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

Buying a Home with No Down Payment in Overland Park Kansas

Every where you look you see articles about "Why now is the best time to buy a house." Then you findEmpty Pockets out that Several of your close friends have bought houses recently. You would buy yourself  but you have one really big problem. You don't have a down payment. Is this your dilema?

So if you are not one of those who have a rich Grandma who's passing wish was to provide you with a down payment for a home or  your parents don't want to or can't assist with a down payment, what options do you have to buy a home in Johnson County this spring?

The good news is that you have options that were not always available, see Johnson County Kansas is considered in the eyes of  (HUD) better known as The Department of Housing and Urban Development as an entitlement area. That means that they provide very little funds towards assisting first time buyers because we are thought to be infinetly rich. 

In the last year there has been several changes for the good, there are now several great options when you don't have a 3-3.5% down payment lying around in your saving account:

Click Here to Find Your Johnson County Dream Home  

The Kansas Bond Fund- This fund provides up to 4% of the homes purchase price towards down payment and closing costs. This is great program for those truly starting out, it will provide all of your required down payment and a portion of your closing costs. However, it does have a few negatives. The interest rate is a little higher and there is income and debt ratio restrictions.

Click Here to apply for the Kansas Bond Fund

Johnson County First Time Homebuyer Assistance Program- This program is similar to the Kansas Bond Fund but the interest rate is a little better. This program provides a grant to cover your down payment. This program also has a couple of negatives, it require some financial counseling, has a cumbersome amount of paperwork to get the grant and there is also a time requirement that you must live in the house or you may have to pay back a portion of the grant. This program also runs out of funds frequently.

Bank Sponsored Loans- Several area banks have created 100% loans requiring no down payment. This can be an incredible option if you meet the criteria. They will usually require a higher credit score than the above mentioned programs and will also have some income restrictions. 

Click Here to Apply for a 100% Local Bank Loan 

VA Home Loans- Did you serve your country in the Armed Forces? Not only is your service appreciated,  it has earned you the opportunity to buy a house with no down payment. VA loans are a great option for purchasing your first home with no down payment.

Click Here to Apply for a VA Home Loan

USDA Rural Development Loans- Similar to a VA loan, USDA loans do not require a down payment. The only negatives are they have income restrictions based on family size and they are limited to certain areas of Gardner, Spring Hill, DeSoto and Bonner Springs if you with to venture outside of Johnson County.

To Apply for a USDA Rural Development Loan Click Here 

While the ability to bring your own down payment will usually get you the best interest rate and terms, these programs are a great opportunity to get into the market before prices and interest rates rise in the future.

Have a Question for the Russell Home Team about Down Payment Assistance? Click Here


 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

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Comment balloon 0 commentsMike Russell • February 11 2015 10:28AM
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