Some questions about the Kansas City Dream Home Project:

Asked by Marg, Kansas City, MO Tue Dec 9, 2008

First of all is the project area all homes under $150,000 in Kansas City limits or only specific neighborhoods? Secondly, if 10% of the loan in forgiven every year for ten years, if you sell before 10 years is up, do you have to pay back the entire loan or just the remaining percentage?

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Answers

5
Michea Bland, Agent, Raymore, MO
Wed Aug 5, 2009
I too understand that funds are out and expected in September. Once the funds are available, your approved offer is sent to the KC DReam Group. They will send out an inspector and once the property has passed thier inspection, you are just about ready to close. I would say that you should allow for about 2 weeks to 30 days for closing. Assuming funds become available, I would say your closing needs to be at the end of the month, because we don't know what exact date the funds will be in.
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Michea Bland, Agent, Raymore, MO
Wed Aug 5, 2009
Just wanted to also give you the income requirements/restrictions.

Maximum income by family size:

1 person - $39,400
2 people - $45,050
3 people - $50,650
4 people - $56,300
5 people - $60,800
6 people - $65,300
7 people - $69,800
8 people - $74,300
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Adgilbert81, Home Buyer, Kansas City, MO
Mon Jul 6, 2009
I actually have a question that stems from this one - How long does the process take to apply for the funds once you figure out which house you want to buy? It's my understanding that the KC Dream Project is out of funds right now, but is expecting them again in September. I am awaiting a reply on my offer and am planning on closing (if it's accepted) on or around September 15. Will I have time to apply for funds in September before my closing or is it a lengthy process? I fit the criteria otherwise, and would hate to miss out on this opportunity...
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Eric B., , Greenwood Village, CO
Wed Dec 31, 2008
Hello Marg. To answer your questions specifically...the program is for homes of $150,000 or less only within the city limits of KC MO. It is not neighborhood specific. Buyers must qualify. The loan amount is for up to 20% of the purchase price not to exceed $20,000. You only pay back that which remains of the 10 year commitment of 10% per year if you sell. For more specific info. I suggest you speak with a qualified lender. I've assisted several buyers with home purchases utilizing the KC Dream Home Program and absolutely love it! I highly recommend that you speak with Matt Wilson of Bank of America. I've tried several of the lenders on "the list" but have chosen to use Matt exclusively as he has been the most helpful and efficient. You may contact him by phone at 816-529-1978 or contact me anytime...always happy to help. Again, I'm a Realtor not a lender so please verify the info. that I've given with a qualified lender.
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The Sherri O…, Agent, Blue Springs, MO
Tue Dec 9, 2008
The home has to be in the city limits of Kansas City. Maximum down payment amount is $20,000. You will pay back what is left on the mortgage. 5 yrs would be 50%. Please feel free to call me with additional questions.
Web Reference:  http://sherrioaks.com
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