Good news for aspiring homeowners! Bank of America’s Community Homeownership Commitment® is bringing together products and resources that can help modest-income borrowers buy homes of their own. By combining down payment assistance and closing cost help with a low down payment mortgage, you may find that a new home is within reach. Our America’s Home Grant® program offers a lender
credit of up to $7,500 that can be used towards non-recurring closing costs, like title insurance and recording fees, or to permanently buy down the interest rate. The funds do not require
repayment. Our Down Payment Grant program offers a grant of up to
3% of the home purchase price, up to $10,000, to be used for a down payment in select markets. Grant Program is available with one mortgage product. Contact a lending specialist for more information. The funds do not require
repayment. Affordable Loan Solution® mortgage is a fixed-rate loan with a down payment as low as 3%. Mortgage insurance is
required; however, it’s at a reduced cost from most conventional loans. Income limits apply. Visit the Bank of America Down Payment Center to search for programs you may be eligible for, including the
America’s Home Grant and Down Payment Grant programs (available in select markets) plus other programs offered by state and local agencies, nonprofits, and
employers.
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Bankrate Logo Why you can trust BankrateFounded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. All of our content is authored by highly qualified professionals and edited by subject matter experts, who ensure everything we publish is objective, accurate and trustworthy. Our mortgage reporters and editors focus on the points consumers care about most — the latest rates, the best lenders, navigating the homebuying process, refinancing your mortgage and more — so you can feel confident when you make decisions as a homebuyer and a homeowner. Bankrate Logo Editorial IntegrityBankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Key PrinciplesWe value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers. Editorial IndependenceBankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate Logo How We Make MoneyYou have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Bankrate Logo Insurance DisclosureCoverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. Kansas offers a bit of everything: the urban energy of Kansas City, the college town vibe of Lawrence or the calm of somewhere on the open prairie. Compared with other parts of the U.S., the state offers relatively affordable housing, too. The average home sale price here was nearly $269,000 at the close of 2021, according to the Kansas Association of Realtors. If you’re a first-time homebuyer in the state, start with the Kansas Housing Resources Corporation (KHRC). The state’s primary housing agency offers down payment assistance that could help you affordably purchase and own a home. Kansas down payment assistanceKHRC First-Time Homebuyer ProgramKHRC offers a down payment assistance program for first-time homebuyers, appropriately called the First-Time Homebuyer Program. The program aims to address one of the biggest hurdles standing in the way of becoming a homeowner: coming up with enough money to cover a down payment and closing costs. KHRC’s assistance, a second loan with no monthly payments, can help you cover between 15 percent and 20 percent of the home’s purchase price. Your income determines what amount you qualify for:
There’s plenty of incentive to stay in the home you buy, because if you live there for 10 years, the loan will be completely forgiven. There are other requirements, too:
If you’re buying a home in Topeka, Wichita, Lawrence, Kansas City or Johnson County, you’ll need to look for other options. KHRC’s assistance is only available to buyers outside these areas. Local homebuyer assistance programsDepending on where you’re looking to buy, you might be able to find other assistance programs that can make your first home purchase more affordable. As one of the biggest cities in Kansas, Topeka, for example, might be on your short list. If so, it’s worth considering the Topeka Opportunity to Own (TOTO) program, which helps first-time homebuyers secure between $20,000 and $30,000 to repair a home, under a few conditions:
Help is also available in Leavenworth, with the city making a big push to attract first-time homebuyers since more than half of its residential properties are rentals. If you meet income limits, you might be eligible for up to $8,000 in grant funding for your home purchase, provided you can cover half the down payment cost. To keep the funds free and clear, all you’ll need to do is stay in the home for at least five years. Other first-time homebuyer loan programsIn addition to exploring state and local homebuying assistance options, use Bankrate’s guide to first-time homebuyer loans and programs to see what you can qualify for on a national level. Get startedIf you’re serious about buying a home in Kansas, mortgage rates are on the rise, so you might want to start comparing options now to get a good sense of what banks, credit unions and other types of mortgage lenders in the state are charging. If you see a good rate, lock it in so you don’t miss out. If the current seller’s market feels overwhelming and you decide to wait to buy a home, there is some help on the way this summer. Starting in July 2022, first-time homebuyers in Kansas can open a dedicated savings account to save for a home purchase with interest-free tax benefits. First-time homebuyer programs in nearby states
Learn more:
Edited by Mortgage editor Can I get a loan for a down payment?Typically, you can't get a loan for a down payment,” says Valdes. Most unsecured personal loan lenders forbid their loans from being used for real estate, and most secured loans — like home equity loans or HELOCs — require you to already have a house you can put up as collateral.
Which loan is best for firstHowever, for most first-time buyers, an FHA-backed loan will be easiest to get because its requirements are more lenient, allowing lower credit scores and less strict debt-to-income ratios than conventional home loans.
How can I get my house down payment fast?Check out these tactics, along with their pros and cons.. Dip into your 401(k) If you've been socking away money in your 401(k), it is possible to borrow from that for a home loan—and get that cash in hand fast. ... . Crack your IRA. ... . Hit up your boss. ... . Explore state and city programs. ... . Get a gift from family or friends.. How do I qualify for firstTo qualify for assistance, you generally must meet the following criteria:. Be a first-time homebuyer.. Have a credit score of at least 640.. Take a homebuyer education course.. Qualify for a loan with a participating lender.. Fall below income limits in your area.. |
Programs to help first time home buyers with down payment
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