FHA Loans in Missouri

Thousands of people are purchasing homes in the Show-Me State, and many are using FHA home loans to do so. As of April 2019, the total value of FHA loans in Missouri was $177 million, which makes it a highly popular mortgage option.

You may be eligible for an FHA loan, if you:

• Have 2 years of steady employment, preferably with the same employer.
• Have had steady income (or increasing income) in the past two years.
• Have had less than two 30-day periods of late payments on your credit report.
• Have declared bankruptcy no less than two years ago and have maintained good credit since.
• Have not been a party in a foreclosure for at least three years and have maintained good credit since.
• Anticipate your mortgage payment will be equal to or less than 30% of your gross income.

Buyers must be able to provide the following information and documents as requested by lenders:

• The addresses of all your residences over the past two years.
• The names of your employers over the past two years.
• W2's for the past two years and current paycheck stubs.
• Your current gross monthly salary.
• Your Social Security Number.
• Names, addresses, and account numbers with balances on all checking and savings accounts.
• Addresses and loan information of any other real estate you owned.
• Self-employed individuals will need to provide personal tax returns for the past two years and a current income statement and balance sheet for the business.
• Students will need to provide evidence of enrollment. If you have student loans, you need to provide verification information.