Question: My boyfriend and I are looking to purchase a home in the Johnson County, Kansas this spring. We have a small down payment and will probably need down payment help for a conventional home loan. We need to stay in the area because of our jobs and would like to put our hard working money into a home. As first time home buyers, are there any down payment assistance programs?–Janice from Olathe, Kansas
Answer: Great question, Janice. If you have less than a 5% down payment for a conventional mortgage don't worry. There are some other loan programs that you may qualify in order you can buy a home in Johnson County, Kansas.
First, if either you or your boyfriend are veterans, you may qualify for a VA home loan. a VA loan will allow you to buy a home with nearly zero down.
If the VA option is not available, you may qualify for a FHA home loan. With a FHA home loan, a borrower could buy a home with less than 5% down. In addition, the requirements are a little looser for FHA versus a conventional home loan.
If you buy a Fannie Mae foreclosure, you may qualify for a Fannie Mae Home Path home loan. This home loan program will allow you to buy a qualifying Fannie Mae foreclosure home with $100.
If you want to buy a home in a USDA area, you may qualify for a USDA Rural Development home mortgage. A USDA RD home mortgage allows a home buyer to buy a home with nearly zero down. Areas in Johnson County that qualify for a USDA home loan are Gardner, Edgerton, DeSoto and Spring Hill.
Hope this helps, Janice.
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