What are Conventional Loans and Conforming Loans?

By definition, a Conventional Loan is any mortgage that’s not guaranteed or insured by the federal government. Missouri conventional loans may be either “conforming” and “non-conforming”, although ‘conventional loans’ generally refer to ‘conforming loans’. Therefore Missouri conventional loan limits are the same thing as Missouri conforming loan limits.

Missouri Conventional Loan Limits

What is the maximum amount that I can borrow?

Conventional loan limits in Missouri are determined by:

  • Missouri Conventional Loan LimitsMaximum LTV Ratio:  The maximum financing loan-to-value ratio for conventional mortgages is 80% – 97% of the appraised value of the home or its selling price, whichever is lower. Learn how to calculate loan-to-value.
  • Maximum Loan Amount: Conventional loan limits in Missouri are set at the floor amount of $424,100 across the entire state. Metro areas in MO with a conforming limit of $424,100 include St. Louis, Columbia, Kansas City, Branson and Jefferson City.

Search all Conventional Loan Limits in Missouri:

County Name
Area
1-Unit
2-Unit
3-Unit
4-Unit
ADAIRKIRKSVILLE, MO$510,400$653,550$789,950$981,700
ANDREWST. JOSEPH, MO-KS$510,400$653,550$789,950$981,700
ATCHISONNON-METRO$510,400$653,550$789,950$981,700
AUDRAINMEXICO, MO$510,400$653,550$789,950$981,700
BARRYNON-METRO$510,400$653,550$789,950$981,700
BARTONNON-METRO$510,400$653,550$789,950$981,700
BATESKANSAS CITY, MO-KS$510,400$653,550$789,950$981,700
BENTONNON-METRO$510,400$653,550$789,950$981,700
BOLLINGERCAPE GIRARDEAU, MO-IL$510,400$653,550$789,950$981,700
BOONECOLUMBIA, MO$510,400$653,550$789,950$981,700
BUCHANANST. JOSEPH, MO-KS$510,400$653,550$789,950$981,700
BUTLERPOPLAR BLUFF, MO$510,400$653,550$789,950$981,700
CALDWELLKANSAS CITY, MO-KS$510,400$653,550$789,950$981,700
CALLAWAYJEFFERSON CITY, MO$510,400$653,550$789,950$981,700
CAMDENNON-METRO$510,400$653,550$789,950$981,700
CAPE GIRARDEAUCAPE GIRARDEAU, MO-IL$510,400$653,550$789,950$981,700
CARROLLNON-METRO$510,400$653,550$789,950$981,700
CARTERNON-METRO$510,400$653,550$789,950$981,700
CASSKANSAS CITY, MO-KS$510,400$653,550$789,950$981,700
CEDARNON-METRO$510,400$653,550$789,950$981,700
CHARITONNON-METRO$510,400$653,550$789,950$981,700
CHRISTIANSPRINGFIELD, MO$510,400$653,550$789,950$981,700
CLARKFORT MADISON-KEOKUK, IA-IL-MO$510,400$653,550$789,950$981,700
CLAYKANSAS CITY, MO-KS$510,400$653,550$789,950$981,700
CLINTONKANSAS CITY, MO-KS$510,400$653,550$789,950$981,700
COLEJEFFERSON CITY, MO$510,400$653,550$789,950$981,700
COOPERCOLUMBIA, MO$510,400$653,550$789,950$981,700
CRAWFORDNON-METRO$510,400$653,550$789,950$981,700
DADENON-METRO$510,400$653,550$789,950$981,700
DALLASSPRINGFIELD, MO$510,400$653,550$789,950$981,700
DAVIESSNON-METRO$510,400$653,550$789,950$981,700
DEKALBST. JOSEPH, MO-KS$510,400$653,550$789,950$981,700
DENTNON-METRO$510,400$653,550$789,950$981,700
DOUGLASNON-METRO$510,400$653,550$789,950$981,700
DUNKLINKENNETT, MO$510,400$653,550$789,950$981,700
FRANKLINST. LOUIS, MO-IL$510,400$653,550$789,950$981,700
GASCONADENON-METRO$510,400$653,550$789,950$981,700
GENTRYNON-METRO$510,400$653,550$789,950$981,700
GREENESPRINGFIELD, MO$510,400$653,550$789,950$981,700
GRUNDYNON-METRO$510,400$653,550$789,950$981,700
HARRISONNON-METRO$510,400$653,550$789,950$981,700
HENRYNON-METRO$510,400$653,550$789,950$981,700
HICKORYNON-METRO$510,400$653,550$789,950$981,700
HOLTNON-METRO$510,400$653,550$789,950$981,700
HOWARDCOLUMBIA, MO$510,400$653,550$789,950$981,700
HOWELLWEST PLAINS, MO$510,400$653,550$789,950$981,700
IRONNON-METRO$510,400$653,550$789,950$981,700
JACKSONKANSAS CITY, MO-KS$510,400$653,550$789,950$981,700
JASPERJOPLIN, MO$510,400$653,550$789,950$981,700
JEFFERSONST. LOUIS, MO-IL$510,400$653,550$789,950$981,700
JOHNSONWARRENSBURG, MO$510,400$653,550$789,950$981,700
KNOXNON-METRO$510,400$653,550$789,950$981,700
LACLEDELEBANON, MO$510,400$653,550$789,950$981,700
LAFAYETTEKANSAS CITY, MO-KS$510,400$653,550$789,950$981,700
LAWRENCENON-METRO$510,400$653,550$789,950$981,700
LEWISQUINCY, IL-MO$510,400$653,550$789,950$981,700
LINCOLNST. LOUIS, MO-IL$510,400$653,550$789,950$981,700
LINNNON-METRO$510,400$653,550$789,950$981,700
LIVINGSTONNON-METRO$510,400$653,550$789,950$981,700
MACONNON-METRO$510,400$653,550$789,950$981,700
MADISONNON-METRO$510,400$653,550$789,950$981,700
MARIESNON-METRO$510,400$653,550$789,950$981,700
MARIONHANNIBAL, MO$510,400$653,550$789,950$981,700
MCDONALDNON-METRO$510,400$653,550$789,950$981,700
MERCERNON-METRO$510,400$653,550$789,950$981,700
MILLERNON-METRO$510,400$653,550$789,950$981,700
MISSISSIPPINON-METRO$510,400$653,550$789,950$981,700
MONITEAUJEFFERSON CITY, MO$510,400$653,550$789,950$981,700
MONROENON-METRO$510,400$653,550$789,950$981,700
MONTGOMERYNON-METRO$510,400$653,550$789,950$981,700
MORGANNON-METRO$510,400$653,550$789,950$981,700
NEW MADRIDNON-METRO$510,400$653,550$789,950$981,700
NEWTONJOPLIN, MO$510,400$653,550$789,950$981,700
NODAWAYMARYVILLE, MO$510,400$653,550$789,950$981,700
OREGONNON-METRO$510,400$653,550$789,950$981,700
OSAGEJEFFERSON CITY, MO$510,400$653,550$789,950$981,700
OZARKNON-METRO$510,400$653,550$789,950$981,700
PEMISCOTNON-METRO$510,400$653,550$789,950$981,700
PERRYNON-METRO$510,400$653,550$789,950$981,700
PETTISSEDALIA, MO$510,400$653,550$789,950$981,700
PHELPSROLLA, MO$510,400$653,550$789,950$981,700
PIKENON-METRO$510,400$653,550$789,950$981,700
PLATTEKANSAS CITY, MO-KS$510,400$653,550$789,950$981,700
POLKSPRINGFIELD, MO$510,400$653,550$789,950$981,700
PULASKIFORT LEONARD WOOD, MO$510,400$653,550$789,950$981,700
PUTNAMNON-METRO$510,400$653,550$789,950$981,700
RALLSHANNIBAL, MO$510,400$653,550$789,950$981,700
RANDOLPHMOBERLY, MO$510,400$653,550$789,950$981,700
RAYKANSAS CITY, MO-KS$510,400$653,550$789,950$981,700
REYNOLDSNON-METRO$510,400$653,550$789,950$981,700
RIPLEYPOPLAR BLUFF, MO$510,400$653,550$789,950$981,700
SALINEMARSHALL, MO$510,400$653,550$789,950$981,700
SCHUYLERKIRKSVILLE, MO$510,400$653,550$789,950$981,700
SCOTLANDNON-METRO$510,400$653,550$789,950$981,700
SCOTTSIKESTON, MO$510,400$653,550$789,950$981,700
SHANNONNON-METRO$510,400$653,550$789,950$981,700
SHELBYNON-METRO$510,400$653,550$789,950$981,700
ST. CHARLESST. LOUIS, MO-IL$510,400$653,550$789,950$981,700
ST. CLAIRNON-METRO$510,400$653,550$789,950$981,700
ST. FRANCOISFARMINGTON, MO$510,400$653,550$789,950$981,700
ST. LOUISST. LOUIS, MO-IL$510,400$653,550$789,950$981,700
ST. LOUIS CITYST. LOUIS, MO-IL$510,400$653,550$789,950$981,700
STE. GENEVIEVENON-METRO$510,400$653,550$789,950$981,700
STODDARDNON-METRO$510,400$653,550$789,950$981,700
STONENON-METRO$510,400$653,550$789,950$981,700
SULLIVANNON-METRO$510,400$653,550$789,950$981,700
TANEYBRANSON, MO$510,400$653,550$789,950$981,700
TEXASNON-METRO$510,400$653,550$789,950$981,700
VERNONNON-METRO$510,400$653,550$789,950$981,700
WARRENST. LOUIS, MO-IL$510,400$653,550$789,950$981,700
WASHINGTONNON-METRO$510,400$653,550$789,950$981,700
WAYNENON-METRO$510,400$653,550$789,950$981,700
WEBSTERSPRINGFIELD, MO$510,400$653,550$789,950$981,700
WORTHNON-METRO$510,400$653,550$789,950$981,700
WRIGHTNON-METRO$510,400$653,550$789,950$981,700

Missouri conforming limits can change anytime. Check back often to ensure accuracy.

What factors determine if i’m eligible for a Conventional Loan in Missouri?

Conventional conforming loans follow the terms and conditions set forth by government sponsored enterprises (GSE’s) like Fannie Mae or Freddie Mac. To be eligible for a Conforming Loan in Missouri, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be considered. A FICO credit score of 620 or above is generally required to obtain a conventional loan approval. You must also have enough income to pay your housing costs plus all additional monthly debt.

How much money will I need for the down payment and closing costs?

Conventional home loans require the home buyer to invest between 3% and 20% of the sales price towards the down payment and closing costs. If the sales price is $100,000 for example, the mortgage applicant must invest at least $3,000 – $20,000 to meet conventional mortgage down payment requirements, depending on the program.

Minimum Missouri Conventional Loan Down Payment:

Residence UsageFixed-Rate Mortgage (FRM)Adjustable-Rate Mortgage (ARM)
1 Unit Primary3% Down Payment10% Down Payment
2 Units Primary15% Down Payment25% Down Payment
3 Units Primary25% Down Payment35% Down Payment
4 Units Primary25% Down Payment35% Down Payment
1 Unit Second Home10% Down Payment20% Down Payment
1 Unit Investment15% Down Payment25% Down Payment
2 Units Investment25% Down Payment35% Down Payment
3 Units Investment25% Down Payment35% Down Payment
4 Units Investment25% Down Payment35% Down Payment

What property types are allowed for Conventional Conforming Mortgages?

MO Conventional mortgage requirementsConventional mortgage guidelines allow you to purchase warrantable condos, planned unit developments, modular homes, manufactured homes, and 1-4 family residences. Conventional loans can be used to finance primary residences, second homes and investment property.

Learn more about conventional mortgages.

What types of mortgage and refinance programs do Conventional Loans offer in Missouri?

There are several varieties of standard home purchase, first-time home buyer and conventional refinance loans available in Missouri:

  • Conventional Purchase Loans – Conventional loans offer a variety of programs for applicants with good credit ratings to buy a home. Both 3% down mortgage and 5% down mortgage options are available, however 20% down is the minimum amount required to avoid private mortgage insurance.
  • Conventional Rate/Term Refinance: Conventional Rate/Term refinancing loans are for borrowers who currently have an FHA, VA, USDA or conventional fixed rate mortgage or ARM loan and wish to refinance into a conventional mortgage with a lower interest rate. If you’re a homeowners considering a stable, conventional fixed-rate mortgage, this program may also eliminate your mortgage insurance if you have at 20% equity in your home.  If not, Conventional 97% loan programs may also work for you.
  • Cash-Out Refinance: A Conventional Cash Out Refinance is perfect for the homeowner who wants to access the equity that they have built up in their home. This program is beneficial to homeowners whose property has increased in value since it was purchased.

What factors determine if I am eligible for a Conventional Refinance Loan?

To meet conventional refinance mortgage requirements in Missouri, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be considered. You must be able to cover closing costs and have enough income to pay your monthly debt.

Conventional Loan Requirements

More Missouri Mortgage Limits

You may also want to visit these additional home loan resources before deciding on a mortgage program:

 

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