Kansas Moderate Income Housing (MIH) Program Guide

Guide to the Kansas Moderate Income Housing (MIH) Program

The Kansas Moderate Income Housing (MIH) Program is designed to help moderate-income families in Kansas achieve homeownership by providing financial assistance for down payments and closing costs. The program for 2025 continues to offer significant support to individuals who might not otherwise be able to afford the upfront costs of purchasing a home. Below is an updated guide to the MIH program, including its eligibility requirements, benefits, and how to apply.

1. Program Overview:

• Purpose: The Kansas MIH Program is aimed at helping moderate-income homebuyers access affordable homeownership by reducing the financial burden of down payments and closing costs. The program is designed to make homeownership more attainable for individuals and families who meet specific income and eligibility criteria.
• Assistance Amount: Eligible participants can receive up to $10,000 in down payment and closing cost assistance, helping to cover a significant portion of the upfront costs involved in buying a home.
• Loan Structure: The assistance is provided in the form of a deferred second mortgage. There are no monthly payments required, and the loan is due when the home is sold, refinanced, or paid off, making it easier for buyers to manage their finances.

2. Eligibility Requirements for 2025:

To qualify for the Kansas MIH Program, applicants must meet the following criteria:

• Income Limits: The program is specifically for moderate-income buyers. Income limits vary by county and household size to ensure the program benefits individuals and families who fall within the moderate-income range.
• First-Time Homebuyer Status: The program primarily serves first-time homebuyers, though exceptions may apply for veterans or individuals purchasing in certain targeted areas.
• Credit Score: A minimum credit score of 620 is required for applicants. Lenders may also consider other factors such as debt-to-income ratio when evaluating applications.
• Property Requirements: The home must be located in Kansas and used as the applicant’s primary residence. The property must also meet certain price limits to ensure it remains affordable for eligible buyers.
• Homebuyer Education: Applicants must complete an approved homebuyer education course. This course is designed to equip buyers with the knowledge they need to manage their mortgage and understand the responsibilities of homeownership.

3. How to Apply:

To apply for the Kansas Moderate Income Housing Program, follow these steps:

• Assigned Loan Officer: After expressing interest in the program, you will be assigned a loan officer who will guide you through the application process. Your loan officer will assist you with verifying eligibility and gathering all required documents.
• Required Documentation: You will need to provide documents such as proof of income, tax returns, credit reports, and a certificate of completion from the homebuyer education course.
• Submit Your Application: Once you have gathered all the necessary documents, submit your application to your loan officer. The loan officer will review your information and help move you through the next steps of the process.

4. Homebuyer Education Course:

• Mandatory Requirement: All applicants are required to complete a homebuyer education course. This course will provide essential information about managing mortgage payments, budgeting, and maintaining your home.
• Course Options: The course is available both online and in-person, providing flexibility to applicants. After completing the course, you will receive a certificate, which is a required part of the application process.

5. Down Payment and Closing Cost Assistance:

• Assistance Amount: The Kansas MIH Program offers up to $10,000 in down payment and closing cost assistance, which can significantly reduce the financial strain of buying a home.
• Deferred Loan Terms: The assistance is provided as a deferred second mortgage, meaning there are no monthly payments required. The loan is due when the home is sold, refinanced, or paid off, making it more manageable for buyers.

6. Finalizing the Loan:

• Approval Process: Once your application is approved, your loan officer will guide you through the next steps, which include signing the necessary loan documents and preparing for closing.
• Closing Costs: In addition to the assistance provided by the program, you may still be responsible for some additional closing costs. Your loan officer will review all costs with you and explain what is covered by the program and what is not.

Our dedicated team of loan officers will be there for you throughout the entire process. They will assist with all the necessary steps, from gathering documentation to understanding your financial options. With their support, you can take full advantage of the Kansas Moderate Income Housing Program and make your dream of homeownership a reality.