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Kansas City real estate and community news blog featuring Olathe and Overland Park, Kansas.
There are Zero to Low Down Mortgage Options Available in Kansas City - Need Help with Financing?
Over the past 60 days I have heard manyKansas City first time home buyers talk about the unavailability oflow down mortgage programs. True, there are fewer low down loanprograms, there are a few that first time home buyers shouldconsider.
| Kansas City First Time Home Buyer Programs Fannie Mae HomePath 30 Year Fixed
 Purchase Fannie Mae Foreclosure
5% Down Payment
No PMI or mortgage insurance
No Appraisal fee may be required
660 credit score
| Fannie Flex 95% Financing Program
Good credit-generally 680+ credit score will qualify
Single upfront mortgage insurance premium available-No monthly PMI or private mortgage insurance
| My Community Plus First Time Home Buyer Program
3% Down Payment
680 minimum credit scoreIf you are a Teacher, Nurse or Health Care Worker, Pharmacist, Fireman, Police Officer, Paramedic, or Military Personnel receives $500 credit toward closing costs.
Overtime income or part-time income from second job is averaged over last 12 months
Rate buydown options available-3.50% (APR 3.66% as of 8/24/10)
Seller can contribute 6% of purchase price toward closing costs
Single Family, 2-unit, condo, or townhome
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| Home Possible Community Lending Mortgage
3% down payment
Low-to-moderate income borrowers
Flexible options if you are are a Teacher, Law Enforcement, Firefighter, Healthcare Worker, or Military Personnel-Veteran
Buydown rate of 3.00% (APR 3.16% as of 8/24/10)
Single family, condo, townhome, 2 unit, PUD
30 year fixed, 40 year fixed
| USDA 100% Loan
Zero down payment
Property must be located in targeted rural area.
Income restrictions apply.
No mortgage insurance
Buydown rate option available with 0 down payment-current rate 2.75% (APR 2.90%) as of 8/24/10
Seller can pay 6% of purchase price toward closing costs
Great loan program for buyers in rural areas like Gardner, Spring Hill, Eudora, Basehor, Tonganoxie and other rural communities. A buyer can get into a home with zero down and with no monthly PMI or MIP insurance.
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| Fannie Mae Expanded Program:
620 minimum score requirement
20% Down Payment which can be gift
No mortgage insurance or PMI
30 year fixed
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Government Loans
FHA:
Great 30 year fixed rate loan for first home buyers with 3.5% down payment
Down Payment can be 100% gift from family member or Grant Program
Seller can pay closing costs-Maximum 6% of purchase price
There is maximum mortgage amount for each county.
Fair to Marginal Credit History-FHA will look mostly at last 1-2 years of credit history. If there are some credit issues, we may be able to overcome them with sufficient explanations and supporting documents of why the derogatories occurred. The explanations must make sense such as loss of job, serious illness, etc.
Bankruptcy should be discharged 2 years and you should have excellent re-established credit history with revolving and installment loans. Less than 1 year out of Bankruptcy will be considered on a case by case basis for extenuating circumstances.
FHA does not require that collection accounts be paid off as a condition of
mortgage approval. However, court-ordered judgments must be paid off
before closing. Exception: An exception on a court-ordered judgment may be made if the borrower:
• has an agreement with the creditor to make regular and timely payments,
and
• has provided documentation indicating that payments have been made
according to the agreement.-Single family home-2-4 unit properties, and PUDs are eligible. Also, the file can be manually underwritten by a live person to get loan approval if you do not receive approval through automated system.
| HUD Owned Properties-Low Down Payment Initiative
Down Payment is $100
Must be HUD Owned property
620 minimum credit score
Single family, 1-4 unit properties, HUD approved condominiums, and PUDS eligible
| Kiddie Condo
Parent can co-sign for son or daughter buying their first home and not occupy property. Also, other family members such as brother or uncle can co-sign on loan and even a friend who has long-standing relationship may be eligible.
Son or daughter can be in college with no job
Qualify for loan using combined credit, income, and assets
Single family-townhome-condo-PUD
Son or daughter does not need a job or down payment to qualify
| Streamline 203k Renovation Loan
Full service 203k lender
Repairs which range from $5,000-$30,000+ may be included in loan amount. Great program to fix up foreclosures.
| 2-1 Buydown
Super Low Payment and Rate which is currently 2.50% (2.65% APR) as of 8/24/10
3.5% down payment which can be 100% gift
Condo-single family home-2-4 unit properties eligible
30 year fixed loan-not adjustable rate mortgage
| VA Government Loan
0 down payment
Great 30 year fixed loan program with 0 Down Payment for veterans or active military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard.
Fair to marginal credit may qualify
Single family home-townhome
| Needhelp financing a home in Kansas City, contact the Kansas City RealEstate Network at (913) 712-9313.
RE/MAX sells more homes than any other real estate company. For a reason...should we talk? Blog post written by the Dowell Taggart Team of RE/MAX Premier Realty Comments are appreciated! Go ahead and add your 2 cents . . .We have 3 easy steps to find you the perfect home . Click here to get started, today! 
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