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First Time Home Buyer in KansasIf you are looking to buy your 1st home, you've come to
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Today’s Rates for First Time Homebuyers in Kansas

Friday, May 24, 2024

Mortgage rates are at 3.00% for the 30 year fixed loan program and at 2.56% for the 15 year fixed. As for variable rates, the 5/1 ARM rate currently stands at 4.56%. Check out FHA and VA rates as well if you are doing low or no down payments.

Kansas First Time Home Buyer Checklist

  1. Explore your mortgage program options. If your purchase area is eligible for USDA financing, you may qualify for a zero down payment loan. Veterans may be eligible for VA loans, which do not require cash down. The content in the paragraphs below should give you an idea of where you may fit. 
  2. Get familiar with your credit score. Your FICO or credit score should fall somewhere above 600, but few lenders accept scores in the high 500s. If your credit score needs a boost, work on strengthening it before you try to apply for a mortgage. Once yearly, you're able to request a free credit report from the three major credit bureaus. 
  3. Shop interest rates from different lenders in Kansas. Choose one who not only provides a great offer, but carries a high rating from the Better Business Bureau.
  4. Get pre-approved. Once you've picked a lender, provide income documentation with your last two pay stubs and tax returns from the past two years. 
  5. Figure a budget. You could be pre-approved for a loan amount that is bigger than you had anticipated, but do not base affordability on the sum provided. Remember - pre-approvals are not guaranteed, and only you know what you can truly afford. 
  6. Look for your new home. In the interim, be sure to avoid making extravagant purchases, taking out other loans, or doing anything else that could weaken your financial standing. Lenders will check your accounts again before closing your loan.  

Low Down Payment Loans Through FHA

If you’re a first time home buyer without a lot to put down, an Kansas FHA loan may accommodate you. FHA loans are backed by the government and designed to help home buyers with limited upfront funds receive financing.

  • Down payment: 3.5%
  • Minimum acceptable credit score: 580 (varies)
  • Mortgage insurance: Upfront (1.75% loan amount) and monthly
  • Property guidelines apply and are verified via home inspection

You can find additional information about FHA loans on the Kansas page of the FHA website.

No Down Payment Loans Through USDA

The United States Department of Agriculture backs home loans for zero down to Kansas home buyers looking to move to or live in rural areas. Find out if your buying city is eligible by searching the USDA's property map. Note that popular areas like Topeka, Overland Park, and Wichita  are not eligible. 

  • Down payment: None required; financing up to 102% available depending on home appraisal
  • Minimum acceptable credit score: 620
  • Mortgage insurance: Upfront (2% loan amount) and monthly
  • Income maximums apply 

Kansas Grant and Assistance Programs

The Kansas Housing Resources Corporation (KHRC) offers a first time home buyer mortgage product for borrowers who meet income requirements and commit to paying a minimum 2% of the home sale price. Down payment assistance and closing cost assistance in the amount of 10 to 15% the home sale price is facilitated through a forvigable second mortgage. Not all areas are eligible; see if you are by visiting the KHRC page on first time home buyer loan eligibility

Local Cities

user suit Lenders in: Kansas.

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