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Guide to Kansas Mortgages
Maybe you are buying your first home in Kansas, or perhaps you're relocating to Kansas from another state. Then again, you may be a long-time Kansas resident who is looking to either refinance your current mortgage or take out a home equity loan for home improvements. Regardless of your situation, it's important that you educate yourself on Kansas home loans before shopping for a home and/or mortgage. This article explains what you will need to know before seeking a home loan in Kansas:
The median price of a home in Kansas is $211,500. Recently, homes in Kansas have been appreciating at rates well above the national average. As a result, income levels in many parts of Kansas are too low to purchase a median-priced home with a conventional loan. Although average interest rates in Kansas are below the national average, Kansas has one of the lowest levels of home affordability in the nation.
In Kansas, before a buyer submits an offer on a home, their real estate agent is required to present them with a completed Real Estate Transfer Disclosure Statement. This document, completed by the seller of the property, requires the seller to name all of the property that will be included in the purchase (refrigerator, stove, alarm system, etc.) and rate certain aspects of the conditions of both the included property and of the house itself. This document requires the seller to disclose any potential problems or hazards that may discourage the buyer from putting an offer in on the home.
Kansas's Civil Code Provision of the Real Estate Act regulates the issuance of variable interest rates for the purchase of real estate. Therefore, borrowers who are issued large mortgage amounts are guaranteed a fixed rate mortgage. Kansas law also prohibits the charging of interest more than one day prior to the recording of the mortgage even if the borrower received the loan prior to that time.
In July of 2002, Kansas law enacted a set of anti-predatory lending laws in order to help protect Kansas homebuyers from predatory lenders. Some of the provisions of this new set of laws include the prohibition of a lender charging points and fees in excess of 6% of the total principal financed amount, the prohibition of a mortgage company issuing a loan to a borrower in an amount that the borrower could not reasonably afford to repay, and the prohibition of the financing of single-premium credit insurance, among others.
If you're buying a home in the state of Kansas, you qualify for both federal and state FHA, USDA, and VA loans. First-time home buyers qualify for Kansas FHA loans with below-market interest rates, and, depending on their eligibility, may also qualify for a loan in order to cover down payment and/or closing costs. Teachers and other professionals who work in an educational capacity may qualify for Kansas's Extra Credit Teacher Home Purchase Program, a down payment assistance loan with forgivable interest.
In addition to FHA loans, the state of Kansas also offers comparable programs to persons with disabilities or persons who live with and care for persons with disabilities. The state also offers several unconventional loans designed to aid homebuyers with the costs of their monthly mortgage payment. For example, Kansas's Interest Only PLUS loan provides qualified homebuyers with a 100% financing 35-year loan that only requires payments toward the accrued interest on the mortgage for the first five years of the loan -- borrowers do not have to pay toward the principal amount borrowed until after the first five years. The individual requirements of each of these loans vary depending on the county in which you are buying a house. Specific requirements can be obtained through the Kansas Housing Finance Agency.
Last Updated: Wednesday, September 17, 2008
Kansas Real Estate Market View
updated Wednesday, September 17, 2008
| Housing & Social Facts |
Kansas |
United States |
| Total housing units |
1,196,211 |
n/a |
| Owner-occupied housing units |
69.5% |
66.9% |
| Renter-occupied housing units |
30.5% |
33.1% |
| Vacant housing units |
10.4% |
10.8% |
| Average Home Value |
$107,800 |
$167,500 |
| Average Mortgage Payment |
$1,068.00 |
$1,295.00 |
| Average Rental Payment |
$353 .00 |
$388.00 |
| Total Population |
2,662,616 |
n/a |
| Percentage Male |
49.4% |
49.0% |
| Percentage Female |
50.6% |
51.0% |
| Median Age |
36.1 |
36.4 |
| Under 5 years |
7.0% |
7.0% |
| 18 years and over |
74.8% |
74.6% |
| 65 years and over |
12.4% |
12.1% |
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1 Year Market Value Change for Kansas |
| 1yr | 5yr | 10yr |
 |
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Popular Kansas Cities and Towns
| Location |
Population |
Median Family Income (2005) |
| Dodge City |
25,176 |
$37,156 |
| Emporia |
26,760 |
$30,809 |
| Garden City |
28,451 |
$37,752 |
| Hays |
20,013 |
$31,501 |
| Hutchinson |
40,787 |
$32,645 |
| Kansas City |
146,866 |
$33,011 |
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| Jason Brown Premier Realty Group |
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It is also vital that you have confidence in your real estate professional. My commitment as your local Kansas City Realtor is to provide you with completely specialized real estate service. It is no secret that to make the best decision for the most important purchase or sale in your lifetime you must be well informed. That is why my clear objective is keeping you informed on trends in the marketplace by using the latest statistics specific to your local area of interest. Area property values continue to rise and that means real estate should be a part of any sound investment strategy. As a Kansas City area expert, my knowledge of our local communities will put you at an advantage in your real estate transaction. I will always work aggressively to assist you in achieving your real estate objectives. If you are considering buying or selling a home or are simply in need of Kansas City real estate information, please contact me. You can count on me as your personal and online source for local real estate information. Jason Brown Premier Realty Group
11005 Metcalf Avenue
Overland Park, KS 66210
(913) 906-5417 - Group
(913) 915-6008 - Direct
(913) 744-2617 - Fax
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| LeaderOne Financial Corporation |
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From mortgage processing and underwriting, to loan closing and funding, our expert mortgage staff will efficiently expedite your entire transaction. We will keep you informed every step of the way, addressing concerns or answering questions that you may have, to make the loan process as stress-free and efficient as possible. We are committed to building rewarding, long-term customer relationships and giving the highest quality mortgage services. We respond to new opportunities made available in today's dynamic mortgage markets. These results in our customers mortgage requirements consistently achieved through mortgage underwriting flexibility and delivery of unique mortgage programs. We often identify niche mortgage programs that are essential to satisfying individual mortgage customer needs.
Here is a short list of loan programs that we offer: Fixed Rate Mortgages; 15 & 30 Years Fixed, Adjustable Rate Mortgages, Balloon Mortgages, First Time Buyer Programs, Stated Income Programs, Interest Only Programs, No Point, No Fee Programs, Imperfect Credit Programs, Home Equity Line of Credit (HELOC) and Home Equity Fixed Loan. Whether you want to refinance for a lower mortgage rate, get a new home mortgage, home equity loan or second mortgage, our purpose is to satisfy your needs.
LeaderOne Financial Corporation
11900 W. 87th Street, Suite 200
Lenexa, KS 66215
(913) 747-4000 – Office
(913) 312-2900 – Fax
(800) 270-3416 – Toll Free
We lend in the following states: KS, MO, VA (LIC#MLB-1244), FL, NC, DC, MD & TX
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| Freedom Lending LLC |
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Freedom Lending LLC, of Kansas is the complete mortgage services leader in the Midwest. Operating from our office in Wichita, Kansas, we offer a large selection of loan products and the personal service to match your needs to the best solution. In addition to offering the premier mortgage products and programs in the industry, we also specialize in assisting families who have had difficulties obtaining financing in the past. We offer many loan options and programs such as: Conventional Home Mortgage Loans, Fixed/Adjustable Rate Mortgage, Jumbo Loans, Home Equity Lines, No Income/No Assets/Self-Employed, No Equity/125% of Home Equity Loan Programs, Purchase Programs Including No Money Down, Investment Property Loans, 100% Loan to Value First Mortgages, Interest Only Loan, VA Loan and previous Bankruptcy OK. Our staff is dedicated to upholding the following principles: To value and respect our customers; without our customers, we do not exist. To treat our customers fairly and ethically. To meet our customers financial needs. To recognize that our company's good reputation and our customers' trust is something that we must constantly earn. We understand that the world of home loans, refinancing, and debt consolidation is confusing. We will work with you step by step to explain the process and help you meet your personal and financial goals. Freedom Lending LLC, of Kansas
940 N. Tyler, Suite 202
Wichita, KS 67212
316-630-9044: Phone
800-630-9044: Toll-Free
316-630-9074: Fax
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