First-Time Home Buyer Missouri 2026
Your complete guide to buying your first home in Missouri. 2+ down payment assistance programs, FHA loans from 5.92%, and step-by-step guidance.
What First-Time Buyer Programs Are Available in Missouri?
Missouri offers 2 major first-time home buyer assistance programs. These include MHDC First Place Loan, MHDC Next Step. Programs provide up to $5,000 in down payment assistance through grants, forgivable loans, and below-market interest rates.
How Much Do I Need to Buy in Missouri?
You can buy a home in Missouri with as little as $0 down. VA and USDA loans require zero down payment. FHA loans need just 3.5% ($$7,875), and conventional loans start at 3% ($$6,750) on the median price of $225,000.
| Loan Type | Down Payment | $ Amount | Monthly P&I | Min Credit |
|---|---|---|---|---|
| VA Loan | 0% | $0 | $1,330 | 620 |
| USDA Loan | 0% | $0 | $1,366 | 640 |
| Conventional 3% | 3% | $6,750 | $1,325 | 620 |
| FHA Loan | 3.5% | $7,875 | $1,291 | 580 |
| Conventional 20% | 20% | $45,000 | $1,093 | 620 |
Missouri Down Payment Assistance Programs
MHDC First Place Loan
Below-market rate with DPA
MHDC Next Step
DPA for non-first-time buyers
5 Steps to Buy Your First Home in Missouri
To buy your first home in Missouri, start by checking your credit score, getting pre-approved, and researching DPA programs. The entire process typically takes 30-60 days from pre-approval to closing. Here's your step-by-step roadmap.
Check Your Credit & Finances
Review your credit score (aim for 620+), calculate your debt-to-income ratio, and save for closing costs. In Missouri, you may need as little as $7,875 for an FHA down payment.
Get Pre-Approved
Compare rates from at least 3 lenders. Current Missouri rates: 6.12% (30-year), 5.92% (FHA). Pre-approval shows sellers you're serious and locks your rate.
Apply for Missouri DPA Programs
Missouri has 2+ DPA programs. The MHDC First Place Loan offers up to $5,000. Apply early—funding can be limited.
House Hunt & Make an Offer
Popular cities in Missouri: Kansas City, St. Louis, Springfield, Columbia, Independence. Median price is $225,000 (+6.4% YoY). Work with a local real estate agent who knows the market.
Close on Your New Home
Closing costs in Missouri typically run 2-5% of the purchase price ($6,750-$11,250). Some DPA programs also cover closing costs.
Start Your Missouri Home Buying Journey
Get pre-approved in minutes and see what you qualify for.
Get Pre-Approved NowMissouri First-Time Buyer FAQ
What first-time home buyer programs are available in Missouri?
Missouri offers 2 major programs: MHDC First Place Loan, MHDC Next Step. These provide grants, forgivable loans, and below-market rates for down payment and closing cost assistance.
How much down payment do I need in Missouri?
As little as $0 (VA/USDA), $$6,750 (3% conventional), or $$7,875 (3.5% FHA) on the median price of $225,000.
What income do I need to buy in Missouri?
Using the 28% rule, you'd need approximately $$55,313/year. The median household income in Missouri is $59,196.
What is the FHA loan limit in Missouri?
The 2026 FHA loan limit in Missouri is $472,030. The conforming loan limit is $766,550.