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Last updated: Apr 20, 2024
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Data provided by Icanbuy, LLC. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.

Kansas Mortgage Overview

Kansas has a population of 2.9 million people. It's the 'Breadbasket' of our country because it grows 20 percent of the wheat for the United States.

Kansas is a beautiful state with a stable climate and many amazing areas to live. The average home price is $152,000 and 66 percent of the homes owned in Kansas are by owner-occupied residents.

If you're thinking of moving to Kansas, here are the top mortgage options for homebuyers:

Kansas FHA loans

Borrowers don't need perfect credit for a Kansas FHA loan. All you need is a 580 credit score and a 3.5 percent down payment. If you have a 500 - 579 score, you may still be eligible, but with a 10 percent down payment. FHA loans have flexible guidelines and make it easy for borrowers who will live in the property to get financing.

Kansas VA loans

Military veterans and current members with at least 181 days served may get a VA loan with no down payment. You need just a 620 credit score and proof you make enough money to cover your debts and the daily cost of living. VA loans don't require mortgage insurance and have low interest rates.

Kansas USDA loans

If your household income is less than 115 percent of the income for the area, you may qualify for a USDA loan. You'll have to live in a rural area, but the USDA classifies any low populated area as rural, not just areas in 'wide open fields.' USDA loans don't require a down payment, but you need a 640 credit score to qualify.

Kansas conventional loans

Borrowers with great credit and stable income may qualify for a Kansas conventional loan. These loans aren't government-backed, but they have some of the best terms available. You need at least a 660 credit score and a max 40 percent debt ratio to qualify.

First-Time Homebuyer Programs in Kansas

Kansas First-Time Homebuyer Program

Eligible applicants may receive 15 - 20 percent of the sales price as a forgivable second mortgage. If you stay in the home for 10 years, the loan is forgiven. You must make 80 percent or less of the area's median income to qualify.

Leavenworth Home Ownership Program

Homebuyers purchasing a home in the Leavenworth area may receive up to an $8,000 grant to buy their first home. This is to build up the area which is 50 percent rentals right now.

Topeka Opportunity to Own Program

Low-income first-time homebuyers may qualify for a low interest loan to buy a home up to $75,000 with the Topeka Opportunity to Own Program. Borrowers must have $500 to put down and buy a home anywhere in Topeka.

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