Special offer

First Homebuyer $7,500 Down Payment Assistance KS or MO

By
Real Estate Agent with Mike Russell Real Estate Group SP00225692 Kansas

So what is better than interest rates going down? I know, having someone else pay your down payment! Every year Housing and Urban Development (HUD) releases funds to assist first time buyers with their downpayment. The bad news is these funds don't last long. 

See Homes that are eligible for Down Payment Assistance

So here is your official notice, do you want $7,500 towards your down payment? Then you will need to act fast and here is everything you need to know:

Apply for Home Loan with First Bank - Kim Schultz

Funds are Limited and are on a First Come, First Service Basis

You Must be Pre-Approved before Viewing and offering on homes to insure funds availability

There are income Limitations Based on Household Size

income limits for downpayment assistance

Other Requirements and/or Restrictions

  • Borrowers can use FHA or Conventional Home Loan Options. 
  • Home Buyer Assistance can be used for Down Payment or Closing Cost Assistance
  • Home Buyer Assistance up to $7,500 per borrower.
  • If a borrower wants to refinance or sell their home within the first 5 years of Home Ownership, the borrower would need to repay a portion of the $7,500
  • If the borrower maintains the mortgage for longer than 5 years, the $7,500 is fully forgiven.
  • First Bank Mortgage's minimum credit score requirement is 620.
  • All files must receive an Approve/Eligible Findings through our automated underwriting system (DU or LP)
  • All files must meet Fannie Mae or Ginnie Mae guidelines.

Interest Rates as of 1/10/24

rates as of 1/10/24

More Questions? Contact us Now

 

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 Mike Russell is a REALTOR with Keller Williams Realty. Mike specializes in Johnson County Kansas Homes and Real Estate for sale. Mike is a tech savvy realtor with over 20years experience. Did you enjoy Mike's Blog? Feel free to subscribe or join Mike on his Social Network to stay up to date on Overland Park, Olathe, Leawood, Lenexa, Shawnee and all of Johnson Counties real estate news and more...

Mike Russell Real Estate Group can be reached at 913-266-5828 or MRussell@KW.com  or www.SearchjocoHomes.com

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