There are Zero to Low Down Mortgage Options Available in Kansas City - Need Help with Financing?

There are Zero to Low Down Mortgage Options Available in Kansas City - Need Help with Financing?

Over the past 60 days I have heard many Kansas City first time home buyers talk about the unavailability of low down mortgage programs. True, there are fewer low down loan programs, there are a few that first time home buyers should consider.

Kansas City First Time Home Buyer Programs Fannie Mae HomePath 30 Year Fixed Purchase Fannie Mae Foreclosure 5% Down Payment No PMI or mortgage insurance No Appraisal fee may be required 660 credit score

Fannie Flex 95% Financing Program Good credit-generally 680+ credit score will qualify Single upfront mortgage insurance premium available-No monthly PMI or private mortgage insurance

My Community Plus First Time Home Buyer Program 3% Down Payment 680 minimum credit scoreIf you are a Teacher, Nurse or Health Care Worker, Pharmacist, Fireman, Police Officer, Paramedic, or Military Personnel receives $500 credit toward closing costs.  Overtime income or part-time income from second job is averaged over last 12 months  Rate buydown options available-3.50% (APR 3.66% as of 8/24/10) Seller can contribute 6% of purchase price toward closing costs Single Family, 2-unit, condo, or townhome

Home Possible Community Lending Mortgage 3% down payment Low-to-moderate income borrowers Flexible options if you are are a Teacher, Law Enforcement, Firefighter, Healthcare Worker, or Military Personnel-Veteran Buydown rate of 3.00% (APR 3.16% as of 8/24/10) Single family, condo, townhome, 2 unit, PUD 30 year fixed, 40 year fixed

USDA 100% Loan Zero down payment Property must be located in targeted rural area. Income restrictions apply. No mortgage insurance Buydown rate option available with 0 down payment-current rate 2.75% (APR 2.90%) as of 8/24/10 Seller can pay 6% of purchase price toward closing costs Great loan program for buyers in rural areas like Gardner, Spring Hill, Eudora, Basehor, Tonganoxie and other rural communities. A buyer can get into a home with zero down and with no monthly PMI or MIP insurance.

Fannie Mae Expanded Program: 620 minimum score requirement 20% Down Payment which can be gift No mortgage insurance or PMI 30 year fixed

Government Loans FHA: Great 30 year fixed rate loan for first home buyers with 3.5% down payment Down Payment can be 100% gift from family member or Grant Program Seller can pay closing costs-Maximum 6% of purchase price There is maximum mortgage amount for each county. Fair to Marginal Credit History-FHA will look mostly at last 1-2 years of credit history. If there are some credit issues, we may be able to overcome them with sufficient explanations and supporting documents of why the derogatories occurred. The explanations must make sense such as loss of job, serious illness, etc.    Bankruptcy should be discharged 2 years and you should have excellent re-established credit history with revolving and installment loans. Less than 1 year out of Bankruptcy will be considered on a case by case basis for extenuating circumstances. FHA does not require that collection accounts be paid off as a condition of mortgage approval. However, court-ordered judgments must be paid off before closing. Exception: An exception on a court-ordered judgment may be made if the borrower: • has an agreement with the creditor to make regular and timely payments, and • has provided documentation indicating that payments have been made according to the agreement.-Single family home-2-4 unit properties, and PUDs are eligible. Also, the file can be manually underwritten by a live person to get loan approval if you do not receive approval through automated system.

HUD Owned Properties-Low Down Payment Initiative Down Payment is $100 Must be HUD Owned property 620 minimum credit score Single family, 1-4 unit properties, HUD approved condominiums, and PUDS eligible

Kiddie Condo Parent can co-sign for son or daughter buying their first home and not occupy property. Also, other family members such as brother or uncle can co-sign on loan and even a friend who has long-standing relationship may be eligible. Son or daughter can be in college with no job Qualify for loan using combined credit, income, and assets Single family-townhome-condo-PUD Son or daughter does not need a job or down payment to qualify

Streamline 203k Renovation Loan Full service 203k lender Repairs which range from $5,000-$30,000+ may be included in loan amount. Great program to fix up foreclosures.

2-1 Buydown Super Low Payment and Rate which is currently 2.50% (2.65% APR) as of 8/24/10 3.5% down payment which can be 100% gift Condo-single family home-2-4 unit properties eligible     30 year fixed loan-not adjustable rate mortgage

VA Government Loan 0 down payment Great 30 year fixed loan program with 0 Down Payment for veterans or active military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard. Fair to marginal credit may qualify Single family home-townhome

Need help financing a home in Kansas City, contact the Kansas City Real Estate Network at (913) 712-9313.

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Blog post written by the Dowell Taggart Team of RE/MAX Premier Realty 

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