Overland Park KS Homes for sale & Johnson County Real Estate Blog

5 creative ways to get a down payment for your first home

So you want to buy a house in Johnson County Kansas, Great! So how do you go about saving that down Down payment for first time home buyerspayment? The good news is that recent changes by mortgage lenders allow you to purchase a home with as little as 3% down payment on a conventional mortgage and 3.5% on FHA. 

1. Gift Funds - This is probably the quickest and easiest way to gather your down payment nest egg. Both conventional and FHA mortgages allow 100% of your down payment to be gifted to you by a family member, friend or secret admirer.  Insider tip: Tell your parents that you want to move back into the basement at home to save a down payment, check books open quickly after this discussion.

Click Here to See all Homes for sale in Johnson County

2. Local Home Programs - This is extrememly creative since you don't actually have to save a down payment. There are several programs in Johnson County that will provide you with a down payment including the Kansas Bond Fund and the Johnson County First Time Buyer Bond Fund. Insider Tip: While these programs are great when you have no other option, they can have higher interest rates and have will have income and debt restrictions that may make it harder to qualify.

3. Sell Something - Better yet, sell a lot somethings. Ebay, craigslist and garage sales are great places to sell unwanted stuff to gather your down payment. Insider Tip: If you have already applied for a loan, ask your loan officer about how to document the proceeds from your sales as they will want a paper trail to prove where the money came from. 

4. Talk to your Boss - Do you remember the employee manual they gave you during orientation?  (Neither do we) Many companies have a housing assistance program, especially local and National Unions. Insider Tip: If your company doesn't have any type of Employee Housing Program, ask them to start one. We can show them how!

5. The Old Fashioned Way - I know this sounds a little bit crazy but you can always save for one yourself. The average first time buyer in Johnson County Kansas buys a $150,000 home, that means you only need to save $4,500 to buy that first home. Insider Tip: Ask your loved ones to match a percentage of the amount you save. I don't know of too many able Parents or Grand Parents that wouldn't assist, especially if you show the willingness to bring your hard earned money to the table.

For most first time buyers the down payment is the biggest impediment, try one of these solutions or combine several and you will find yourself in that first home sooner than you think.

Was this Helpful? Here are some more recent blogs in our First Time Homebuyer Series:



 Mike Russell is a REALTOR with Keller Williams Realty. Mike specializes in Johnson County Kansas Homes and Real Estate for sale. Mike is a tech savvy realtor with over 17 years experience. Did you enjoy Mike's Blog? Feel free to subscribe or join Mike on his Social Network to stay up to date on Overland Park, Olathe, Leawood, Lenexa, Shawnee and all of Johnson Counties real estate news and more...

Mike Russell & Associates can be reached at 913-266-5828 or MRussell@KW.com  or www.SearchjocoHomes.com

                        facebook   Twitter Overland Park Realtor  Linked In Russell Home Team  You Tube Russell Home Team  





Comment balloon 0 commentsMike Russell • January 14 2015 09:22AM
5 creative ways to get a down payment for your first home
So you want to buy a house in Johnson County Kansas, Great! So how do you go about saving that down payment? The good news is that recent changes by mortgage lenders allow you to purchase a home with as little as 3% down payment on a conventional… more
Top 5 Reasons you can't or won't buy your first Overland Park Home?
It's 2015 and the spring real estate market is just around the corner, for many would be home buyers this will be their best opportunity in years to find not only a home but the home. The only problem problem is that there is one group who will most… more
First time buyer homeownership falls dramatically in Overland Park…
The year 2014 marked a major turning point in the real estate market for Overland Park and Johnson County Kansas. For the first time since the housing market crashed in 2007 we saw consistent home price appreciation in resale homes and a sizable… more
Blackthorne Estates Kansas 2014 Real Estate & Home Sales Update
Are you looking for a home in the Blue Valley School District? You might want to consider Blackthorne Estates in South Overland Park Kansas. Blackthorne Estates is located just off of Mission Road and 155th Street, it is comprised of mostly 2 story… more
Hampton Place Overland Park Kansas Home Sales Report 2014
As 2014 comes to a close it is a good time to reflect on the past year. As a resident of Hampton Place and the # 1 listing agent I like to keep my fellow home owners up to date on recent sales and trends. See All Hampton Place Homes For Sale… more
15810 Ash Lane Overland Park Kansas Home For Sale, Hampton Place
Just Listed 15810 Ash Lane Overland Park, KS 66224 Hampton Place Subdivision $295, 000 Fantastic New listing in Hampton Place, updated and ready for you! Visit www. 15810Ash. info to view a virtual tour … more
Hampton Place Overland Park Home Sales Report January-June 2014
The homes sales numbers for the first six months of 2014 for Hampton Place may not seem spectacular but you need to take into account that not very many homes are for sale. There were 29 home sales for View All Homes For Sale www… more
3408 W. 154th Street Leawood Kansas 66224, Unbelievable home for sale
Just Listed 3408 W. 154th Street Leawood Kansas 66224 The Hills Of IronHorse $850, 000 You will not believe how incredibly gorgeous this home is, you can eith take my word for it or you can see for yourself by… more
15117 W. 131st Street Olathe, KS 66062, awesome Olathe home for sale
Just Listed 15117 W. 131st Street Olathe, KS 66062 $198, 000 Yorkshire Subdivision Amazing 4 bedroom split level in highly coveted Yorkshire subdivision, Olathe East school district, For more… more
15870 S. Fox Ridge Olathe Kansas 66062 home for sale
Just Listed Woodland Creek Subdivision $249, 000 15870 S. Fox Ridge Olathe, KS 66062 Pulte Derby, largest Floor Plan in the Community. This floor plan is know for large rooms and tons of space for all of your… more