Home Buying in Lawrence>Question Details

jazzybell_13,  in Lawrence, KS

Are there any programs that will help with down payments for first-time buyers in Lawrence?

Asked by jazzybell_13, Lawrence, KS Thu Feb 13, 2014

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Brian Boyle’s answer
The Kansas Homeownership Assistance Program (KS-HAP) is a great program. It is a 'First-Time Homebuyers' down payment assistance. FHA requires a minimum cash investment of 3.5% of the purchase price to be included in the financing. The KS-HAP program covers 4% of the purchase price, which would cover the necessary cash investment and leave some funds to cover items paid outside of the closing or earnest money deposit that was made at contract.

The USDA/RD program is available in areas very near Lawrence and is a 100% financing program with NO downpayment required. This is the "Guaranteed" program. A VA loan is of course an option, if you qualify. Not all banks and mortgage lenders are participating in the program.

Here is a link to the website: http://kshap.org/lender.html
0 votes Thank Flag Link Fri Apr 11, 2014
You should contact a local lender and see what programs are available in your area. Different states have different programs. Many times you can get down payment assistance in the form of a second mortgage. (There's no real free money anymore). There is also a USDA loan program available for rural areas that lets you put as little as $1,000 down. If you're in the military, you could qualify for a VA loan which also offers zero down.

Good luck!
1 vote Thank Flag Link Thu Feb 13, 2014
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