Mortgage Down Payment Assistance in Kansas

At Mortgage Squad, we know that saving for a down payment can be a major obstacle for many potential homeowners. That’s why we offer a variety of down payment assistance programs to help make homeownership more accessible.

What is Down Payment Assistance?

Down payment assistance programs are designed to help homebuyers, particularly first-time buyers, cover the upfront cost of purchasing a home. These programs often come in the form of grants, low-interest loans, or tax credits.

Benefits of Down Payment Assistance:

• Reduce upfront costs: Make home buying more affordable by reducing the amount needed for a down payment.
• Qualify for better mortgage terms: A larger down payment can lead to better loan terms, including lower interest rates.
• Avoid PMI: With a larger down payment, you may avoid private mortgage insurance (PMI), which can lower your monthly payments.

Programs We Offer:

We collaborate with a variety of lenders and government agencies to offer a range of programs, including:

• FHA 203(b) Program: A minimum down payment of 3.5% is required.
• USDA Rural Development Guaranteed Loan Program: Available for eligible borrowers in rural areas.
• Local Assistance Programs: We connect you with grants and programs offered by local governments and non-profits.

Eligibility Requirements:

Eligibility varies by program, but some common criteria include:

• Income limits: Assistance is often targeted at lower- and moderate-income buyers.
• Credit score: Some programs have minimum credit score requirements, though others are more flexible.
• First-time homebuyer status: Many programs are designed for first-time buyers, though some may be available to repeat buyers.

How to Apply:

1. Contact a Loan Officer: Our loan officers can help assess your eligibility and guide you through the application process.
2. Gather Documents: You’ll need to provide income proof, tax returns, and bank statements.
3. Complete the Application: We’ll assist you in completing the necessary steps.

Additional Resources:

• U.S. Department of Housing and Urban Development (HUD)
• Utah Housing Corporation (UHC)

Contact Mortgage Squad today to explore your down payment assistance options and start your journey toward homeownership!