Home Loan Kansas Mortgage Guide
Finding a Kansas mortgage isn?t that difficult, it?s finding the right one that becomes more challenging.? Most people have heard of conventional loans, non-conforming loans, government backed loans, first time homebuyers programs, and the list goes on.? Do you really know what these loans are? Are you aware of the programs in your local Kansas market place that are available to those who qualify? If you answered no to either question it could cost you a substantial amount of money by not being aware of what?s available today.? This easy to read Kansas mortgage guide can help; here are just some of the mortgage loans available to Kansas residents.
Good Neighbor Next Door Loan Program
This program is designed specifically for firefighters, police officers, emergency medical technicians and teachers/faculty in our educational system.? The program provides a substantial discount on HUD homes (up to 50% discount of the purchase price); little as 3.5% down payment; available to all (not just first time home buyers); for purchasing homes in revitalization areas.
FHA 203(K) ? Renovation Loan
A government sponsored program to allow owner occupied residents to obtain one mortgage loan for purchasing a home in need of renovation or repair work.? This loan provides the necessary funds needed for the repairs; funds for down payment and closing costs/fees may be gifts from immediate family members; homes can be single family, condo, townhouse or 1-4 units; allows for the seller to pay up to 6% of the sales price toward closing costs; loan available for previous homeowners and first time home buyers.
USDA Rural Guaranteed Loan ? Purchase or Mortgage Refinance
This loan is for consumers who wish to purchase or refinance a home in a qualifying rural area of Kansas.? This mortgage program provides 100% financing without requiring private mortgage insurance (PMI); property can be single family, duplex, manufactured home or condo; designed for low to moderate income families; loan is 30 year fixed Kansas mortgage rate; available to all who qualify.
Veteran Loan (VA)
Established for veteran?s, this Kansas mortgage home loan is for both first time buyers and previous homeowners; allows for a purchase price up to $417,000; financing up to 100%; no down payment, no private mortgage insurance (PMI); for purchase or new construction; properties can be single family home, townhouse, condo or a 1-4 unit family property. Owner must occupy the property.
Special Programs ? Mortgage Loans for Government Owned Homes
Today more than ever, there are government owned homes that can be purchased for far less money than ever before.? Organizations such as FHA, Fannie Mae, and HUD all have homes that they have retained due to foreclosure. Individuals looking to purchase a home can save a lot of money buying these homes.? Each agency offers special home mortgage financing for the resale of these homes.? Most loans offer a very low down payment; competitive mortgage rates; and are available to both previous homeowners and first time buyers.? Programs will vary from county to county so consult with your lender about specific qualifications and requirements.
With so many Kansas mortgage loan programs available, we can?t list them all here, but, we can help find the right one for you.? We?re mortgage.org and all we do is mortgages, contact us today and let us help you too!
