Bootcamp For Buyers

Kansas First Time Homebuyer Program

The Kansas First Time Homebuyer Program, administered by the Kansas Housing Resources Corporation (KHRC), is designed to assist eligible first-time homebuyers with purchasing a home. This program offers affordable mortgage options and financial assistance to reduce upfront costs, making homeownership more accessible for Kansas residents.

Benefits

  • Provides 30-year fixed-rate mortgages with competitive interest rates for predictable and stable monthly payments.
  • Offers down payment and closing cost assistance, helping to lower the initial expenses of purchasing a home.
  • Supports first-time homebuyers and individuals purchasing in federally designated targeted areas.
  • Can be paired with other state and local housing programs for enhanced financial support.

Eligibility Requirements

  • Applicants must be first-time homebuyers, defined as individuals who have not owned a primary residence in the past three years, unless purchasing in targeted areas.
  • Income limits apply and vary based on household size and the property’s location within Kansas.
  • The property must be located in Kansas and used as the buyer’s primary residence.
  • A minimum credit score of 640 is typically required, with lender-specific underwriting criteria also applying.
  • Completion of a homebuyer education course is mandatory to prepare participants for the responsibilities of homeownership.

Additional Information

The Kansas First Time Homebuyer Program is a valuable resource for residents looking to achieve the dream of homeownership. By offering affordable mortgage options and assistance with upfront costs, this program provides a pathway to stable housing and long-term financial security. Administered by the Kansas Housing Resources Corporation, the program supports sustainable homeownership while fostering stronger communities across the state.

Frequently Asked Questions About Our Program

What is the Kansas First Time Homebuyer Program?

The Kansas First Time Homebuyer Program, administered by the Kansas Housing Resources Corporation (KHRC), assists eligible first-time homebuyers with down payment and closing cost assistance through a 0% interest loan of 15% or 20% of the home's purchase price. This loan is forgiven if the buyer remains in the home for 10 years.

Who qualifies as a first-time homebuyer under this program?

A first-time homebuyer is defined as an individual who has not owned a primary residence in the past three years. Exceptions may apply for certain targeted areas or specific circumstances.

Are there income limits for the Kansas First Time Homebuyer Program?

Yes, applicants' household income must be at or below 80% of the area median income (AMI) for their county. These limits vary by location and household size.

What types of properties are eligible for purchase?

Eligible properties include single-family homes that will serve as the borrower's primary residence. The property must meet purchase price limits set by the program.

Is there a minimum investment required from the homebuyer?

Yes, homebuyers must contribute at least 1% but no more than 10% of the sale price from their own funds.

Is homebuyer education required?

Yes, applicants must complete a homebuyer education course to ensure they are prepared for the responsibilities of homeownership.

Are there specific credit score requirements?

While the program itself may not specify a minimum credit score, applicants must meet the credit requirements of the participating lender providing the mortgage.

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Can this program be combined with other assistance programs?

Yes, the Kansas First Time Homebuyer Program can be paired with other homebuyer assistance programs to further reduce the financial burden of purchasing a home.

Are there geographic restrictions within Kansas?

Yes, the program excludes certain areas such as Johnson County and the cities of Kansas City, Lawrence, Topeka, and Wichita, as these areas administer their own federal funds for homebuyer assistance.

What happens if I sell the home before 10 years?

If the home is sold before the 10-year period, the remaining balance of the loan must be repaid. The loan is forgiven incrementally over the 10-year occupancy period.

Is there a debt-to-income ratio requirement?

Yes, applicants may have a debt-to-income ratio of up to 45%, allowing for greater flexibility in qualifying for the program.

How do I apply for the Kansas First Time Homebuyer Program?

To apply, contact a participating lender who will guide you through the application process, including verifying eligibility and assisting with necessary documentation.

Are manufactured homes eligible for this program?

Eligibility of manufactured homes depends on specific program guidelines and lender policies. It's advisable to consult with your lender to determine if a manufactured home qualifies.

Is there a maximum purchase price for homes under this program?

Yes, the program sets maximum purchase price limits that vary by county to ensure affordability for participants.

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Can I rent out the property after purchasing it through this program?

No, the property must remain your primary residence for the duration of the 10-year loan forgiveness period.

What if my income increases after purchasing the home?

Income increases after purchasing the home do not affect your participation in the program, as eligibility is determined at the time of application.

Are there any fees associated with the program?

Standard loan fees, such as origination and processing fees, may apply. It's important to discuss all potential fees with your lender.

Is refinancing allowed during the 10-year period?

Refinancing may be allowed, but specific conditions apply. Consult with KHRC and your lender to understand the implications on the forgivable loan.

What documentation is required for application?

Applicants need to provide proof of income, employment, credit history, and completion of the homebuyer education course, among other standard loan application documents.

Is the program available to non-U.S. citizens?

Eligibility for non-U.S. citizens depends on residency status and lender policies. It's best to discuss your specific situation with a participating lender.

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