Friday, 30 October 2020

2019 FHA Loan Limits in Missouri

2019 FHA Loan Limits in Missouri
03 Apr
10:42

Intro

Missouri is known for Anheuser-Busch, great barbecue, the fall colors of the Ozarks and agricultural farmland. But while most of the state’s land (97.4%) is considered to be rural, fewer than half of its residents (30.6%) live in these areas. A majority of Missourians live in suburbs that border major metropolitan and smaller cities.

If you’re looking to buy a home in Missouri, you’ll notice the median sales price differs in each county, with Wayne County (rural) being the lowest at $69,000. The highest median sales price in Missouri is $293,000 in several counties such as Clinton, Jackson, Clay, Ray, Caldwell, Cass, Platte, Bates, Lafayette, all of which are in or near the Kansas City area. In St. Louis County, the median home sales price is $236,000, although some suburban towns in West County St. Louis feature homes with a median sales price several hundred thousand dollars higher.

If you need financial assistance to help purchase your home in Missouri, a Federal Housing Administration (FHA) loan might be able to help. A 2016 FHA report with the most up-to-date information available on FHA mortgage issuances explains 25.5% of mortgages in Missouri at that time were FHA loans. At the time, the state ranked No. 23 in the nation for FHA loan origination; a 2018 report showed 2.15% of all FHA loans nationwide were originated in Missouri.

While an FHA loan might be a good choice to help pay for a new home, there are loan limits to consider. Each year, these loan limits are updated, based on current home prices and living costs in the area, allowing a certain maximum amount to be borrowed.

For a single-family home in Missouri, borrowing for most will likely get the standard FHA loan limit of $314,827. Those who wish to purchase a new single-family home in higher-cost areas of the state have a loan limit of $336,950.

Missouri FHA Loan Limits by County

County Name One-Family Two-Family Three-Family Four-Family Median Sale Price
ADAIR $314,827 $403,125 $487,250 $605,525 $122,000
ANDREW $314,827 $403,125 $487,250 $605,525 $143,000
ATCHISON $314,827 $403,125 $487,250 $605,525 $89,000
AUDRAIN $314,827 $403,125 $487,250 $605,525 $108,000
BARRY $314,827 $403,125 $487,250 $605,525 $114,000
BARTON $314,827 $403,125 $487,250 $605,525 $104,000
BATES $336,950 $431,350 $521,400 $648,000 $293,000
BENTON $314,827 $403,125 $487,250 $605,525 $120,000
BOLLINGER $314,827 $403,125 $487,250 $605,525 $163,000
BOONE $314,827 $403,125 $487,250 $605,525 $196,000
BUCHANAN $314,827 $403,125 $487,250 $605,525 $143,000
BUTLER $314,827 $403,125 $487,250 $605,525 $120,000
CALDWELL $336,950 $431,350 $521,400 $648,000 $293,000
CALLAWAY $314,827 $403,125 $487,250 $605,525 $163,000
CAMDEN $314,827 $403,125 $487,250 $605,525 $187,000
CAPE GIRARDEAU $314,827 $403,125 $487,250 $605,525 $163,000
CARROLL $314,827 $403,125 $487,250 $605,525 $87,000
CARTER $314,827 $403,125 $487,250 $605,525 $104,000
CASS $336,950 $431,350 $521,400 $648,000 $293,000
CEDAR $314,827 $403,125 $487,250 $605,525 $109,000
CHARITON $314,827 $403,125 $487,250 $605,525 $92,000
CHRISTIAN $314,827 $403,125 $487,250 $605,525 $184,000
CLARK $314,827 $403,125 $487,250 $605,525 $94,000
CLAY $336,950 $431,350 $521,400 $648,000 $293,000
CLINTON $336,950 $431,350 $521,400 $648,000 $293,000
COLE $314,827 $403,125 $487,250 $605,525 $163,000
COOPER $314,827 $403,125 $487,250 $605,525 $131,000
CRAWFORD $314,827 $403,125 $487,250 $605,525 $120,000
DADE $314,827 $403,125 $487,250 $605,525 $88,000
DALLAS $314,827 $403,125 $487,250 $605,525 $184,000
DAVIESS $314,827 $403,125 $487,250 $605,525 $107,000
DEKALB $314,827 $403,125 $487,250 $605,525 $143,000
DENT $314,827 $403,125 $487,250 $605,525 $109,000
DOUGLAS $314,827 $403,125 $487,250 $605,525 $130,000
DUNKLIN $314,827 $403,125 $487,250 $605,525 $75,000
FRANKLIN $314,827 $403,125 $487,250 $605,525 $236,000
GASCONADE $314,827 $403,125 $487,250 $605,525 $125,000
GENTRY $314,827 $403,125 $487,250 $605,525 $93,000
GREENE $314,827 $403,125 $487,250 $605,525 $184,000
GRUNDY $314,827 $403,125 $487,250 $605,525 $91,000
HARRISON $314,827 $403,125 $487,250 $605,525 $81,000
HENRY $314,827 $403,125 $487,250 $605,525 $97,000
HICKORY $314,827 $403,125 $487,250 $605,525 $98,000
HOLT $314,827 $403,125 $487,250 $605,525 $98,000
HOWARD $314,827 $403,125 $487,250 $605,525 $117,000
HOWELL $314,827 $403,125 $487,250 $605,525 $123,000
IRON $314,827 $403,125 $487,250 $605,525 $89,000
JACKSON $336,950 $431,350 $521,400 $648,000 $293,000
JASPER $314,827 $403,125 $487,250 $605,525 $125,000
JEFFERSON $314,827 $403,125 $487,250 $605,525 $236,000
JOHNSON $314,827 $403,125 $487,250 $605,525 $172,000
KNOX $314,827 $403,125 $487,250 $605,525 $79,000
LACLEDE $314,827 $403,125 $487,250 $605,525 $115,000
LAFAYETTE $336,950 $431,350 $521,400 $648,000 $293,000
LAWRENCE $314,827 $403,125 $487,250 $605,525 $124,000
LEWIS $314,827 $403,125 $487,250 $605,525 $105,000
LINCOLN $314,827 $403,125 $487,250 $605,525 $236,000
LINN $314,827 $403,125 $487,250 $605,525 $75,000
LIVINGSTON $314,827 $403,125 $487,250 $605,525 $105,000
MACON $314,827 $403,125 $487,250 $605,525 $98,000
MADISON $314,827 $403,125 $487,250 $605,525 $96,000
MARIES $314,827 $403,125 $487,250 $605,525 $129,000
MARION $314,827 $403,125 $487,250 $605,525 $131,000
MCDONALD $314,827 $403,125 $487,250 $605,525 $180,000
MERCER $314,827 $403,125 $487,250 $605,525 $90,000
MILLER $314,827 $403,125 $487,250 $605,525 $132,000
MISSISSIPPI $314,827 $403,125 $487,250 $605,525 $83,000
MONITEAU $314,827 $403,125 $487,250 $605,525 $163,000
MONROE $314,827 $403,125 $487,250 $605,525 $107,000
MONTGOMERY $314,827 $403,125 $487,250 $605,525 $114,000
MORGAN $314,827 $403,125 $487,250 $605,525 $152,000
NEW MADRID $314,827 $403,125 $487,250 $605,525 $116,000
NEWTON $314,827 $403,125 $487,250 $605,525 $125,000
NODAWAY $314,827 $403,125 $487,250 $605,525 $133,000
OREGON $314,827 $403,125 $487,250 $605,525 $85,000
OSAGE $314,827 $403,125 $487,250 $605,525 $163,000
OZARK $314,827 $403,125 $487,250 $605,525 $89,000
PEMISCOT $314,827 $403,125 $487,250 $605,525 $80,000
PERRY $314,827 $403,125 $487,250 $605,525 $127,000
PETTIS $314,827 $403,125 $487,250 $605,525 $119,000
PHELPS $314,827 $403,125 $487,250 $605,525 $128,000
PIKE $314,827 $403,125 $487,250 $605,525 $114,000
PLATTE $336,950 $431,350 $521,400 $648,000 $293,000
POLK $314,827 $403,125 $487,250 $605,525 $184,000
PULASKI $314,827 $403,125 $487,250 $605,525 $155,000
PUTNAM $314,827 $403,125 $487,250 $605,525 $95,000
RALLS $314,827 $403,125 $487,250 $605,525 $131,000
RANDOLPH $314,827 $403,125 $487,250 $605,525 $97,000
RAY $336,950 $431,350 $521,400 $648,000 $293,000
REYNOLDS $314,827 $403,125 $487,250 $605,525 $77,000
RIPLEY $314,827 $403,125 $487,250 $605,525 $90,000
SALINE $314,827 $403,125 $487,250 $605,525 $98,000
SCHUYLER $314,827 $403,125 $487,250 $605,525 $122,000
SCOTLAND $314,827 $403,125 $487,250 $605,525 $84,000
SCOTT $314,827 $403,125 $487,250 $605,525 $124,000
SHANNON $314,827 $403,125 $487,250 $605,525 $99,000
SHELBY $314,827 $403,125 $487,250 $605,525 $80,000
ST. CHARLES $314,827 $403,125 $487,250 $605,525 $236,000
ST. CLAIR $314,827 $403,125 $487,250 $605,525 $94,000
ST. FRANCOIS $314,827 $403,125 $487,250 $605,525 $116,000
ST. LOUIS $314,827 $403,125 $487,250 $605,525 $236,000
ST. LOUIS CITY $314,827 $403,125 $487,250 $605,525 $236,000
STE. GENEVIEVE $314,827 $403,125 $487,250 $605,525 $133,000
STODDARD $314,827 $403,125 $487,250 $605,525 $106,000
STONE $314,827 $403,125 $487,250 $605,525 $164,000
SULLIVAN $314,827 $403,125 $487,250 $605,525 $86,000
TANEY $314,827 $403,125 $487,250 $605,525 $164,000
TEXAS $314,827 $403,125 $487,250 $605,525 $112,000
VERNON $314,827 $403,125 $487,250 $605,525 $102,000
WARREN $314,827 $403,125 $487,250 $605,525 $236,000
WASHINGTON $314,827 $403,125 $487,250 $605,525 $88,000
WAYNE $314,827 $403,125 $487,250 $605,525 $69,000
WEBSTER $314,827 $403,125 $487,250 $605,525 $184,000
WORTH $314,827 $403,125 $487,250 $605,525 $64,000
WRIGHT $314,827 $403,125 $487,250 $605,525 $98,000

How are FHA loan limits calculated?

Every year, the U.S. Department of Housing and Urban Development (HUD) creates FHA loan limits with the national conforming loan limit set at $484,350 for 2019. These limits are the highest mortgage amount Fannie Mae and Freddie Mac will insure in many areas of the United States.

The amount known as the FHA “floor,” which is set at $314,827 for 2019 and targets most areas in the country, is 65% of the national conforming loan limit. However, high-cost areas have an FHA “ceiling” that is set at $726,525 (150% of the conforming loan limit), which is usually the highest mortgage Fannie Mae and Freddie Mac will insure for a single-family home. There can be some exceptions of course, and there may be areas with loan limits right in the middle of the FHA floor and ceiling.

Here are the 2019 standard FHA limits for all property types:

  • One-unit: $314,827
  • Two-unit: $403,125
  • Three-unit: $487,250
  • Four-unit: $605,525

Here are the 2019 standard FHA limits for high-cost areas:

  • One-unit: $726,525
  • Two-unit: $930,300
  • Three-unit: $1,124,475
  • Four-unit: $1,397,400

Do you qualify for an FHA loan in Missouri?

Buying a new home anywhere can be a financial strain and an FHA loan might be able to help ease the burden, especially with possible lower down-payment options. And while many other types of loans are strict about credit scores, FHA loans can sometimes be more lenient. Of course, there are other things to consider when taking on an FHA loan, such as its loan limits. These loans also require mortgage insurance and can come with maximum purchase-price limits. To learn more, head to MagnifyMoney’s FHA page for information on credit scores, income and other requirements.

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Carissa Chesanek

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Source: https://www.magnifymoney.com/blog/mortgage/fha-loan-limits-in-missouri/

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