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First-Time Homeowners Programs in Kansas

Porcelain figurines of a man and woman, a set of house keys, and a laminated home graphic with a wooden background and the words “First-Time Homebuyer.”

The process of purchasing a home for the first time can be an exciting next step in your life. Whether you are searching for a place to settle in with your family or somewhere to plant roots all on your own, there are many things to take into consideration as you are shopping around.

While deciding on the number of bedrooms, style of living room and kitchen, and how much backyard space you want tends to be more fun, figuring out your budget and how to pay for your mortgage and down payment is crucial. At Landmark National Bank, we strive to ensure you have access to all the tools necessary for a successful and stress-free homebuying experience.

We are here to walk you through the process of finding the right loan options for you. Continue reading to learn more about first-time homebuyer programs in Kansas as well as how to budget for your first-time homeowner down payment. You can also contact us today to speak to a professional about your loan options.

How Do I Know If I Qualify for First-Time Buyer Programs?

To qualify for most first-time homebuyer’s programs, you must not have had ownership interest in a residential property for a three-year period prior to your closing date. This includes both sole and joint owners.

With certain programs you may have additional income qualification requirements to qualify for aside from not owning a home within three years prior to your purchase. Make sure to check the requirements for the specific program you are applying for prior to beginning the homebuying process.

What Loan Options Are Available for First-Time Homebuyers?

A set of silver house keys sits on top of a brown notebook with the words “First-Time Homebuyer Loan'' on a desk filled with other notebooks, binder clips, and a calculator.

One of the most common first-time homebuyer’s programs in Kansas is the Kansas Housing Resources Corporation’s First-Time Homebuyer Program. While this grant allows you to borrow between 15% to 20% of the purchase price as a second mortgage, it also has many requirements and does not operate in several major areas including Topeka, Lawrence, Wichita, and most of Johnson County. Additionally, if you sell the home before 10 years are up you may have to pay back some of the down payment assistance.

That’s why Landmark National Bank offers several grant programs for Kansas residents that are both helpful and affordable, especially for first time homebuyers. These first homebuyer programs offered at your local Landmark National Bank include:

  • Kansas Housing Assistance Program. This is a statewide program providing recipients with a low-interest loan and up to a 5% grant for cash assistance for down payment or closing costs. You do not need to be a first-time homebuyer, but your qualifying income must below the income limits, for most areas in Kansas the limit is $121,240.00. This can use FHA, VA, USDA Rural Development, or conventional financing through Freddie Mac.
  • Federal Home Loan Bank Homeownership Set-Aside Program. This is a program to assist very low to moderate income first-time homebuyers. This program provides down payment, closing cost and repair assistance to first-time homebuyers earning at or below 80% of the Area Median Income. Assistance available per household is between $2500 and $5000.

In addition, Landmark National Bank also partners with the Missouri Housing Development Commission to provide additional financial assistance to first-time homebuyers across the state of Missouri. Apply for any of the above grants available to first-time homeowners at your nearby Landmark National Bank today.

What Costs Should I Plan for When Purchasing a Home?

One of the best pieces of advice we can give is to start saving as early as possible and plan for each cost ahead of time. Most are unaware of the many costs associated with purchasing a home. Luckily, we can take you through exactly what to plan for and see if you can get assistance with the previously mentioned grant programs.

Your first major cost will be your down payment. Depending on the program you go with and the lender you choose for your mortgage, your first-time homeowner’s down payment may be as low as 3% down. However, this is dependent on your credit score and the loan program you are borrowing from. The other two major costs to keep in mind are closing costs and move-in expenses. These costs tend to be a bit of a surprise for homebuyers, particularly those who are purchasing a home for the first time.

Closing costs will typically range between 2% to 6% of the loan amount. These are typically fees and expenses that need to be paid in order to finalize your mortgage and cover things like home inspections and title insurance. Move-in expenses tend to be less expensive and include costs for movers, home repairs, and upgrades. Once you’re settled, make sure to budget for your mortgage payment, property taxes, and insurance, plus set money aside for any surprise repairs.

Contact Landmark National Bank To Learn More About First-Time Homeowner Programs

Simplify your homebuyer’s journey and apply for a first-time homeowner program at Landmark National Bank today. We are also happy to help you open a checking and savings account so you can save for your dream home. Visit your local Landmark National Bank today.

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