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7 Best Missouri Housing Mortgage Lenders of 2020

NerdWalletJanuary 2, 2020

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The Missouri Housing Development Commission offers affordable loans and home buyer assistance programs to state residents. These MHDC-approved lenders are highly rated.

The Missouri Housing Development Commission provides down payment and closing costs assistance to state residents, particularly first-time home buyers.

However, you'll still need to work with a local lender to apply those benefits to your home loan.

Here are MHDC-approved lenders that rank among the best in NerdWallet reviews. We also provide links and info for leading Missouri lenders that do some of the highest loan volume in the state. They are also Missouri Housing authorized lenders.

Summary of Best Missouri Housing Mortgage Lenders of 2020

LenderNerdWallet Rating Minimum Credit Score Minimum Down PaymentLearn More

Best for online convenience

620

3%

Read review

New American Funding

at New American

Best for first-time home buyers

700

3%

at New American

Guild Mortgage

Best for first-time home buyers

620

3%

Read review

HomeBridge

Best for government loans

620

3%

Read review

Guaranteed Rate

Best for government loans

620

3%

Read review

PrimeLending

Best for buying a fixer-upper

620

3%

Read review

Fairway Independent Mortgage

at Fairway

Best for buying a fixer-upper

620

3%

at Fairway

Caliber: NMLS#15622

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Good for: first-time home buyers, veterans and those who may have credit challenges to overcome.

Pros

  • Offers extensive educational resources for military borrowers.

  • Provides digital tools for a streamlined application process.

  • Participates in some state down payment assistance and first-time homebuyer programs.

Cons

  • No mortgage rates displayed online.

  • Doesn't offer home equity loans or lines of credit.

Read Full Review
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at New American

New American Funding: NMLS#6606

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Min. Credit Score

700

Min. Down Payment

3%

National / Regional

National

at New American


Why we like it

Ideal for borrowers who need to be evaluated on the basis of nontraditional credit. New American Funding offers FHA and VA loans, works with down payment assistance programs, and helps borrowers whose credit histories don't fit the mold of traditional banking.

Pros

  • Uses manual underwriting to evaluate creditworthiness.

  • Offers full online mortgage application, rate quotes, document upload and loan tracking.

  • Home equity lending sets it apart from most non-bank lenders.

Cons

  • Services not available in all 50 states.

Read Full Review

Guild Mortgage: NMLS#3274

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Ideal for borrowers with a relatively high credit score who may need down payment assistance or help from a state housing agency.

Pros

  • Works with loan programs offered by state and local housing agencies.

  • Specializes in mortgages for first-time home buyers.

  • Almost half of its loans are low-down-payment government mortgages.

  • Considers alternative credit, such as history of payments on rent and utilities.

Cons

  • With a concentration of offices in the West and South, Guild has little presence in the Northeast and Midwest.

  • Jumbo borrowers may find that banks are more competitive when it comes to large loan amounts.

Read Full Review

HomeBridge: NMLS#6521

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Ideal for borrowers who prefer an online experience. Homebridge offers a variety of home loan options and an online application.

Pros

  • A wide variety of loan types.

  • Low credit score requirements for government-backed loans.

  • A wealth of educational material on its website.

  • Licensed in all 50 states.

Cons

  • Mortgage application can't be tracked online.

  • Charges origination fees on some loans.

  • Limited branch locations.

Read Full Review

Guaranteed Rate: NMLS#2611

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Ideal for borrowers who are looking to apply for a mortgage and manage the process through online tools, whether buying or refinancing. Guaranteed Rate offers FHA, VA and USDA loans for borrowers who are well-qualified.

Pros

  • Works with most borrowers as long as they have good credit scores and incomes.

  • Provides a user-friendly digital platform that’s thorough in covering all types of borrowing scenarios.

  • Has a 95% customer satisfaction rate, according to company data.

Cons

  • Charges some fees, such as a $1,290 lender fee that includes a $150 application fee.

  • Offers many products, which might confuse or overwhelm borrowers.

  • Several click-throughs required for personalized rates.

Read Full Review

PrimeLending: NMLS#13649

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Good for: borrowers looking for closing cost assistance, as well as those seeking to renovate or to build a new home.

Pros

  • Full online application includes document uploads and automated loan updates.

  • Offers a "float-down" interest rate lock.

  • Offers a proprietary closing-cost assistance program.

Cons

  • No online mortgage rates — you have to contact the lender for info.

  • Doesn't offer home equity products.

Read Full Review
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at Fairway

Fairway Independent Mortgage: NMLS#2289

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Min. Credit Score

620

Min. Down Payment

3%

at Fairway


Why we like it

Ideal for borrowers who want lots of options and a quick turn time. Fairway Independent Mortgage offers a full selection of home loans along with a comprehensive mobile app for a fast and easy application process.

Pros

  • A robust suite of loan products.

  • Licensed in all 50 states.

  • Close in as little as 10 days using the Fairway app.

Cons

  • Limited branch locations.

  • Mortgage rates not posted on website.

Read Full Review

More Missouri Housing approved lenders

Here are additional mortgage lenders that participate in Missouri Housing Development Commission programs. While not reviewed by NerdWallet, they are among the leading mortgage originators in the state.

  • Offers FHA 203(k) repair, replace and upgrade home loans.

  • The leading mortgage lender by volume in Missouri.

  • Headquartered in St. Louis with over 20 offices across Missouri.

  • Its Community Champions program provides exclusive perks to first responders and school employees, among others.

  • A mobile app keeps you in touch with the loan process wherever you are.

  • 20 local offices throughout Missouri.

  • Wraps several special benefits into one package for former and active service members.

  • Offers lot loans and construction-to-permanent financing.

  • Offers all government-backed mortgages.

  • Has a team of 30 home loan officers with an average of 20 years mortgage industry experience.

  • An online application is linked to the mortgage banker of your choice.

  • Based in St. Louis.

More from NerdWallet

Last updated on January 2, 2020

Methodology

NerdWallet's selection of mortgage lenders for inclusion here was made based on our evaluation of the products and services that lenders offer to consumers who are actively shopping for the best mortgage. The six key areas we evaluated include the loan types and loan products offered, online capabilities, online mortgage rate information, customer service and the number of complaints filed with the Consumer Financial Protection Bureau as a percentage of loans issued. We also awarded lenders up to one bonus star for a unique program or borrower focus that set them apart from other lenders. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.

To recap our selections...

NerdWallet's Best Missouri Housing Mortgage Lenders of 2020