Kansas First Time Home Buyer Loans

If you’re a first time home buyer in Kansas, there are a number of financing opportunities available to you.  If you’re unsure about what steps to take or how to secure a loan for your home purchase, we can help.  Read on to learn more about the mortgage process.

Kansas First Time Home Buyer Information

Our first time home buyer checklist outlines many of the details you’ll need to know in order to get the financing you need for your home.  We’ve included five of the most important steps here.

• Set financial goals.  Know your situation and plan for the future.  Can you afford the mortgage you plan to take on?  Do you have an emergency fund built up in case you lose your job?
• Choose a loan type to pursue.  There are many mortgage options available to you.  Determine which one will best meet your needs.
• Build strong credit.  This is essential before you try to purchase a home.  Poor credit will get you nowhere.  Take the time to build up a strong credit score.
• Identify the best lenders in your area and find out what rates they offer.  This is perhaps the most important step.  Many lenders offer different rates from other lenders.  Some rates are higher while others are lower.  Take the time to research which lenders offer the best rates.
• Obtain preapproval for your loan early.  Lenders will preapprove you for the loan amount you need, which will allow you to shop for your home with confidence.

Our checklist outlines more steps beyond just these.  Check it out to gain a fuller picture of the process.  Also, use the following mortgage calculator to get an idea of what your monthly payments will be.

1st Time Home Buyer Loan Programs

The Kansas FHA Loan is one of the most financially effective mortgage packages available to first time home buyers in Kansas.  FHA loans are backed by the government and fulfill the FHA’s goal of helping homeowners with lower incomes and smaller cash reserves purchase homes and build wealth.

Credit score requirements are minimal for FHA loans.  Down payments are, as well.  You typically only have to pay 3.5% of the home purchase price at closing.  Check the Kansas FHA loan limits for your county to determine if your loan fits within the FHA program.

You can also get more information from the Kansas page of the FHA website.

About Kansas

Sometimes called the 'Heartland' of America, Kansas boasts a homeownership rate of 69.2% and a median home price of $83,500.  The Kansas Housing Resources Corporation’s mission is to enhance Kansas communities with housing opportunities.  This goal is achieved through a variety of strategies and approaches, including increasing homeownership opportunities.  If you are looking for a quiet, Midwestern state with lots of colorful history, Kansas might just be the place for you.

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Lenders in: Kansas.