Kansas First Time Homebuyer Program Guide

Guide to the Kansas First Time Homebuyer Program

The Kansas First Time Homebuyer Program is designed to help first-time homebuyers in Kansas achieve homeownership by providing financial assistance with down payments and closing costs. For 2025, the program offers updated eligibility criteria and benefits, ensuring that it remains accessible and effective for Kansas residents. This guide will walk you through the program's benefits, eligibility requirements, and application process to help you take advantage of this valuable opportunity.

1. Program Overview:

• Purpose: The Kansas First Time Homebuyer Program aims to assist first-time homebuyers by offering down payment and closing cost assistance. The goal is to make homeownership more accessible by easing the financial burden of purchasing a home.
• Assistance Amount: Eligible applicants can receive up to $8,000 in down payment and closing cost assistance, significantly reducing the upfront costs associated with home buying.
• Loan Structure: The program provides assistance through a second mortgage, which is deferred and typically due when the home is sold, refinanced, or paid off, making it easier for homebuyers to manage their finances without monthly payments.

2. Eligibility Requirements for 2025:

To qualify for the Kansas First Time Homebuyer Program, applicants must meet the following criteria:

• First-Time Homebuyer: The program is intended for first-time homebuyers, which is defined as individuals who have not owned a home in the past three years. Some exceptions may apply for veterans and certain individuals purchasing homes in designated areas.
• Income Limits: The program has income limits that vary based on household size and location. These limits are updated annually to reflect local housing market conditions and ensure the program serves low-to-moderate income buyers.
• Credit Score: A minimum credit score of 640 is required for applicants to qualify. Lenders may assess additional factors, such as your debt-to-income ratio, to determine eligibility.
• Property Requirements: The property must be located in Kansas and serve as your primary residence. The program also has limits on the price of the home, ensuring affordability for eligible buyers.
• Homebuyer Education: All applicants are required to complete an approved homebuyer education course. This course will provide valuable information on managing a mortgage, budgeting, and other important aspects of homeownership.

3. How to Apply:

Applying for the Kansas First Time Homebuyer Program involves the following steps:

• Assigned Loan Officer: Once you express interest in the program, you will be assigned a dedicated loan officer who will guide you through the application process. Your loan officer will help verify your eligibility and assist in gathering all necessary documentation.
• Required Documentation: You will need to provide documents such as proof of income, tax returns, credit history, and a certificate of completion for the homebuyer education course.
• Submit Your Application: Once all required documents are gathered, submit your application to your loan officer. The loan officer will review your application, confirm eligibility, and provide guidance on the next steps in the process.

4. Homebuyer Education Course:

• Mandatory Requirement: Completion of a homebuyer education course is mandatory for all applicants. The course provides important information on budgeting, mortgage management, and the responsibilities of homeownership.
• Course Options: The course is offered both online and in-person, giving you the flexibility to choose the option that best fits your schedule. Upon completion, you will receive a certificate, which must be submitted as part of your application.

5. Down Payment and Closing Cost Assistance:

• Assistance Amount: The Kansas First Time Homebuyer Program offers up to $8,000 in assistance for down payment and closing costs, reducing the financial strain of purchasing a home.
• Deferred Loan Terms: The assistance is offered as a deferred second mortgage. This means that no monthly payments are required, and the loan is due when the home is sold, refinanced, or paid off.

6. Finalizing the Loan:

• Approval Process: After your application is approved, your loan officer will walk you through the next steps of the process, which include reviewing and signing loan documents.
• Closing Costs: While the program covers down payment and closing costs, you may still be responsible for some additional fees. Your loan officer will provide a clear breakdown of all the costs associated with your home purchase.

Our team of dedicated loan officers is here to ensure you have the support you need throughout the homebuying process. From the application to closing, they will guide you step by step, answering any questions you have along the way. With their help, you can make the most of the Kansas First Time Homebuyer Program and turn your dream of homeownership into a reality.