Kansas Down Payment Assistance Programs

Kansas Down Payment Assistance Programs
Kansas Down Payment Assistance Programs

Kansas down payment assistance programs offer the First Time Homebuyer Program (FTHP) available to those who qualify under the conditions of a sliding scale. Income is the primary qualifier for this program. Persons who are residents within the city limits of Topeka, Lawrence, Wichita, Kansas City, or Johnson County do not qualify for this program.

What Do Qualified Applicants Receive?

Loans for those who qualify range from 15 to 20 percent of the home’s purchase price, depending on your income. In addition to the income requirement, those who apply must also make a minimum investment of two percent of the home’s sale price. Applications for the program are completed by the lender who is working with the home buyer, and in turn files the completed paperwork with the FTHP for final approval.

Kansas’ FTHP has already helped thousands of new homeowners make their dreams of home ownership come true. And with the continuation of this program, there’s a good chance that the same monies will continue to make dreams come true in the future. Applications continue to be accepted by participating lenders.

Other down payment assistance programs include the Federal Housing Administration (FHA) loan. This loan requires the 3.5% of the purchase price as a down payment. The USDA insured Rural loan for farming properties. The VA loan for veterans of the Armed Forces. Each loan has many positives and negatives for borrowers to consider. Discuss each loan option with your mortgage lender to see which one allows down payment assistance programs. Most mortgage lenders may or may not be aware of the programs that currently available so you may need to visit several before finding the right lender.

Below is a list of Kansas Down Payment Assistance Programs:

No Down Payment Mortgages – mortgages that require no down payment

USDA Rural Loan – the purpose of the Single Family Housing Direct Home Loan is to assist low- and very-low-income applicants obtain decent, safe and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant’s repayment ability. There is no down payment. Payment assistance is a type of subsidy that reduces the mortgage payment for a short time. The amount of assistance is determined by the adjusted family income.

VA Home Loan – VA helps Service members, Veterans, and eligible surviving spouses become homeowners. As part of our mission to serve you, we provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy. There is no down payment as long as the sales price doesn’t exceed the appraised value.

 

Low Down Payment Mortgages – mortgages that require up to 3.5% down payment

FHA Mortgage Loan – the purpose of the FHA Home Mortgage Loan is to provide mortgage insurance for a person to purchase or refinance a principal residence. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, savings and loan association and the mortgage is insured by HUD. A down payment of just 3.5 percent is required and may consist entirely from “gift funds.” The credit score requirement is 580.

Home Possible® Advantage Mortgage – the purpose of the Home Possible® Advantage mortgage by Freddie Mac is to offer low down payments for low- to moderate-income homebuyers or buyers in high-cost or underserved communities. Down Payment can come from a variety of sources, including friends and family, employer-assistance programs and secondary financing.

The HomeReady™ Mortgage – the purpose of the HomeReady™ mortgage by Fannie Mae is to provide flexibility for applicants buy home with down payments as low as 3%, below market mortgage rates, co-borrower flexibility, additional income sources and reduced mortgage insurance costs.

Kansas Down Payment Assistance Programs

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HUD Programs

The US Department of Housing and Urban Development (HUD) offers the following programs:

Good Neighbor Next Door Program

The Good Neighbor Next Door Program was created by U.S. Department of Housing and Urban Development (HUD) to help law enforcement officers, pre-Kindergarten through 12th grade teachers, firefighters and emergency medical technicians buy homes. The biggest benefit of the Good Neighbor Next Door Program is the 50% discount of the home’s list price. The only catch is that the home owner must commit to live in the property for 36 months as their sole residence.

To learn more about the Good Neighbor Next Door Program, click here.

Section 184 Loan – The Indian Home Loan Guarantee Program

The Section 184 Indian Home Loan Guarantee Program is a mortgage for American Indian and Alaska Native families, Alaska villages, tribes, or tribally designated housing entities. In 1992 Congress created this program to help Native American Communities with homeownership.

Section 184 loans helps borrowers buy homes with a low down payment and flexible underwriting. Moreover, the loan does not need to be used only on properties on native lands. Purchase of an existing home for single-family residences. Also allowed are new construction, rehabilitation, and refinance.

To learn more about Section 184, click here.

Kansas Housing Agencies

Kansas housing agencies are your best resource for down payment assistance programs. Through funding from HUD, the purpose of these agencies is to ensure that affordable housing is available for everyone.