First Time Home Buyer Home 80 Program in Wichita Kansas

The first time home buyer Home 80 program in Wichita Kansas is a program to help first time home buyers with down payment and closing costs assistance. For homes that need a little work there is some help with rehabilitation expenses. The assistance for first time home buyers in Kansas is available within certain parts of Wichita.

The Home 80 program sponsored by Wichita helps first time home buyers with low to moderate incomes buy their first home. The first time home buyer assistance comes in the form of a no interest, deferred loan part of which is forgivable. Deferred means no monthly payments. The loan is secured as a second mortgage that provides help for down payment and closing costs.

The maximum amount of the Home 80 program loan is $9000. The final amount depends on the mortgage lender requirements. In 5 years one half of the loan is forgivable as long as the first time home buyer in Wichita occupies the home. The remainder of the deferred loan is payable to the city of Wichita when the first time home buyer sells the house, refinances or moves out. Remember, half the loan with the Home 80 program is forgivable if the first time home buyer occupies the house for 5 years. The rest can be paid out of profits from the sale.

The Wichita first time home buyer must submit an application and qualify for the help. Applicants can not have owned a home for the previous three years unless they are single parents with Minor children. The credit report must be free of delinquent obligations and an approval from a reputable lender is necessary. The first time home buyer in Wichita has to come up with at least $1000 of their own money to complete the home purchase.

The applicant has to attend a city sponsored homeowner-ship training program. There are several training opportunities available in Wichita through the Home 80 program. Contact me for details.

The property itself has to more than one year old. There's another and different program for new construction. The house has to sell for less than $95,500 and be able to pass a city of Wichita inspection.

Of all the first time home buyer programs in Kansas the Home 80 program is the one that allows participants to buy a home within the city limits. The areas are limited but still within the city.

If lack of cash has been holding you back from becoming a homeowner this may be the program for you.

The first time home buyer Home 80 program in Wichita Kansas.

If you have questions or want more information about Wichita's Home80 program contact me.

Joel y at 316 833-2677