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Guide to Missouri Mortgages
Maybe you are buying your first home in Missouri, or perhaps you're relocating to Missouri from another state. Then again, you may be a long-time Missouri resident who is looking to either refinance your current mortgage or take out a home equity loan for home improvements. Regardless of your situation, it's important that you educate yourself on Missouri home loans before shopping for a home and/or mortgage. This article explains what you will need to know before seeking a home loan in Missouri:
The median price of a home in Missouri is $211,500. Recently, homes in Missouri have been appreciating at rates well above the national average. As a result, income levels in many parts of Missouri are too low to purchase a median-priced home with a conventional loan. Although average interest rates in Missouri are below the national average, Missouri has one of the lowest levels of home affordability in the nation.
In Missouri, before a buyer submits an offer on a home, their real estate agent is required to present them with a completed Real Estate Transfer Disclosure Statement. This document, completed by the seller of the property, requires the seller to name all of the property that will be included in the purchase (refrigerator, stove, alarm system, etc.) and rate certain aspects of the conditions of both the included property and of the house itself. This document requires the seller to disclose any potential problems or hazards that may discourage the buyer from putting an offer in on the home.
Missouri's Civil Code Provision of the Real Estate Act regulates the issuance of variable interest rates for the purchase of real estate. Therefore, borrowers who are issued large mortgage amounts are guaranteed a fixed rate mortgage. Missouri law also prohibits the charging of interest more than one day prior to the recording of the mortgage even if the borrower received the loan prior to that time.
In July of 2002, Missouri law enacted a set of anti-predatory lending laws in order to help protect Missouri homebuyers from predatory lenders. Some of the provisions of this new set of laws include the prohibition of a lender charging points and fees in excess of 6% of the total principal financed amount, the prohibition of a mortgage company issuing a loan to a borrower in an amount that the borrower could not reasonably afford to repay, and the prohibition of the financing of single-premium credit insurance, among others.
If you're buying a home in the state of Missouri, you qualify for both federal and state FHA, USDA, and VA loans. First-time home buyers qualify for Missouri FHA loans with below-market interest rates, and, depending on their eligibility, may also qualify for a loan in order to cover down payment and/or closing costs. Teachers and other professionals who work in an educational capacity may qualify for Missouri's Extra Credit Teacher Home Purchase Program, a down payment assistance loan with forgivable interest.
In addition to FHA loans, the state of Missouri also offers comparable programs to persons with disabilities or persons who live with and care for persons with disabilities. The state also offers several unconventional loans designed to aid homebuyers with the costs of their monthly mortgage payment. For example, Missouri's Interest Only PLUS loan provides qualified homebuyers with a 100% financing 35-year loan that only requires payments toward the accrued interest on the mortgage for the first five years of the loan -- borrowers do not have to pay toward the principal amount borrowed until after the first five years. The individual requirements of each of these loans vary depending on the county in which you are buying a house. Specific requirements can be obtained through the Missouri Housing Finance Agency.
Last Updated: Friday, May 09, 2008
Missouri Real Estate Market View
updated Friday, May 09, 2008
| Housing & Social Facts |
Missouri |
United States |
| Total housing units |
2,592,809 |
n/a |
| Owner-occupied housing units |
70.6% |
66.9% |
| Renter-occupied housing units |
29.4% |
33.1% |
| Vacant housing units |
11.9% |
10.8% |
| Average Home Value |
$123,100 |
$167,500 |
| Average Mortgage Payment |
$1,029.00 |
$1,295.00 |
| Average Rental Payment |
$311 .00 |
$388.00 |
| Total Population |
5,631,910 |
n/a |
| Percentage Male |
48.8% |
49.0% |
| Percentage Female |
51.2% |
51.0% |
| Median Age |
37.4 |
36.4 |
| Under 5 years |
6.7% |
7.0% |
| 18 years and over |
75.7% |
74.6% |
| 65 years and over |
12.8% |
12.1% |
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1 Year Market Value Change for Missouri |
| 1yr | 5yr | 10yr |
 |
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Popular Missouri Cities and Towns
| Location |
Population |
Median Family Income (2005) |
| Ballwin |
31,283 |
$66,458 |
| Blue Springs |
48,080 |
$55,402 |
| Cape Girardeau |
35,349 |
$32,452 |
| Chesterfield |
46,802 |
$83,802 |
| Columbia |
84,531 |
$33,729 |
| Florissant |
50,497 |
$44,462 |
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| Mortgage Ambition, LLC |
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Is saving money important to you? Are you paying a higher rate on your present mortgage than you want? Could you use cash for consolidating debt, making home improvements, funding college? Have you been denied for credit issues? If you answered “YES” to any of these questions, it is time you spoke with a Mortgage Ambition Loan Officer. Mortgage Ambition, LLC is here to help place you into right mortgage program. We offer many loans and loan programs to fit your individual needs such as: Perfect or less than perfect credit including bankruptcy, delinquencies or slow payments, Irregular income or income from self-employment, A high debt or income ratio and 1st and/or 2nd mortgage or home equity loan. Mortgage Ambition, LLC is committed to providing superior mortgage services to our clients in an efficient, cost-effective manner. We strive to provide a working environment that encourages staff opportunities for professional growth wherein high levels of performance are expected and rewarded. In accordance with our Core Values, we intend to remain on the forefront and continuously improve the product we deliver to our clients. Mortgage Ambition, LLC
1133 W. Main Street, Suite 200
Blue Springs, MO 64015
866.296.6682 – Toll Free
816.228.5155 – Phone
816.228.5156 – Fax Missouri Residential Mortgage Licensee
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| AGF Mortgage |
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Since 1993, AGF Mortgage, Inc. has been serving homeowners and investors by providing mortgage loans to purchase a dream home for owner occupied with zero down payments. AGF Mortgage also finances and refinances mortgage loans for primary homes, second homes, and rental homes with or without cash out. We provide low interest rates and low closing costs to refinance existing first and second mortgages. The following is just a sample of the variety of loan programs we offer in the states of Kansas and Missouri. AGF Mortgage Inc. also offers many other programs covering the entire range of credit and property types for Kansas, Missouri and Virginia residents. We can provide you with a loan that fits your exact need, such as: First mortgages for purchase with zero down payment up to 100% of appraisal value, second mortgage up to 100% on owner-occupied properties, home equity loans up to 100%, debt consolidation loans, first and second mortgages with limited documents, stated income or no document loans, interest only loans, and loans for borrowers who have less than perfect credit. AGF Mortgage
9140 Ward Parkway, Suite 110
Kansas City, MO 64114
816.361.9988 - For Kansas City Metropolitan Area
800.930.4242 - For Out of Kansas City Metropolitan Area MO Residential Mortgage License Registrant NO. 04-063
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| The Mortgage Store |
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The Mortgage Store is a banker, not just a broker. We are your direct lender, whicih allows us to be much faster and more flexible than anyone you would compare us to. We also work with hundreds of national lenders on a wholesale level, so we can bring the best of those programs directly to you at the best rates. Because the Mortgage Store underwrites and approves loans on-site, for the fastest service possible, you can close your loan in as little as five business days. The Mortgage Store, based in St. Louis serving Missouri, has a wide variety of creative and innovative home loans to suit your needs, and because we are both brokers and mortgage lenders, we can arrange a home loan for you in a matter of days. Our St. Louis, MO Store underwrites and approves home loans on-site. As Missouri home lenders, we understand the critical timing involved in financing, and are here to help you find the home loan that best suits your needs while offering you the fastest service possible. Let our St. Louis, MO Store save you hundreds or even thousands each month on your home loans with mortgage refinance. Our second home equity loans offer debt consolidation as well as valuable tax deductions. Choose a second home loan giving you access to your home equity. Because we are lenders, we can be faster and more flexible with your loan application, often closing on your loan within a few days We offer many loan programs, here are just a few: New Purchase, Refinance, Home Equity, Debt Consolidation, Home Improvement, Interest Only Loans, Jumbo Loans, 125% Value and more. The Mortgage Store
2222 Schuetz Road, Suite 222
St. Louis, MO 63146
314.878.1000 - Phone
314.514.1717 - Fax The Mortgage Store is a real estate broker licensed by the MO Dept of Real Estate License
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