Empowering Homebuyers with the KHRC First Time Homebuyer Program
The Kansas Housing Resources Corporation (KHRC) understands that the road to homeownership can be challenging, particularly when it comes to upfront costs like the down payment and closing expenses. To assist potential homebuyers in achieving their dreams, KHRC proudly offers the First Time Homebuyer Program.
Available Assistance
The KHRC First Time Homebuyer Program stands as a beacon of support for eligible applicants, providing them with valuable down payment assistance. Depending on their income level, eligible individuals can receive assistance ranging from 15% to 20% of the total purchase price. This assistance takes the form of a soft loan that gradually forgives over time. These crucial funds can be utilized to cover some or all of the down payment and closing costs, making homeownership more accessible.
Eligibility Requirements
To unlock the benefits of the KHRC First Time Homebuyer Program, applicants must meet specific criteria:
- First and foremost, they must be bona fide first-time homebuyers. Those who have owned a home within the last three years are not eligible for the program.
- Income limits vary depending on location and household size, and applicants must fall within the program’s specified income thresholds.
- All program participants are required to make a minimum investment of 2% of the property’s total purchase price from their own cash assets.
The KHRC First Time Homebuyer Program serves a vital purpose by making financial resources accessible to eligible applicants who are eager to purchase a home but require assistance with the upfront expenses. These expenses encompass the down payment, closing costs, and prepaid items essential for securing homeownership. These financial burdens can be substantial, and the inability to cover them can hinder individuals from escaping the cycle of renting.
At KHRC, we are committed to fostering homeownership opportunities and breaking down barriers. Through the First Time Homebuyer Program, we empower individuals to embark on their homeownership journey with confidence, knowing that they have the support they need to turn their homeownership dreams into reality.
