Missouri is the 18th largest state in the country, with almost six million residents. A census reveals that the population of Missouri increases by more than 88,000 residents every year. People are attracted to the area, because it has a pleasant climate and friendly Midwestern culture. The state consists of over a hundred counties and one independent city, St. Louis. The largest cities in the state are Springfield, Kansas, Columbia, Independence and St. Louis. Missouri is considered to have one of the lowest home affordability rates in the United States.

Living in Missouri has now become affordable with a number of home loans programs which are offered. The cost of a median house in Missouri is around $211,500 and the value of the houses appreciates more than the national average appreciation rate. This is why people in Missouri have limited capacity to purchase homes using conventional home loans.

In Missouri, the government regulates the variable mortgage interest rates that are applied when an individual is buying a real estate. To protect the borrowers, the government ensures that people who have been given large mortgages will pay fixed mortgage rates. The government also protects the home buyer's rights by prohibiting the lender from charging more than 6% of the total amount that was financed. The lender or the mortgage company also cannot issue a loan that the borrower will not be able to pay in due time. In Missouri, mortgage refinancing is often preferred to home equity loans because home equity loans offer higher rates with low closing costs.

Being a first time home buyer in Missouri qualifies you to get federal loans, as well as VA, USDA and FHA loans. Missouri FHA loans give below-market home interest rates. While professionals, such as teachers, who wanted to acquire a house in Missouri can apply for Missouri's Extra Credit Teacher Home Purchase program which gives down payment assistance with reasonable home loan interest rates.

Missouri also provides unconventional loans for people who have disabilities or who are living with people who have disabilities. In fact, there is a 100% financing program which is a 35-year loan that requires payments for the accrued interest only after five years. Missouri is one of the few states in the US which that ensures reasonable home mortgage rates to give everyone the chance to get a new home despite the unstable economy.