Conventional Loans in Missouri: what to know
- We arrange conventional loans for Missouri homes nationwide, submit your scenario and we will confirm the licensed loan officer for your state.
Who it is for
- Buyers with good credit and steady income
- Second homes and investment properties (with more down)
- Avoiding lifetime mortgage insurance
Typical Conventional Loans requirements in Missouri
| Minimum credit | 620 |
|---|---|
| Down payment | 3% (eligible first-time buyers), 5%+ otherwise; 15–25% on investment property |
| PMI | Required under 20% down; removable at 80% LTV on request, automatic at 78% of original value |
| Loan limit | The FHFA conforming limit for your county |
| DTI | Up to 50% with automated approval |
Figures are typical market ranges as of October 2026. Actual terms depend on the lender, your credit, the property and the program, and are confirmed on your Loan Estimate or term sheet.
How it works
- Verify income with W-2s/pay stubs or tax returns.
- Run automated underwriting (DU/LPA).
- Appraise and close.
Try the Mortgage Payment Calculator
Pros and cons
Advantages
- Lowest rates for strong credit
- Removable PMI
- All occupancy types
Trade-offs
- Stricter credit and documentation
- PMI costs more with lower scores
Documents you’ll need
- 30 days of pay stubs
- 2 years W-2s (or tax returns if self-employed)
- 2 months of bank statements
Conventional Loans FAQ
Can I get a Conventional Loan in Missouri?
Yes. We arrange conventional loans for Missouri properties nationwide, submit your scenario and we will confirm the licensed loan officer for your state.
How much do I need down for a conventional loan?
As little as 3% for qualifying first-time buyers, otherwise usually 5% for a primary home.
What credit score do I need for conventional?
620 is the program minimum, but pricing improves a lot at 680, 720 and 740. Every 20 points can meaningfully change your rate.
When does PMI go away?
You can request removal at 80% loan-to-value with a good payment history. It drops off automatically at 78% of the original value. A new appraisal can also get you there if your home gained value.
What is the conforming loan limit?
It is set each year by the FHFA and varies by county. Anything above your county’s limit needs a jumbo loan.
Can I buy an investment property with a conventional loan?
Yes. Expect 15 to 25% down, higher rates than a primary home, and a 10-property financed limit.
How much are closing costs on a conventional loan?
Typically 2 to 5% of the loan amount, including origination, appraisal, title and prepaid taxes and insurance.
Conventional vs FHA: which is better?
Conventional usually wins on cost if your credit is 680 or higher, because PMI can be removed. FHA is more forgiving on credit and debt ratios.
Do I need 20% down to avoid PMI?
No. You can put down as little as 3 to 5% and pay PMI until you reach 20% equity. Waiting to save 20% often costs more in rising prices than PMI ever would.
How fast can a conventional loan close?
Typically 3 to 4 weeks. Clean files with automated underwriting approval can close faster.
Official sources
How Conventional Loans compare
| Conventional Loans | FHA Loans | First-Time Homebuyer Loans | Jumbo Loans | |
|---|---|---|---|---|
| Best for | Buyers with good credit and steady income | First-time buyers | Renters ready to buy | Luxury and high-cost-market purchases |
| Down payment | 3% (eligible first-time buyers), 5%+ otherwise; 15–25% on investment property | , | 0% VA, 3% conventional, 3.5% FHA | Typically 10–20% |
| Credit | 620 | 580 for 3.5% down; 500–579 with 10% down | , | Typically 680–720+ |
| Income docs | , | , | , | , |
Typical ranges, your Loan Estimate or term sheet confirms actual terms.
Coming soon: a 2-minute walkthrough from our loan team.
Related programs
FHA Loans
An FHA loan is a government-insured mortgage that allows 3.5% down with a credit score of 580 or higher, or 10% down with a score from 500 to 579.
First-Time Homebuyer Loans
First-time homebuyer loans are mortgage options with low down payments, typically 3% conventional, 3.5% FHA or $0 VA, often paired with state or local down payment assistance.
Jumbo Loans
A jumbo loan is a mortgage larger than the FHFA conforming loan limit for your county, used for higher-priced homes.