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At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. Bankrate logo The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our mortgage reporters and editors focus on the points consumers care about most — the latest rates, the best lenders, navigating the homebuying process, refinancing your mortgage and more — so you can feel confident when you make decisions as a homebuyer and a homeowner. Bankrate logo Editorial integrity
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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Kansas offers a bit of everything: the urban energy of Kansas City, the college town vibe of Lawrence or the calm of somewhere on the open prairie. Compared with other parts of the U.S., the state offers relatively affordable housing, too. The average home sale price here was nearly $269,000 at the close of 2021, according to the Kansas Association of Realtors. If you’re a first-time homebuyer in the state, start with the Kansas Housing Resources Corporation (KHRC). The state’s primary housing agency offers that could help you affordably purchase and own a home. Kansas down payment assistance
KHRC First-Time Homebuyer Program
KHRC offers a down payment assistance program for first-time homebuyers, appropriately called the First-Time Homebuyer Program. The program aims to address one of the biggest hurdles standing in the way of : coming up with enough money to cover a down payment and . KHRC’s assistance, a second loan with no monthly payments, can help you cover between 15 percent and 20 percent of the home’s purchase price. Your income determines what amount you qualify for: 20 percent – If your household income is 50 percent or less of the area median income where you’re buying, you can qualify for a loan for 20 percent of the purchase price. 15 percent – If your household income is between 50 percent and 80 percent of the area median income, you can qualify for a loan for 15 percent of the purchase price. There’s plenty of incentive to stay in the home you buy, because if you live there for 10 years, the loan will be completely forgiven. There are other requirements, too: No minimum credit score, but you’ll need to be approved for a 30-year conventional, FHA, VA or USDA loan for at least the first 80 percent of the home’s purchase price You must contribute at least 2 percent of your own funds to the purchase Your annual income can’t exceed 80 percent of the where you’re buying The home you’re buying can’t exceed maximum ; in most counties, the limit is $124,000, but there are some exceptions that range all the way to $198,000 in Pottawatomie County If you’re buying a home in Topeka, Wichita, Lawrence, Kansas City or Johnson County, you’ll need to look for other options. KHRC’s assistance is only available to buyers outside these areas. Local homebuyer assistance programs
Depending on where you’re looking to buy, you might be able to find other assistance programs that can make your first home purchase more affordable. As one of the biggest cities in Kansas, Topeka, for example, might be on your short list. If so, it’s worth considering the Topeka Opportunity to Own (TOTO) program, which helps first-time homebuyers secure between $20,000 and $30,000 to repair a home, under a few conditions: A minimum down payment of $500 A maximum purchase price of $75,000 12 hours of homebuyer and home maintenance education courses An income less than 80 percent of the area median income ($62,150 for a family of four) Help is also available in Leavenworth, with the city making a big push to attract first-time homebuyers since more than half of its residential properties are rentals. If you meet income limits, you might be eligible for up to $8,000 in grant funding for your home purchase, provided you can cover half the down payment cost. To keep the funds free and clear, all you’ll need to do is stay in the home for at least five years. Other first-time homebuyer loan programs
In addition to exploring state and local homebuying assistance options, use Bankrate’s guide to to see what you can qualify for on a national level. Get started
If you’re serious about buying a home in Kansas, mortgage rates are on the rise, so you might want to start comparing options now to get a good sense of what banks, credit unions and other types of mortgage lenders in the state are charging. If you see a good rate, so you don’t miss out. If the current seller’s market feels overwhelming and you decide to wait to buy a home, there is some help on the way this summer. Starting in July 2022, first-time homebuyers in Kansas can open a dedicated savings account to save for a home purchase with interest-free tax benefits. First-time homebuyer programs in nearby states
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SHARE: Suzanne De Vita is the mortgage editor for Bankrate, focusing on mortgage and real estate topics for homebuyers, homeowners, investors and renters. Related Articles