johnson county, kansas first time homebuyers program
For the First time in 5 years Down Payment Assistance is back in Johnson County Kansas. The program will bring a home or dwelling into compliance with local housing codes and address health and safety issues. The Kansas Housing Resources Corporation (KHRC) offers potential homebuyers assistance via the First Time Homebuyer Program. - Good Faith Estimate (913) 715-6631 / FAX What if my home is in danger of foreclosure and I need a Subordination of Deferred Loan? City of Joplin - Programs include new construction, acquisition with rehab, homeowner-occupied rehab and down payment assistance Kansas City - offers several homebuyer assistance and home improvement programs Lee's Summit - up to $3,000 in homeownership assistance for first-time homebuyers who qualify 0000018294 00000 n What is the HOME Program? New bond fund offers down payment and closing cost assistance for Johnson County Kansas First time homebuyers. The Grant Coordinator or other JCHS staff member will attend the closing to obtain signatures and provide the funds to the title company on behalf of the client. How much should I have saved up (minimum)? (This does not replace a mechanical, electrical, or termite inspection which is not mandatory, but highly encouraged. This coverage must be kept current throughout the affordability period to be in compliance with The Homebuyer Assistance Program. Lenexa, KS 66215, Johnson County Housing Services Oddly enough, first-time homebuyer programs aren’t necessarily just for people purchasing a home for the first time. Homebuyer Assistance Program No other exceptions will be made to this policy. Attention: Homebuyer Assistance Program They can afford that,” said one real estate agent. Built by family, for family. 0000004847 00000 n However, there are many programs available to first time home buyers in Johnson County, TX that can help in producing a down payment and closing costs. Can Homebuyer Assistance funds be used to pay commissions? The Sedgwick and Shawnee County bond fund offers qualified homebuyers up to 4% of the first mortgage amount to be used towards down payment and closing costs. Only documented income will be used to determine the maximum purchase price of a home by a participant. Only in the case of imminent danger of foreclosure will the deferred loan be considered for subordination for refinancing during the 5 year affordability period. 0000015640 00000 n Any lender who wishes to participate with the Homebuyer Assistance Program may do so as long as they are willing to comply with the terms and conditions of the program. The Johnson County Housing Services Homebuyer Assistance Program is designed to assist low-to-moderate income Johnson County residents or persons who have been employed for at least two consecutive years in Johnson County with down payment/closing cost assistance towards the purchase of a home. If the home is found to be in a flood zone, the home will be determined ineligible and the applicant would not qualify to receive down payment assistance for this purchase. ). 0000015009 00000 n 275 0 obj <> endobj Lenexa, KS 66215. - Certificate of Completion of Homebuyer Education Course Fannie Mae/Freddie Mac. %%EOF The Housing Quality Standards (HQS) inspection performed on the property must pass inspection prior to a closing date being scheduled. With this financing, you might not even have to have a down payment! Our funds cannot be utilized to pay realtor commissions. endstream endobj 276 0 obj <>/Metadata 7 0 R/Pages 6 0 R/StructTreeRoot 9 0 R/Type/Catalog/ViewerPreferences<>>> endobj 277 0 obj >/PageWidthList<0 612.0>>>>>>/Resources<>/ExtGState<>/Font<>/ProcSet[/PDF/Text/ImageC/ImageI]/XObject<>>>/Rotate 0/StructParents 0/TrimBox[0.0 0.0 612.0 792.0]/Type/Page>> endobj 278 0 obj <> endobj 279 0 obj <> endobj 280 0 obj <> endobj 281 0 obj [/Separation/PANTONE#202161#20C/DeviceCMYK<>] endobj 282 0 obj [/Indexed/DeviceRGB 255 309 0 R] endobj 283 0 obj [/Separation/PANTONE#20Orange#20021#20C/DeviceCMYK<>] endobj 284 0 obj [/Separation/PANTONE#207546#20C/DeviceCMYK<>] endobj 285 0 obj <> endobj 286 0 obj <> endobj 287 0 obj <> endobj 288 0 obj <>stream To qualify for the Kansas Housing Assistance Program you must: Have qualifying credit - a minimum credit score of 640 for USDA-RA, VA and conventional loans or a minimum credit score of 640 for FHA loans. – Low down … A minimum of 14 business days in advance of a scheduled closing date all required documents must be in the possession of Johnson County Housing Services. It should be noted that our guidelines and regulations are not negotiable and will direct the entire purchase process. Sign your name in all necessary places in the application packet. As a first time home buyer, you need someone with the knowledge and expertise to help guide … Kansas Housing’s First Time Homebuyer Program helps homebuyers with the down payment on a home. 275 42 h�b```b``��������A��X����cÊ�{P �*����K-���� 316 0 obj <>stream - Credit Report with Scores from Lender Unless the existing contract can be renegotiated to include a minimum 60-day extension, the applicant would be ineligible. You can use the money for closing costs. endstream endobj 315 0 obj <>/Filter/FlateDecode/Index[9 266]/Length 31/Size 275/Type/XRef/W[1 1 1]>>stream 0000034601 00000 n This agency delivers a variety of homebuyer assistance programs throughout the state. This program has the following functions: No down payment is needed – So there is no need to save for years to have a ton of money to use as money down. Must carry homeowner insurance equal to or more than the value of the property plus the Homebuyer’s Assistance amount and provide documentation upon renewal period for the duration of the affordability period to Johnson County Housing Services. Consideration should also be given to a contingency in the contract based on a failed housing inspection. 0000026075 00000 n 0000025255 00000 n - Loan Application Down payment assistance programs are available if you’re a first time home buyer in Kansas. Freddie Mac or Fannie Mae owned properties do not work with our program. H���oo�6���Sܛ&0��#�$PXg��4���/�b���jK�$7˷�e9��n �D����Tƿ�m��-�|9>;�����p�6. Through the First Time Homebuyer program, KHRC was able to provide down payment and closing cost assistance. The USDA offers 100% financing for buyers who qualify. - Real Estate Sales Contract What are the steps for completing the Homebuyer Assistance Program? Buyer must not have more than 30% liquid assets or equity transfer of total purchase price of home; Must provide a down payment investment towards purchase price of home that is equal to 1 percent of sales price or $500, whichever is greater. The Program is made possible through the HOME Investment Partnership grant which is awarded to Johnson County Housing Services by the United States Department of Housing and Urban Development. 0000004250 00000 n 0000010725 00000 n If you are a First Time Home Buyer Then this list of homes is Just for You! What about Homeowners Insurance? 0 0000008635 00000 n 0000008813 00000 n https://www.emetropolitan.com/johnson-county-down-payment-assistance -�E�k&i��d�M��=I �lg���oh��G��r�4�j���vp�[�����&ȥ��Z�AN����5m=�g�>W}k��v���. During the affordability period (5 years) subordination is not allowed, therefore refinancing is not an option until the affordability period has expired. For a family of 4, the adjusted gross income must be $59,850 or less. The approval for the Homebuyer Assistance Program is good for six months from the date of the approval letter. To be eligible, applicants must be first time homebuyers or not have owned a home for three years and have a median income at or below 80% of their area. What if I have a Real Estate Contract on a home already? Required documents include: Q�nts�d�Ry;2%�Y��#��W���v��cn���g��:���f�xfύ���M2M���14�4 �d�M2M�&�&A�F�xa�/���,#��v>��dy�~Vz�#;[v�O6���l���<3~�cz�9�Z�@��7�5m��M�^�.i��vr��N��~ ���G Checks are not processed internally in the Johnson County Housing Services Office. 0000005062 00000 n The USDA requires you to meet certain requirements if you’re a first time home buyer in Kansas. trailer U.S. Department of Agriculture Rural Housing - homebuyer programs in rural communities Mandatory homebuyer education training provided by a HUD approved counseling agency. 0000002876 00000 n 0000012754 00000 n These limits are subject to change in accordance with HUD guidelines. FIRST TIME HOME BUYERS IN JOHNSON OR JACKSON COUNTY. The following income limits are based on HUD's published median income guidelines for the Kansas City Metropolitan area (MSA: Kansas City, MO-KS): Intends to own and live in the newly purchased home for at least five (5) years as principal place of residence. If the lender requires, participant must purchase Private Mortgage Insurance (PMI). The HOME Program assists eligible homeowners of Johnson County, Kansas with rehabilitation needs of their owner-occupied homes. Failure to provide evidence and/or keep insurance coverage on the home will be deemed non-compliant and the Homebuyer Assistance Program funds which were utilized to purchase the property will become due immediately. The rate of forgiveness is 20% each year for five (5) years using a full calendar year. State of Kansas first time homebuyers program - provides down payment assistance to qualified Kansas buyers for the purchase of their first home. Total House Payment - PITI (Payment, Interest, Taxes and Insurance) plus recurring debt cannot exceed 38% of gross income. It can also be faxed to (913) 715-6631 or emailed to [email protected]. 913-715-6601 / VOICE The program allowed the family to find a home that was the right fit and allowed the small community to welcome a new family. H�\��j�0E�� 0000004481 00000 n With stories like this one, the First Time Homebuyer program is The 2nd mortgagee must be listed on the Certificate Holder as: Board of County Commissioners Johnson County Kansas The actual percentage of assistance is dependent on the borrower’s income. Provide all necessary support documents i.e. Reasonable accommodations can be made for those with accessibility issues. }UK��I�"�Q�b����7������� 0000005466 00000 n 0000004431 00000 n Subordination of Deferred Loan During Affordability Period: What are eligible properties to purchase? 0000007110 00000 n This training may not be completed on a computer and must meet a minimum of 4 hours in length as well as provide a Certificate of Completion. 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