Kansas

KHRC First-Time Homebuyer Program

This program by Kansas Housing Resources Corporation (KHRC) offers down payment assistance, aiming to assist first-time homebuyers by overcoming the hurdle of covering down payment and closing costs.

Highlights:

• • Offers a loan covering 15-20% of the home’s purchase price through a network of participating lenders across the state
  • Forgiveness of the loan after 10 years of residence
  • Limited to areas outside Topeka, Wichita, Lawrence, Kansas City, or Johnson County

Eligibility:

• • First-time homebuyer or has not owned a home during the three-year period immediately prior to the purchase of a home
  • The loan must be a 30-year fixed rate mortgage loan using FHA, VA, USDA Rural Development, Fannie Mae, Freddie Mac, or Conventional underwriting guidelines.
  • Annual income can’t exceed 80% of the area median income, except for those purchasing in Johnson County, and the city limits of Kansas City, Lawrence, Topeka, and Wichita.

Benefits:

• • Loan forgiveness after 10 years of residing in the home
  • Assistance for down payment and closing costs

Requirements:

• • Must make an investment of 1% but no more than 10% of the sale price from their own funds
  • Annual income not exceeding 80% of the area median income
  • Home purchase price within specified limits based on the county

How to Apply:

• • Contact a participating lender listed on the KHRC website
  • Complete the application process guided by the lender
  • Must pass property inspection and secure necessary funding

Topeka Opportunity To Own (TOTO) Program

The City of Topeka’s Department of Neighborhood Relations Housing Services Division administers the Topeka Opportunity To Own (TOTO) Program, aiming to assist low-income families in purchasing their first homes within the City of Topeka. It is structured to support Topeka residents in their pursuit of homeownership through comprehensive education, financial assistance, and practical guidance.

Highlights:

• • Program provides education, financing, and home rehabilitation.
  • Offers guidance from Certified Homebuyer Counselors.
  • Up to $10,000 for down payment assistance and $30,000 for repairs.
  • Financing facilitated through Capitol Federal.

Eligibility:

• • Purchase within the City of Topeka.
  • Minimum $500 down payment required.
  • Maximum sales price of $75,000.
  • Credit readiness and approval required.

Benefits:

• • Guidance from Certified Homebuyer Counselors.
  • Financial assistance for down payment and repairs.
  • Free pre-purchase counseling, budget evaluations, and homeownership education.

Requirements:

• • Minimum $500 down payment.
  • Maximum sales price of $75,000.
  • Must not own real estate at time of closing.
  • Completion of homebuyer and home maintenance education.
  • Environmental review requirements must be met prior to purchase

How to Apply:

• • Contact HCCI (Housing & Credit Counseling) at 785-234-0217 or visit HCCI’s website for program initiation.
  • Complete required documentation.
  • Attend counseling sessions, budget evaluations, and home buyer education to progress toward eligibility and successful home purchase.

CDBG Home Ownership Program

The City of Leavenworth Home Ownership Program aims support low to moderate income individuals or families in achieving homeownership through the Community Development Block Grant while adhering to HUD guidelines and fostering long-term community investment.

Highlights:

• • Assistance of up to $8,000 through Community Development Block Grant (CDBG) funding.
  • Encourages long-term investments in Leavenworth.
  • Benefits low to moderate income families.

Eligibility:

• • Creditworthiness and preapproval for a fixed-rate loan.
  • Agreement to reside in the home for five years from closing.
  • Persons or families who have previously received CDBG funds are not eligible for the Home Ownership Program.

Benefits:

• • Financial support for home purchase within Leavenworth.
  • Facilitates sustainability of safe and healthy homes.
  • Offers a pathway to homeownership for low to moderate income individuals or families.

Requirements:

• • Home purchase within Leavenworth city limits
  • Requires compliance with U.S. Department of Housing and Urban Development (HUD) guidelines and regulations.
  • No homeownership in the last five years.
  • Completion of housing education.
  • Involvement of a licensed buying agent (realtor) and lender who must be able to abide by the Processing & Underwriting Guidelines set by the program.
  • Signing of a five-year lien at closing stating the buyer will reside in the home and not change title for 5 years. At the end of the 5 years, the lien is released and no funds are owed.

How to Apply:

• • Complete the Home Ownership Application and submit to the Community Development Coordinator.
  • Provide required documentation, including income verification, tax forms, pre- approval letter from a lender, and completion certificate from a home buying course.
  • Contact 913-680-2628 to schedule an appointment for application review and submission.
  • Ensure all documentation is complete before submission and do not drop off or email documents without prior appointment and confirmation.

KansasDPA

KansasDPA is a statewide program co-sponsored by Sedgwick County and Shawnee County, designed to assist first-time or repeat homebuyers in Kansas. Participants receive a 30-year fixed-rate conventional or government-backed loan along with a grant to cover a portion of their down payment or closing costs.

Highlights:

• • Statewide program available for homebuyers in Kansas.
  • Offers assistance in the form of a grant for down payment or closing costs.
  • Co-sponsored by Sedgwick County and Shawnee County.

Eligibility:

• • Minimum credit score of 640 required.
  • Income must not exceed 140% of the area median income, with specific limits varying by location.
  • Must qualify with an approved lender.

Benefits:

• • Access to a 30-year fixed-rate mortgage loan (FHA, VA, USDA or Conventional Loan).
  • Assistance available for down payment or closing costs.
  • Grants provided to eligible participants.

Requirements:

• • Meet the minimum credit score requirement of 640.
  • Purchase one of the eligible property types: single-family detached homes, duplexes (with one unit owner-occupied), condominiums, townhomes, or manufactured housing.
  • Income and purchase price limits apply based on location

How to Apply:

1. Contact a participating lender for more information and to begin the application process.
   • Diana Minardi: 720.673.3948
   • Eva Sloate: 720.673.3955

For additional details and to locate a participating lender, visit the KansasDPA website.

City of Wichita’s HOMEownership 80 Program

The City of Wichita’s HOMEownership 80 Program offers grants to first-time homebuyers in specific areas of Wichita, funded by the U.S. Department of Housing and Urban Development (HUD). This assistance aims to facilitate homeownership by providing financial support for down payments and closing costs.

Highlights:

• • Provides grants to first-time homebuyers in designated areas of Wichita.
  • Funding sourced from the U.S. Department of Housing and Urban Development (HUD).

Eligibility:

• • First time homebuyer or must not have owned a home within the last three years
  • Must purchase a newly constructed single-family homes constructed by one of the HOME-funded housing development partners.*
  • Must qualify for a 30-year fixed-rate mortgage loan.
  • Meet income requirements set by the program.

Benefits:

• • Financial assistance with down payments and closing costs.
  • Aims to help citizens achieve homeownership and stabilize neighborhoods.

Requirements:

• • Purchase must be of a newly constructed single-family home developed by designated Community Housing Development Organizations (CHDOs) or other approved partners.
  • Application through one of the designated organizations listed by the City.
  • Qualification for a 30-year fixed-rate mortgage loan at current market rates.
  • Completion of a homebuyer training class provided by a HUD-certified housing counseling agency, such as Consumer Credit Counseling Services (CCCS).

How to Apply:

• • Attend a homebuyer training class offered by a HUD-certified housing counseling agency like Consumer Credit Counseling Services (CCCS).
  • Contact one of the designated housing development partners* listed by the City below:

Kentucky

KHC Conventional Preferred

This program by the Kentucky Housing Corporation (KHC) offers a conventional loan option with favorable terms, supporting homebuyers with competitive rates and various down payment options.

Highlights:

• • 30-year fixed-rate mortgage
  • Flexible down payment alternatives.
  • KHC Down Payment Assistance (DAP) applicable

Eligibility:

• • Meet KHC purchase price and income limits, varies according to county
  • Minimum credit score: 660
  • Must be Owner Occupied
  • Maximum 40%-50% percent debt-to-income (DTI) ratio

Benefits:

• • Assists in purchasing a home with conventional financing.
  • Various down payment options.
  • No minimum borrower contribution
  • No reserves required
  • KHC Down Payment Assistance (DAP) applicable

Requirements:

• • 3% Down Payment
  • One-unit dwellings or approved condominiums located in Kentucky
  • Meeting minimum credit score criteria.
  • Need to pay for mortgage insurance (charter coverage)
  • May require Home Buyer Education depending on the lender you work with

How to Apply:

• • Connect with approved lenders partnering with KHC for application and approval.

KHC Conventional Preferred Plus 80

The Conventional Preferred Plus 80 program offered by the Kentucky Housing Corporation (KHC) provides a 30-year fixed-rate mortgage. This program requires standard mortgage insurance coverage and is available to both first-time and repeat buyers.

Highlights:

• • 30-year fixed-rate mortgage.
  • Requires standard mortgage insurance.

Eligibility:

• • Minimum 3% down payment.
  • Credit score of 660.
  • Maximum 40-50% DTI ratio.
  • Secondary Market Income limits apply

Benefits:

• • Assists in purchasing a home with conventional financing.
  • Various down payment options.
  • No minimum borrower contribution
  • No reserves required
  • KHC Down Payment Assistance (DAP) applicable

Requirements:

• • Applies to single-family homes, townhomes, condos, or manufactured homes (must meet agency guidelines).
  • Must be situated in Kentucky.
  • Property used as a primary residence.
  • Need to pay for mortgage insurance (standard coverage)
  • Subject to purchase price limit

How to Apply:

• • Connect with approved lenders partnering with KHC for application and approval.

KHC Regular Down Payment Assistance Program (DAP)

This program is designed to assist borrowers in covering their down payment needs when purchasing a home within the established price limit.

Highlights:

• • Loan of up to $10,000.
  • Repayable over 10 years at 3.75% interest.

Eligibility:

• • Available to all KHC first mortgage borrowers.
  • Available to both first-time and repeat buyers
  • Purchase price up to $481,176 with Secondary Market or Mortgage Revenue Bond (MRB) income limits.

Benefits:

• • Helps cover down payment needs for eligible borrowers.
  • Low-interest rate of 3.75% for repayment.
  • No liquid asset review and no limit on borrower reserves.

Requirements:

• • Borrower must meet the KHC first mortgage requirements.

How to Apply:

• • Complete the application process for a KHC first mortgage.
  • Seek information on the Regular DAP during the mortgage application.
  • Follow the application guidelines and provide necessary documentation.

Home Buyer Tax Credit

This tax credit program aims to assist first-time homebuyers by providing a federal tax credit on their annual mortgage interest payments, thus enhancing affordability and encouraging homeownership.

Highlights:

• • Federal tax credit available for first-time homebuyers in Kentucky.
  • Offers up to 20% of the interest paid on your mortgage loan per year not to exceed the amount of your federal tax liability.

Eligibility:

• • Applicable for first-time homebuyers in Kentucky.
  • Purchase price limit: $481,176.
  • Tax Credit income limits based on county and household size.

Benefits:

• • Provides a federal tax credit, reducing the overall cost of homeownership.
  • Aids in making homeownership more affordable for eligible individuals.

Requirements:

• • The property purchase price must not exceed the specified limit.
  • Income limits based on county and household size.

How to Apply:

• • Contact a KHC Tax Credit Approved Lender to start the process.

Louisville Down Payment Assistance Program

The Louisville Down Payment Assistance Program provides low- to moderate-income homebuyers with down payment and closing cost assistance for purchasing a home in the Louisville Metro area. Funds can be applied to the purchase of an existing or newly constructed home. The program is not limited to first-time homebuyers, but prospective homebuyer(s) may NOT currently own a home.

Highlights:

• • Partially forgivable loan with 0% interest
  • Assistance amount forgiven over a 5 – 15 year period, depending on the amount received
  • Maximum assistance per homebuyer up to 20% of the purchase price

Eligibility:

• • Household income at or below 80% of the area median income
  • Pre-approved for a mortgage from a local financial institution
  • Credit history free of unpaid collections, past due balances, or un-discharged bankruptcies
  • Minimum of $1,500 in savings
  • Not owned a home within the twelve months prior to applying
  • Available for single-family dwellings, condominiums, and townhouses

Benefits:

• • Provides down payment and closing cost assistance
  • Encourages homeownership in Louisville Metro
  • Supports mixed-income neighborhoods and reinvestment in vacant properties

Requirements:

• • Complete a minimum of 6 hours of homeownership counseling from a HUD- approved agency
  • Must meet specific eligibility criteria regarding income, credit, and homeowner status
  • Submit a complete application including all required attachments
  • Occupy the purchased home as the primary residence for the specified affordability period
  • Meet purchase price limits based on home size and type

How to Apply:

1. Complete homebuyer counseling from a HUD-approved counseling agency
2. Obtain a mortgage pre-approval letter from a local lending institution.
3. Complete the online Down Payment Assistance Program application

For any questions, you may call 502-574-1974 (TDD: 502-574-3749) or email [email protected]