How to Buy a House in Missouri
Updated 2026-03-02 | Data from Zillow, HUD, Tax Foundation
Avg Home Price
$264,646
Closing Costs
$10,735
4.06% of price
Property Tax Rate
0.88%
$1,676/yr median
Days on Market
38
Median
FHA Loan Limit
$472,030
Attorney Required
No
Foreclosure Type
Non-Judicial
Transfer Tax
None
None
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Key Facts About Buying in Missouri
- ✓No transfer tax
- ✓Affordable housing in both Kansas City and St. Louis metros
- ✓Non-judicial foreclosure state
- ✓Strong MHDC first-time buyer programs
The Home Buying Process in Missouri
Buying a home in Missouri follows a 10-step process. Missouri does not require an attorney at closing, though you may choose to hire one.
1
Check Your Credit Score & Finances
2
Get Pre-Approved for a Mortgage
3
Find a Real Estate Agent
4
Search for Homes & Make an Offer
5
Get a Home Inspection
6
Secure Your Financing
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First-Time Buyer Programs in Missouri
MHDC First Place Loan Program
Below-market rates with cash assistance
Up to 4% cash assistanceIncome: Up to $93,200
Cost of Buying a Home in Missouri
| Down Payment (3.5% FHA) | $9,263 |
| Down Payment (20% Conventional) | $52,929 |
| Average Closing Costs | $10,735 |
| Transfer Tax | None |
| Annual Property Tax (est.) | $2,329/yr |
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Legal & Regulatory Details in Missouri
Homestead Exemption
Available
Up to $15,000
Licensing Authority
Missouri Real Estate Commission
Missouri Real Estate Law Overview
| Conveyance Document | Warranty, special-warranty and trustee deeds |
| Security Instrument | Deed of trust |
| Foreclosure Process | Non-Judicial |
| Attorney Required at Closing | No |
| Deficiency Judgment | Yes |
| Redemption After Sale | Conditional |
| Reinstatement Available | No |
| Seller Disclosures | Sellers must avoid fraud and must disclose known material problems. Specific statutes require disclosure of solid-waste disposal sites, demolition landfills and any history of meth-amphetamine production; murders or suicides need not be disclosed. |
