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First-Time Home Buyer Programs

A smiling man and women accepting the key to their new home

Gain a Unique Advantage When Buying Your First Home in Kansas

House hunting for the first time is an exciting process. Whether you are scouring online real estate marketplaces or visiting open houses in your favorite parts of town, the thought of getting the keys to your very own home is unlike any other.

But, when it comes time to actually make an offer on a home, things can start to feel a bit overwhelming. From houses flying off the market shortly after they are listed to the average value of homes in Kansas increasing each year, being a first-time home buyer can sometimes leave you in a state of frustration or confusion.

Thankfully, Landmark National Bank provides a variety of first-time home buyer programs in Kansas that gives soon-to-be homeowners a unique advantage. From down payment and closing cost assistance to special loans that feature low interest rates, our team of mortgage specialists are here to help you access the financial assistance and tools you need while buying your first home.

Who qualifies as a first-time home buyer?

For most first-time home buyer programs—such as Freddie Mac’s Home Possible Advantage program—qualified buyers must have not had ownership interest (sole or joint) in a residential property for a three-year period prior to the date they purchase or close on a property. For others like the Kansas Housing Assistance Program, first-time buyers must not have owned a home for three years prior to purchase and meet income qualification requirements set by The U.S. Department of Housing and Urban Development (HUD).

First-Time Home Buyer Programs We Offer in Kansas

At Landmark National Bank, we offer a variety of first-time home buyer programs that can help you unlock the door to your first home in Kansas, including:

Home Possible Advantage

The Freddie Mac Home Possible Advantage program offers low down payments for low- to moderate-income buyers or buyers in underserved communities.

Key benefits of this program include:

  • No minimum borrower contribution from borrower personal funds
  • Gift from relatives and other sources permitted for down payment and closing costs
  • Lower monthly payments from reduced mortgage insurance coverage levels
  • Lower monthly payments means less income needed to qualify
  • And more

This program provides fixed-rate mortgages with a term of up to 30 years for one-unit properties, condominiums, and planned united developments. However, manufactured homes are ineligible. Additionally, all borrowers must occupy the property as their primary residence under this program.

Kansas Housing Assistance Program

The Kansas Housing Assistance program is a statewide program that provides down payment assistance to qualified first-time homebuyers. To be eligible, applicants must be first-time home buyers or not have owned a home for three years, as well as have a median income at or below 80% of their chosen area. In addition, each homebuyer must make an investment of at least 2% (but no more than 10%) of the sale price from their own funds.

The program allows homebuyers to apply for a 0% interest loan in the amount of 15% or 20% of the purchase price of the home. As a bonus, this loan is forgiven if the buyer remains in the home for 10 years!

Other Available Programs

Landmark National Bank also partners with the Federal Home Loan Bank Housing Assistance Program and the Missouri Housing Development Commission to provide financial assistance to first-time home buyers throughout Kansas.

Apply for a First-Time Home Buyer Program with Landmark

If you’re a first-time home buyer in Kansas, Landmark National Bank is here to help you through the process. With a variety of programs that offer financial assistance to first-time home buyers—as well as competitive mortgage rates in Kansas—our team of mortgage specialists can help you close on your first home with ease. Reach out to one of our team members near you today to learn more about our first-time home buyer programs in Kansas.