Areas We Serve

Regardless of where you’re planning to purchase property in Missouri, Griffin Funding can provide loans tailored to your needs. Our commitment to exceptional service remains the same, no matter where you are. Here are just a few of the cities we serve:

  • St. Louis
  • Kansas City
  • Springfield
  • Columbia
  • Jefferson City
  • Independence
  • Lee’s Summit
  • St. Charles
  • St. Joseph
  • O’Fallon
  • Cape Girardeau
  • Joplin

Mortgages Available in Missouri

Griffin Funding provides a diverse selection of home loans in Missouri tailored to meet the needs of every borrower. Whether you’re a veteran, entrepreneur, business owner, investor, or fall into any other category, we have the perfect financing solution for you. A few of the types of the Missouri mortgages we offer include:

  • VA loans: Veterans, active-duty service members, and surviving spouses may be eligible for a Department of Veterans Affairs-backed VA loan with competitive interest rates and 100% financing.
  • Bank statement loans: Self-employed individuals, entrepreneurs, and retirees may benefit from bank statement loans that allow you to qualify using your bank statements rather than traditional income documentation.
  • DSCR loans: With a debt service coverage ratio (DSCR) loan, real estate investors can qualify for an investment property loan using the property’s income-generating potential.
  • Conventional loans: Conventional loans are popular Mississippi mortgage options that conform to the guidelines set by Fannie Mae and Freddie Mac. These home loans typically require a higher credit score and down payment from borrowers, but offer competitive rates and flexible terms.
  • Asset-based loans: Asset-based loans are similar to bank statement loans. Both are non-QM mortgage loans, but asset-based loans count your assets as income instead of traditional income verification.
  • USDA loans: USDA loans can help borrowers with low-to-moderate incomes purchase homes in eligible rural areas with no or low down payment options.
  • ITIN loans: ITIN loans allow borrowers to qualify for a mortgage using their Individual Taxpayer Identification Number, opening up an alternative pathway to homeownership for foreign nationals and immigrants.
  • FHA loans: An FHA loan is a government-backed mortgage that boasts a low down payment requirement and flexible credit requirements.
  • Home equity loans: Tap into the equity you’ve built up with a home equity loan from Griffin Funding. A HELOAN allows you to pull equity out of your home and get cash that you can use for all kinds of expenses.

Mortgage Rates in Missouri

Mortgage rates in Missouri vary depending on several external and borrower-specific factors. For instance, the type of mortgage you choose can influence your Missouri mortgage rate, with rates differing between fixed-rate mortgages and adjustable-rate mortgages (ARMs).

Your credit score will also affect your mortgage rate in Missouri, with higher scores typically qualifying for lower rates. Factors such as the loan amount, down payment size, and debt-to-income (DTI) ratio can also influence your rate.

Keep in mind that Missouri mortgage lenders may offer various rates based on their own criteria and market conditions. Inflation, unemployment rates, and overall economic health can impact rates, and lenders may adjust their own interest rates based on these conditions to remain competitive.

Qualifying for a Home Loan in Missouri

Securing a home loan in Missouri requires you to meet various criteria set by your specific lender. Some of the key metrics Missouri mortgage lenders consider during the application process include:

  • Credit score: Your credit profile shows lenders how well you pay off debts on time. The higher your score, the better your loan terms.
  • Income: Missouri mortgage lenders assess your income to ensure you can afford regular monthly mortgage payments.
  • Employment history: Lenders prefer working with borrowers with a stable employment history because it indicates a steady source of income. However, while some lenders want you to be at the same job for at least two years, others may be more lenient.
  • Debt-to-income ratio: Lenders use the DTI ratio to evaluate your ability to responsibly repay additional debt.
  • Down payment: The size of your down payment affects your loan approval and terms. A higher down payment can result in lower interest rates and reduced mortgage insurance requirements.

What credit score is needed to buy a house in Missouri?

The credit score needed to get a mortgage in Missouri depends on your loan and lender. Most traditional mortgage loans require a credit score of 600 or higher. However, higher credit scores typically lead to lower interest rates and down payment requirements.

Government-backed loans like FHA, VA, and USDA mortgages come with more flexible credit score requirements than conventional loans. These loans are less risky for mortgage lenders because they’re guaranteed by government agencies, making them more willing to lend to borrowers with less conventional or desirable financial backgrounds.

What is the minimum down payment for a Mississippi home loan?

The minimum down payment for a Mississippi home loan depends on the type of loan you choose. For government-backed loans like USDA or VA loans, you might be eligible for no down payment at all. However, for conventional loans or DSCR loans, you’ll need a higher down payment.

Generally, a higher down payment can lead to a better interest rate. However, your credit score may also play a role in the minimum down payment for a mortgage in Mississippi. For instance, bank statement loans from Griffin Funding allow you to make a down payment as low as 10% with a higher credit score.

Work With a Trusted Missouri Mortgage Lender

Experience the benefits of homeownership in Missouri with the help of Griffin Funding. With competitive rates, personalized assistance, and a wide range of mortgage loan options tailored to your needs, we make purchasing a home in Missouri hassle-free. Whether you’re looking to buy your first home, refinance your existing mortgage, or need a retirement mortgage, our committed team is here to help at every turn.

Plus, with the Griffin Gold app, you can conveniently manage your mortgage process. Track your finances, upload documents, and use a variety of tools to help you calculate costs. Download the app today or contact us to discuss your Missouri mortgage options. We also encourage you to fill out an online application if you’re ready to lock in a rate and get started with the home buying process.