Total Mortgage in Kansas

Topeka Opportunity to Own (TOTO) Program

If you plan to buy a property in Topeka, you can consider the TOTO program to finance your dream home. This one is one of the best alternatives for first-time home buyers in Kansas. Details are as follows -

• $500 as the minimum down payment
• Up to $10,000 as down payment assistance.
• For repairing a house, a loan is available for up to $30,000
• A purchase price maximum of up to $75,000 is allowed.
• At closing, buyers cannot own any property.
• Home buyers must complete 12 hours of home buyer and maintenance education courses.
• Home buyer earnings should be less than 80% of AMI ($69,700 for a four-member family)
• You must apply for the loan with Housing and Credit Counseling, Inc.

City of Leavenworth Home Ownership Program

If you are a Kansas first-time home buyer interested in purchasing a property in the City of Leavenworth, you can use the City's Home Ownership Program. With more than 50% of the residential properties in the City put up for rent, the City is trying hard to attract first-time buyers.

Program details are -

• Home buyers can get up to $8,000 as housing grants in Kansas.
• You need to be a first-time home buyer in Kansas.
• You must cover 50% of the down payment.
• Home buyers need to earn low to moderate income ($51,250 to $82,000 for a four-member family.)
• Should not have owned a residential property in the last five years.
• You also need to own the house for a minimum of 5 years.
• You must access the program's website and contact the City's community development coordinator.

KHRC First-Time Homebuyer Program

KHRC offers down payment assistance in Kansas to first-time home buyers. The biggest pro of the program is assistance with down payments and closing costs. Details are -

• This Kansas first-time home buyer program offers a second loan to cover up to 15% and 20% of the purchase price of the home, up to a maximum of $40,000. The second loan has no monthly payments.
• Income is the determining factor for the loan amount. For example, if the household income is 50% of the AMI or less, the loan offered can be up to 20% of the purchase price.
• Residing in the property for ten years means the loan will be entirely forgiven. A big advantage!
• Home buyers need not have a minimum credit score. However, a minimum of 80% of the purchase price of the home must be approved for either an FHA, USDA, VA, or 30-year conventional loan.
• Buyers must contribute some of their funds for the purchase, between 1% and 10%.
• This program is invalid in Wichita, Kansas City, Topeka, Lawrence, or Johnson County. Hence, areas outside of these locations are eligible for this program.
• Home buyers have not owned a house in the past three years (exceptions include single parent, displaced homemaker, manufactured home owner.)
• The annual income cannot exceed 80% of the area's AMI.
• The maximum purchase price cannot exceed $143,000 in most counties.

KansasDPA

This program is co-sponsored by Shawnee and Sedgwick Counties. The program is applicable for first-time home buyers in Kansas and repeat homeowners. There is a 30-year fixed-rate government-backed or conventional loan followed by first-time home buyer grants Kansas for closing costs and Kansas down payment assistance.

First-time home buyer Kansas requirements are -

• Minimum credit score of 640
• You need to be qualified by an approved lender
• Home buyers must earn 140% of the AMI. It varies from place to place.

FHLBank Topeka Homeownership Set-aside Program (HSP)

This is a cross-border program that applies to four states, including Kansas. It is a first-time home buyer loan in Kansas that ranges between $2,500 and $15,000. The grant is forgiven if the home buyer lives in the property for at least five years. The program applies to buying a property in Oklahoma, Colorado, Nebraska, and Kansas. The earnings should be 80% of the AMI, and the home buyer needs to take the approved homebuyer education course.

City of Wichita’s HOMEownership 80 Program

If you're looking to buy a house in Wichita, there's a program that can assist first-time homebuyers in certain parts of the city. Te City of Wichita’s HOMEonweship 80 program is funded by the U.S. Department of Housing and Urban Development (HUD) and provides grants to eligible individuals.

To take advantage of this opportunity, you'll need to purchase a home through one of the city's housing development partners, such as Mennonite Housing or Habitat for Humanity. Additionally, you must qualify for a 30-year fixed-rate mortgage and meet specific income requirements. As part of the program, attending a homebuyer training class is also required to ensure you're well-informed throughout the home buying process.

Kansas First-Time Home Buyer Savings Accounts

This is a unique housing grants in Kansas. Under this program, Kansas residents can open a dedicated savings account. There are interest-free tax benefits. That can be used when buying a house in the future. Home buyers can make tax-free contributions up to $3,000 as individual fillers or $6,000 as joint fillers each year to the account. Account holders can save $50,000 that can be used as closing costs or as Kansas down payment assistance. The account has to be at least a year old before you can withdraw money.

FHA Loans

This program from the Federal Housing Administration is available for home buyers with lower credit scores. For buyers with a credit score of 580 or more, a down payment of 3.5% of the property price must be made.

VA Loans

This program is for veterans, active military personnel, and their spouses. It is a great option for first-time home buyers in Kansas with no down payment.

USDA Loans

Another no-down-payment option is USDA loans for buying a property in a specified rural area.