Home financing in Chariton County.

Home financing means borrowing money to buy, build, or improve a home, then repaying it over time with interest. In Chariton County — a rural, agricultural county in north-central Missouri with the county seat in Keytesville — most home purchases are financed through a mortgage loan. A mortgage is a loan secured by the property itself: if you stop making payments, the lender can take the home.

The most common loan types you will encounter locally are:

• **Conventional loans** — offered by banks and credit unions, typically requiring a credit score of 620 or higher and a down payment of 3–20%.

• **FHA loans** — backed by the federal government, with down payments as low as 3.5% and more flexible credit requirements. A common starting point for first-time buyers.

• **USDA Rural Development loans** — because most of Chariton County qualifies as a rural area, many buyers here are eligible for USDA loans, which can require zero down payment.

• **VA loans** — for eligible veterans and active-duty military, offering no down payment and no private mortgage insurance.

• **ITIN loans** — for buyers who do not have a Social Security number but do have an Individual Taxpayer Identification Number (ITIN). Several lenders in Missouri offer these.

You do not have to be a U.S. citizen to buy a home in Missouri. You do need to be honest on your application and work with a lender who understands your situation.

Chariton County's economy is rooted in agriculture, small-scale manufacturing, and service trades. Many residents are self-employed farmers, independent contractors, or seasonal workers. This matters because lenders look at income stability, not just a pay stub.

**If you are a W-2 employee:** Qualifying is usually straightforward. Lenders want two years of work history and recent pay stubs.

**If you are self-employed or a solo contractor:** You will typically need two years of federal tax returns (Schedule C or Schedule F for farmers), a profit-and-loss statement, and bank statements.

Lenders average your net income over two years — so write-offs that lower your tax bill also lower the income lenders see.

Talk to a tax professional and a lender together before making decisions.

**If you have an ITIN instead of a Social Security number:** You can still qualify for a mortgage. You will need at least two years of ITIN tax filings, a solid rental payment history, and bank statements showing consistent savings. Some lenders in Missouri specialize in this and it is a legitimate, legal path to homeownership.

**If your credit is thin or damaged:** Credit unions and CDFI lenders (explained below) are often more flexible than large banks. A score of 580–619 is workable with the right lender and loan type. Below 580, focus first on credit-building for 6–12 months.

**Income limits for state programs:** Missouri's MHDC programs have income and purchase price limits that are updated annually. In rural counties like Chariton, limits are often more generous than in metro areas, which works in your favor.

Gathering your documents before you apply saves time and stress. Here is what most lenders in Missouri will ask for:

**Identity & residency:**

- Government-issued photo ID (passport, state ID, consular ID card, or driver's license)

- ITIN letter from the IRS (if applicable) or Social Security card

- Immigration documents if applicable (lenders are not immigration authorities — they need this only to verify identity)

**Income:**

- Last two years of federal tax returns (all pages, all schedules)

- Last two pay stubs (if W-2 employee)

- Last two years of W-2 or 1099 forms

- If self-employed: a current profit-and-loss statement and 12–24 months of business bank statements

- If a farmer: Schedule F, FSA records, and commodity sales records can help

**Assets:**

- Last two to three months of bank statements (all pages, all accounts)

- Statements for retirement or investment accounts if you have them

- Documentation of any gift funds used for down payment (a gift letter is required)

**Property:**

- Signed purchase contract (once you have one)

- Information on the property address

**Debts:**

- Recent statements for any car loans, student loans, credit cards, or other debts

Keep physical or digital copies of everything. Lenders may ask for the same document more than once — this is normal and not a red flag.