Multiple Loan Options. GREAT Low Rates.*
The borrower receives a 30-year, fixed rate, fully amortizing home loan with 360 level monthly payments. They may also opt to receive down payment assistance equal to a percentage of the note amount to apply toward the required down payment, closing costs, prepaids or principal reduction. Borrowers may select a loan with one of the multiple Down Payment Assistance options or a low rate loan without assistance. Current mortgage rates are available by contacting our team. Credit and income limits apply and homebuyer education is required for conventional loans. *Restrictions may apply.
Credit & Property
Qualifications:
To qualify for the Kansas Down Payment Assistance Program, you must:
-
Have qualifying credit. This program has FICO score restrictions. Ask a lender if you qualify.
-
Meet the income limits. Select the "Income Limits" button for more details.
-
Have the necessary property requirements. New or existing residential, one-four units, detached, condominiums, townhomes or manufactured homes.
-
Have successfully completed homebuyer education (only for conventional loans).
Loan Income
Limits:
To qualify for the Kansas Down Payment Assistance Program, you must be within the limits:
-
Click the button below to view all loan income limits per county.
-
Additional benefits are available for borrowers using a conventional loan with income below 80% of Area Median Income.
-
Please note, income limits are the same for all family sizes.
Borrower Program
Benefits:
The Kansas Down Payment Assistance Program offers the following for borrowers:
-
30-year fixed rate mortgage loans (FHA, VA, USDA Rural Development and Conventional Loans).
-
Borrower Assistance for down payment, closing costs, and/or prepaids.
-
Please note, some restrictions may apply.
-
For more information on the Kansas Down Payment Assistance Program requirements for borrowers, please click the button below to download our information page. (Both English and Spanish versions are available.)
Borrower Program
Differences:
The Kansas Down Payment Assistance Program offers homeownership throughout Kansas with:
-
No minimum borrower investment. You may be able to purchase a home with no money down.
-
Repeat buyers welcome. The program is available to first time AND repeat homebuyers for the purchase of a home.
-
Assistance that helps build equity. Down payment assistance (DPA) is in the form of a grant for all loan products.
General
Information
There is no first-time homebuyer requirement in this program. Borrowers must have a credit score above 640 and qualifying income below $136,920 (for most areas, higher in metro KC) to use the program.
-
Buyers must live in the property as their principal residence within 60 days of closing.
-
Applicants must be considered irrespective of sex, age, race, color, religion or national origin.
Eligible
Properties
Properties eligible for the KSDPA Program loans include:
-
New or existing, owner occupied, principal residences, one-four units, manufactured homes, detached structures, condominiums or townhomes.
-
Properties must meet Servicer and Agency guidelines.
-
The eligible area must be within the State of Kansas.
Educational
Requirements
All borrowers (any primary borrower on the Note and/or Warranty Deed) must complete a homebuyer education course if using a conventional loan.
-
Courses are available online or in-person.
-
Refinancing of existing mortgage loans is not permitted, at this time, within the program.
-
There are NO purchase price limits within this program.
Minimum FICO
Score & Ratio
Buyers must have a minimum FICO credit score of 640. The maximum DTI (debt-to-income ratio) must not exceed 50%. Ask a qualified lender if you qualify.
-
The program allows manual underwriting in some cases in accordance with Servicer and Agency guidelines for the loan product.
-
Consult an approved KSDPA Program lender for details.
Financial Facts
& Reservations
The following mortgage products are offered in this program: FHA, VA, USDA-RD and conventional loans.
-
Interested borrowers must contact a participating lender to apply for the loan. The lender will verify your qualifications.
-
When you submit a loan application with the lender, it may be important that you have the following information:
-
List of all outstanding debts and credit cards, including account information, unpaid balance and monthly payments; name and address of employer(s); copy of your most recent pay stub(s).
Become a Participating LENDER.
To become a participating lender, there is a multi-step process. First, you must be approved to do business with US Bank, who is acting as the Program’s Servicer. If you are not already doing business with US Bank, you will need to contact Lender.Management@USBank.com to receive the appropriate documents for execution. US Bank will notify the Lender and program Sponsor when approved.
LENDER TRAINING:
Once you are approved by US Bank and have executed a lender agreement, you can participate in LENDER SYSTEM TRAINING led by eHousingPlus. eHousingPlus is the Program Administrator and all Kansas DPA Program loans are locked in the eHP system. To schedule LENDER SYSTEM training, please contact: Sue Denihan, (813) 415-3549, sue@ehousing.cc.
LOAN PROCESSING:
The lender coordinates the 1st mortgage and the assistance for the borrower and will qualify borrower(s) based on Program, Servicer, and Agency guidelines. The lender will lock the loans in the eHousingPlus system. Below is a step-by-step guide to our loan processing timeline: 1. Lender underwrites the loan (delegated underwriting). 2. Lender locks loan in the eHousingPlus system. 3. Lender closes and funds the loan. 4. Lender delivers the loan to US Bank for reimbursement.
Lender RESOURCES
The Kansas DPA Program Lender Resources Section is here to help you navigate frequently asked questions and get you the answers as quickly as possible. Click the link below that most closely matches the subject/resource you're looking for.
KSDPA Program TEAM
Our Kansas Down Payment Assistance Program team is here to help you throughout the entire home buying process. Select a team member below for expert advice regarding general information, eHousingPlus website and/or lending questions, loan processing, subsidy information, and much more.
