First Time Home buyer programs in Kansas City Missouri

Many first time home buyers come to us confused by the many First Time Home Buyer Programs in Kansas City Missouri that are available for financing their first home. Not only that, but there is plenty of real estate industry-specific terminology to understand, which makes the home buying process intimidating to say the least.

In this article, I will explain some of the best First Time Home Buyer Programs in Kansas City Missouri that are available so that you will understand the options and requirements more clearly, including the First time home buyer tax credit in KCMO. We are always available as a resource if you have specific questions about these programs or any other home buying concepts, it doesn't cost a penny to call us.

FHA Loans: FHA is by far the most common first time home buyer loan option. The reason for this is that FHA has a very small down payment requirement of 3.5% (ie, $3500 on a $100,000 home), and has flexible underwriting standards (the underwriter is the person who reviews your file and says that you're approved and can get the financing).

Your credit doesn't have to be perfectly clean with FHA. you can obtain an FHA loan just 3 years after discharge of a bankruptcy. An added bonus is that if you need help with down payment or a co-signer, FHA allows family members to help.

VA Loans: If you are a veteran or active duty military, VA is the best home loan choice you can make.

Rates are low with VA, and there is no monthly mortgage insurance. Mortgage insurance is an additional insurance policy that helps the lender in case you foreclose on your home. Mortgage insurance will add to your payment. Every other loan program besides VA will have mortgage insurance if you have less than a 20% down payment.

There is also no down payment required! Honorably discharged Vets and currently active military in good standing are eligible. We can help you verify your eligibility quickly.

USDA Loans: USDA is an excellent option if you live in a small town or a rural area. This program also does not have a down payment requirement, and is flexible in underwriting.

Don't confuse this loan, however, with agricultural financing. USDA is for residential housing in rural areas, not for farms.

Whichever way you go, a good lender can help you to figure out the best route for your situation. Be sure you are getting the best advice for YOU and not for the lender. First Time Home Buyer Programs in Kansas City Missouri can be intimidating and confusing, but a good lender will help you navigate through the process.

Give us a call (816) 268-4025, we would be happy to answer your questions with straight, honest answers! As always you can get pre-approved with us on the phone or get pre-approved online on our website