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
First-Time Homebuyer Programs in Kansas
Kansas First-Time Homebuyer Program
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
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
Topeka Opportunity to Own Program
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.