On a similar note...
On a similar note...
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As a Kansas resident and hopeful home buyer, you can tap a unique financial resource. Down payment and closing cost assistance may be available to you through the Kansas Housing Resources Corp.
And you won't have to sift through a bunch of bureaucracy: One program does all of the heavy lifting.
Also, national programs tailored to first-time home buyers can help you move from renting an apartment to owning a home.
National first-time home buyer programs
These national programs offer deep resources for first-time home buyers, including low or zero down payments.
Kansas Housing highlights and eligibility requirements
Kansas Housing keeps things simple: It offers one assistance program. Here are the must-know details:
» MORE: Tips for first-time home buyers
Offers 15% or 20% of a home's purchase price in assistance.
Assistance is in the form of a forgivable loan.
Available to borrowers who meet income requirements and haven't owned a home within the past three years.
No minimum credit score requirement.
You must kick in at least 2% of the purchase price with your own money.
The amount of assistance depends on your household income.
Not available in Kansas City, Lawrence, Topeka or Wichita city limits or Johnson County.
Kansas Housing first-time home buyer loan programs
Summary: The 2020 Kansas first-time home buyer program
The First Time Homebuyer Program is the sole offering of Kansas Housing, yet the benefits are robust:
A forgivable loan for 15% or 20% of the home's purchase price.
Use the proceeds to reduce your closing costs or add to your down payment.
An income chart provides qualification details.
You will want to contact a participating lender to help with the paperwork and walk you through the details. It's a good idea to talk to more than one, because "credit overlays" — additional qualifying terms added by a lender — can vary.
For full details on the first-time home buyer program, visit the Kansas Housing website.
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