**UPDATE**THIS INFORMATION IS NOW OUTDATED**FIND NEW INFORMATION BY CLICKING HERE**
Did you know it’s a great time to buy a home? Well it is. :) (In case you haven’t heard that from anyone and everyone you talk to) Everywhere you turn you can see the reasons why. Low home values, low interest rates…
Well, here’s another great reason to consider looking for a home. The city of Kansas City, Missouri is offering first time home buyers (or equivalent) a forgivable loan of 20% of the purchase price (up to $20,000) of your home within the Kansas City Missouri city limits.
I think this is a great opportunity for many buyers to get into a home Yes, the process does take a little more time and yes, it is a little more paperwork – but come on! It’s $20,000!
One of the biggest complaints I hear from first time home buyers is that they don’t want to live all the way outside of town (like Gardner, De Soto, Independence, or Leavenworth) but that’s where they can get the amount of home they need in a price range they can afford (see my blog post on USDA Home Loans if you want more information on living in ‘rural’ areas). Well, this is a great way to have your cake and eat it too. Because the loan amount is up to $20,000 less than what it would be without the Dream Home Program you can theoretically get a bigger, nicer home. Let’s put it another way, if you bought the same house using the Kansas City Dream Home Program (as you would without the program) you would save about $120 a month in home payments. That’s a lotta moola!
Unfortunately, there is very little information regarding the special type of loan online (go ahead, google it – you’ll find about half of a page of info) and even fewer loan officers that know what they are doing regarding this type of loan. However, The Heritage Home Team has worked with these types of loans and knows how to ‘get ‘em done’. You definitely need someone on your side pushing to get your loan closed (remember, you’re working with 2 levels of businesses).
Let chat specifics:
- The home you want to buy must have a sales price less than $150,000 and be in the city limits of Kansas City, MO
- There are income restrictions of:
- 1 person – $41,100
- 2 people – $46,950
- 3 people – $52,800
- 4 people – $58,650
- 5 people – $63,350
- 6 people – $68,050
- 7 people – $72,750
- 8 people – $77,450
Are you interested in knowing more about this loan program? Contact The Heritage Home Team and we’ll help to determine if this type of loan works best for you and provide you loan officer referrals to help get you through the home buying process as quickly and painlessly as possible.
(Income restrictions are accurate for the 2012 year)