Mac PMMS 30-year fixed average, week of November 5, 2026). Change it in the payment calculator.

What first-time home buyer programs does Missouri offer?

Missouri Housing Development Commission (MHDC) is Missouri's housing finance agency. Its programs are offered through approved lenders and usually require homebuyer education plus income and purchase-price limits.

  • 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.

Check current terms at Missouri Housing Development Commission (MHDC). Many Missouri cities and counties also run their own down payment assistance.

What are the Missouri loan limits for 2026?

Missouri has 115 counties; 0 are high-cost areas. Here are the official 2026 one-unit limits for its most populous counties (FHFA and HUD):

CountyConformingFHA
St. Louis County$832,750$541,287
Jackson County$832,750$541,287
St. Charles County$832,750$541,287
Greene County$832,750$541,287
St. Louis city$832,750$541,287
Clay County$832,750$541,287
Jefferson County$832,750$541,287
Boone County$832,750$541,287
Jasper County$832,750$541,287
Cass County$832,750$541,287
Platte County$832,750$541,287
Franklin County$832,750$541,287

See all Missouri county loan limits → VA loans have no limit for borrowers with full entitlement.

How much house can I afford in Missouri?

Use Missouri's own property tax rate and insurance average: $60k, $80k, $100k, $150k salaries, or see FHA requirements in Missouri.

How do property taxes affect buying in Missouri?

Homeowners in Missouri pay a median of $1,887 a year in property taxes — an effective rate of about 0.88% of the median home value, close to the national average (Census ACS). Actual rates vary by county and municipality.

Which loan types are popular in Missouri?

  • Conventional Loan — Not government-backed; as little as 3% down for first-time buyers, PMI removable at 20% equity.
  • FHA Loan — Government-insured; 3.5% down with a 580 credit score and flexible debt-to-income rules.
  • VA Loan — For eligible veterans, service members and surviving spouses: 0% down and no monthly mortgage insurance.
  • USDA Loan — 0% down for moderate-income buyers in eligible rural and suburban areas.
  • Jumbo Loan — For loan amounts above the conforming limit; usually 10–20% down and 700+ credit.
  • First-Time Home Buyer Loans — Low-down-payment loans plus state assistance programs designed for first-time buyers.

Buying a home in Missouri cities

Browse every city page →

Missouri home buying FAQs

On a typical Missouri home of about $215,600, a 3.5% FHA down payment is roughly $7,546 and a 3% conventional down payment about $6,468, plus closing costs of 2%–5% of the loan.

Yes. Missouri Housing Development Commission (MHDC) offers programs including First Place Loan, Next Step. Income, price and credit limits apply.

The 2026 baseline conforming limit for a one-unit home is $832,750 in most Missouri counties; designated high-cost counties can be higher.

FHA limits are set by county. For 2026 they start at $541,287 for one-unit homes in lower-cost areas and rise in higher-cost counties.

Sources

Data last updated October 23, 2026.

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Figures 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.