Mortgage in Kansas

If you're looking for a family-friendly state with mouthwatering BBQ, look no further than Kansas. With plenty of food choices, great sports (Jayhawks and K-State!), and great outdoor activities, Kansas is ideal for living, working, and raising a family. For the most part, housing is affordable, but some counties - like the one containing Kansas City - have seen significant increases in housing prices . If you're thinking of moving to Kansas, use our Kansas mortgage calculator to see if homeownership fits your budget.

Mortgage Options in Kansas

Prospective Kansas residents can choose from three main mortgage types.

• Kansas conventional mortgage: With relatively low housing prices, you may qualify for a traditional conforming loan. These loans require as little as 3% down, a minimum credit score of 620, and a debt-to-income ratio of 50% or less. If you buy a home above the loan limits, you will need a much higher credit score and at least 20% down.
• Kansas FHA mortgage: Backed by the Federal Housing Administration, these loans let buyers put as little as 3.5% down. Borrowers can have a credit score as low as 500 and still receive approval.
• Kansas VA mortgage: The VA backs loans to veterans with a credit score of at least 660. These loans need nothing down and don't have any mortgage insurance, making them an ideal choice for homebuyers in this state.

With interest rates low, there's a good chance that buying is now cheaper than renting. The only hurdle, of course, is the down payment. Fortunately, Kansas has state programs to help with that!

First-Time Home Buyer Programs in Kansas

There are two main incentives that Kansas homebuyers should know.

First-Time Homebuyer Program

Kansas Housing Resources Corporation offers a first-time homebuyer program for people who want to move to the Sunflower State. With this program, you'll receive up to 15% or 20% of the home's value as a 0% interest loan. Kansas forgives the entire loan if the occupant remains in the house for ten years.

Eligibility Criteria: The home must not be in Johnson County, Kansas City, Lawrence, Topeka, or Wichita. Applicants must invest no less than 2% and no more than 10% of the sales price. Applicants must also earn less than 80% of the area median income.

Region/City-Specific Programs

Lawrence , Leavenworth, and Topeka each have their own homebuyer incentive programs. Each program is slightly different, so if you're looking to buy in one of these markets, please visit the appropriate links.

Eligibility Criteria: Criteria vary by program, but income and purchase price limitations usually apply.

Kansas Mortgage Calculator: You Can Be a Homeowner!

For the most part, Kansas is an affordable place to live. With excellent food, beautiful scenery, and affordable housing, Kansas is a place where many people choose to live and raise a family. If that sounds good to you, try our Kansas mortgage calculator to see what your housing payment might be.