Wichita Home

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First Time Home Buyer Grants Assistance Wichita Kansas

There is a first time home buyer assistance grant program with incentives available in Kansas. It’s called FTHB for short. FTHB is not as well known as the famous first time home buyer tax credit of recent history but a powerful incentive program in it’s own right.

wichitahomesearch.comThe biggest obstacle to home-ownership for first time home buyers in Kansas is lack of cash. They may have a great job history and a perfect credit score but lot’s of young people trying to buy their first home are cash strapped. This program is designed to solve that problem with assistance and incentives.

First time home buyers in Kansas first have to qualify for the assistance program with a participating lender. Contact me to find a reputable lender that participates in the program. Once qualified the incentive program offers plenty of financial help for first time home buyers in Kansas.

To qualify for the assistance program the first time home buyer in Kansas must have a combined household income at or below 80 percent of the median for their area. Depending on the applicants income level the forgivable loan can be for 15-20 percent of the purchase price of the home. For the loan to be completely forgiven the first time home buyer must live in the Kansas home for a 5 full years. A percentage of the assistance and incentives drops off every year until the fifth year when the loan is erased from the books.

The first time home buyer in Kansas is expected to come up with $500 or two percent of the purchase price, whichever is greater. The house cannot cost more than $150,000, cannot be in a flood zone and must be occupied by the qualified first time home buyer in Kansas to get the incentives and assistance. Another big condition is the home cannot be with in the city limits of Wichita, Topeka, Kansas City, Lawrence or Johnson county. In that aspect it’s a lot like the rural incentive assistance program in Kansas but FTHB offers more and is exclusively for the first time home buyer.

If you have questions about the first time home buyer assistance program grants in Kansas contact me at 316.833.2677 or drop a line at joelw@rwwichita.com.

 

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October 18, 2012 Posted by | Uncategorized | , , , | Leave a comment

   

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