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Kansas FHA Loan

If you're looking for property in the rolling hills and wheaty plains of Kansas, don't expect the prices to be much better than elsewhere in the United States and definitely think about getting yourself a Kansas FHA mortgage to go along with your new home.

Recent real estate market data indicates that the current market in Kansas favors the buyers more than the sellers, yet homes are still flying off the market like grits and hotcakes. You'll need to move fast if you want to snag your dream home with that freshly whitewashed picket fence and you'll need a little bit of security behind your purchase. That's where FHA home loans in Kansas come in.

It's fairly easy to qualify for a Kansas FHA home loan in KS, and you'll find that the eligibility requirements are more than favorable to first time buyers, low credit, poor credit and everyone in between and above. To qualify for an FHA mortgage in KS you'll need to meet the following:

  • A steady job for at least two years-although this is a lax requirement and many companies will let it slide
  • There are few if any FICO and credit requirements
  • The ability and willingness to pay back your loans on time every month

In addition to lax requirements, you'll also enjoy excellent benefits available to those who qualify who FHA home loans in KS:

  • Loans covering up to 97% of the purchase price of the home
  • Low down payment costs
  • Down payment assistance programs for those who don't have cash on hand for a down payment
  • Sellers may cover some or all of the closing costs

However, there are some things that you need to know before electing to purchase and FHA home loan in Kansas:

FHA home loans are not insured or originated by the FHA-this means that you will be responsible for the cost of mortgage insurance to protect yourself and your lender if you cannot pay your bills for any reason at some point in the future and you will also have to cover the costs of the origination fees associated with your loan.

To make sure that you aren't talked out of your life savings on loan fees and closing costs, you should look for and retain the services of a reputable, Kansas FHA mortgage lender.

There are thousands of lenders throughout the state of Kansas, many who offer FHA loans but aren't FHA approved, meaning you lose the ability to purchase FHA mortgage insurance and you purchase your home unprotected. You'll also find stricter requirements and higher annual rates with these lenders than with true FHA approved lenders. You'll be able to tell that you have an FHA approved lender if they:

  • Offer you the best and most competitive FHA mortgage rates in the market
  • Give you the lowest down payments available to you based on your credit and situation
  • Give you other options

Some of the best local FHA mortgage lenders in Kansas include Allied Home Mortgage Capital Corporation and FHA Loan Source. You don't always have to go to the biggest companies to find the best deals and the best service.

You will also need to consider the size and cost of the home you are attempting to purchase versus the cap on the FHA loans for your type of family in the Kansas market. Currently the loan limitations on FHA home loans in KS are $144,000 for single family structures and $277,000 for four family structures. The market in Kansas right now is also hot for single family housing, so if you're in that category you may have a more difficult time finding cheap and adequate housing for your family.

Additionally, you may be affected by the current loan rates if you select a 30 year fixed FHA mortgage. The rates currently include a high of 6.9% and a low of around 6.5%. The average annual interest rate in Kansas on FHA approved loans is 6.69%.

Once you're prepared to take on the costs of owning a new home and you have selected an appropriate lender, you can make the next steps to watching the wind sweep down the open plains of Kansas.

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