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Kansas Housing’s First Time Homebuyer Program
Kansas Housing’s First Time Homebuyer Program provides income-eligible borrowers with financial assistance for the down payment or closing costs on a new home purchase. A first-time homebuyer is defined as not having a primary interest in owning a home in the last three years.
Income must also not exceed 80% of the area median income (AMI). Between 2% to 10% of the sales price of the home must come from the applicant’s own funds. The loan is forgiven if the buyer remains in the home for a period of 10 years.
Statewide and Regional Programs
Programs by City/Town
- Lawrence – homeownership assistance programs through a partnership of the City of Lawrence and Tenants To Homeowners
- Leavenworth – First Time Home Buyer Assistance Program
- Topeka – Home Buyer Assistance Program (Topeka Opportunity To Own)
National First-Time Homebuyer Loans
- FHA Loans – FHA home loans are very popular with first-time homebuyers cause they require a 580 credit score with just a 3.5% down payment. Debt-to-income ratios up to 50% are allowed making them perfect for low-income borrowers.
- Conventional Loans – Conventional loans require a 620 credit score and a 5% to 20% down payment. If you put 20% or more down, mortgage insurance will not be required.
- USDA Loans – USDA mortgage loans are for low-to-median income borrowers buying a home located in a USDA-eligible rural area. They provide 100% financing with a 620 or higher credit score. Mortgage insurance is required but the rate is the lowest of any type of mortgage program available.
- VA Loans – Veterans of the U.S. military may be eligible for a VA home loan. No down payment or mortgage insurance is required and veterans with a 580 to 620 credit score are eligible.
- HomeReady and Home Possible Loans – Freddie Mac and Fannie Mae created the HomeReady and Home Possible loan programs for low-income first-time homebuyers whose income does not exceed 100% of the area median income requiring just a 3% down payment and a 620 credit score.