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 is within your budget.
Kansas Mortgage Calculator: See What You Can Get
Prospective Kansas residents have three main mortgage types from which they can choose.
- Kansas conventional mortgage: With relatively low housing prices, you may be able to qualify for a traditional conforming loan. These loans require as little as 3% down, need a minimum credit score of 620, and require 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 provide buyers with an opportunity to put as little as 3.5% down. Borrowers can also have a credit score as little 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 some state programs to help out with that!
First-Time Homebuyers 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 entirety of the 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 homebuyer incentive programs. Each of these programs is slightly different, so if you're looking to buy in one of these markets, please visit the appropriate links.
Eligibility Criteria: It varies between programs, 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 type of housing payment you might have.
