Home Buyers Can Qualify for a Zero Down Mortgage Loan in Kansas City - View Elgibility Areas

Are you somebody who has decent credit but very little cash, and you want to buy a home in Kansas City?

In the old days of the housing boom, there were many ways to solve this problem. But today, no money down programs are few and far between, so cash-strapped home buyers need to explore all of their options.

The USDA Rural Development Guarantee Mortgage Loan Around Kansas City

As you might suspect from its title, the rural development loan is not available in all areas. The purpose of the loan is to provide home purchasing assistance in rural areas, and you can read all about it on the USDA website. Instead of going through hundreds of pages on its website, we have provided a summary of what you need to know and a map of areas included in the USDA Rural Development Guarantee Mortgage Loan program for Kansas City.

Eligibility For The USDA Rural Development Loan (Kansas City MSA)

There are two areas of qualification review that must be done to find out if a homebuyer in the Kansas City area can get a USDA Rural Development Loan. First of all, the buyer must have the financial qualifications for the loan, and secondly, the property must also qualify for the buyer to take advantage of this government sponsored no-money-down loan program.

Borrower Eligibility – The USDA Rural Development Guaranteed Mortgage Loan program is for home buyers with household incomes below $83,150 ($109,750 for households with 5 or more people). If a homebuyer has a credit score below 640, the lender might be able to push the loan through providing the borrower has strong compensating factors. If the borrower’s credit score exceeds 640, then credit scoring will not be an issue. The buyer must also qualify with debt ratios that are similar to other loan programs and he or she does not have to be a first time homebuyer. The home needs to be purchased for occupancy (cannot use the USDA Rural Development Loan for purchasing investment property).

Property Eligibility – The buyer must choose to purchase a single family detached home or an approved condominium, as mobile homes, duplexes and farms are excluded from the USDA Rural Development Loan. To verify whether or not the property is in an approved area, just use the map below to ensure that it falls within an eligible area. 

Kansas City USDA Rural Development Guarantee Mortgage Loan Map

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

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