First Time Home Buyer

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First Time Home Buyer

Case Study

Gabrielle and her children had fallen in love with the rental home they found through Interfaith Housing and Community services. With the goal of homeownership in mind, Gabrielle began working on developing a system to track her spending and build her credit. She was excited to enter the Individual Development Account (IDA) Program, which offered a 2:1 match of her savings toward the purchase of the home. Gabrielle saved steadily to reach the program’s maximum allowed savings of $3,000 in 15 months. The program doubled her savings, adding another $6,000 to her account. She continued to work diligently on her credit score, and with $9,000 in savings, she was mortgage ready. Gabrielle worked with a lender who had experience with KHRC’s First Time Homebuyer program, who helped her qualify for another $12,750.00. These programs worked in tandem to make it possible for Gabrielle and her family to purchase their rental home with a monthly mortgage payment that fit into Gabrielle’s target range.

Program Description

KHRC helps enable the dream of homeownership through offering first-time buyers assistance with down payment and closing costs. KHRC collaborates with a network of participating lenders across the state, allowing homebuyers to apply for a 0% interest loan in the amount of 15 or 20% of the home’s purchase price. If the homebuyer remains in the home for 10 years, the loan is forgiven! Homebuyers must make an investment of 1% but no more than 10% of the sale price from their own funds. This program can be paired with other homebuyer programs.

Learn more about our First Time Homebuyer programs.

Kansans Served

Kansans across the state who have a median income at or below 80% of their area, except for those purchasing in Johnson County, and the city limits of Kansas City, Lawrence, Topeka, and Wichita. These areas administer their own federal funds, which may or may not be used for homebuyer assistance.