Mortgage Rates in Kansas
Compare today's average mortgage rates in the state of Kansas. Bankrate aggregates mortgage rates from multiple sources to provide averages for Kansas.
Kansas mortgage overview
Kansas is home to approximately 2.9 million people. As of 2018, the median home value for owner-occupied homes was $145,400, significantly less than the national average.
Kansas Housing Resources Corporation (KHRC), a nonprofit organization, is the primary administrator of federal housing programs for the state. The organization connects Kansas residents to homeownership counseling, classes about credit, community services, emergency housing and a host of other resources.
First-time homebuyer programs in Kansas
In Kansas, qualifying individuals may have access to a variety of national programs and locally administered educational opportunities to help them through the buying process.
In addition to nationally available programs, there is one Kansas-specific first-time homebuyer program and some city- or country-specific programs.
Kansas Housing’s First Time Homebuyer Program
Kansas Housing’s First Time Homebuyer Program helps homebuyers with the down payment on a home. To be eligible, applicants must be first-time homebuyers or have not owned a home for at least three years. Applicants must also have a median income at or below 80 percent of their area. (For example, in Allen County, the maximum income for a family of four is $49,200.)
Each homebuyer must make an upfront investment of 2 percent to 10 percent of their own money. The program allows homebuyers to apply for a zero-percent interest loan for 15 percent or 20 percent of the home’s purchase price. That loan may be forgiven if the buyer remains in the home for at least 10 years.
This program does not apply to properties in Topeka, Lawrence, Wichita, Kansas City or Johnson County, because those areas have their own federal HOME funds.
City of Leavenworth Home Ownership Program
The Leavenworth Home Ownership Program offers up to $8,000 in grant funding for first-time buyers purchasing within Leavenworth city limits. It is open to families that meet the low- to moderate-income requirements defined by the U.S. Department of Housing and Urban Development.
Buyers must pay half of the down payment from their own funds, homes must pass a city quality inspection and the buyer must sign a lien stating that they will live in the home for at least five years. After that time period, no repayment of the grant is owed.
Topeka Opportunity To Own (TOTO) Program
The Topeka Opportunity To Own Program, a first-time homebuyer’s assistance program administered by the City of Topeka’s Department of Neighborhood Relations Housing Services Division, helps low-income families purchase their first home within the city limits. The program uses funding from the U.S. Department of Housing and Urban Development and partners with Housing and Credit Counseling Inc. to provide education, financing and home rehabilitation.
Applicants must have $500 toward the down payment, purchase a home that does not exceed $75,000 and attend a total of 12 hours of education and maintenance training before closing, among other requirements.
Kansas mortgage refinancing
If you’re looking to refinance a home in Kansas, look to private lenders, banks and mortgage brokers, as the Kansas Housing Resources Corporation doesn’t offer any programs specifically for refinancing.
To consider a refinance, you don’t have to work with the same lender who holds your current mortgage. Regardless, it’s wise to identify your goals in refinancing (such as a lower monthly mortgage payment, a shorter term or a lower interest rate), do your research and shop around and make sure you’re getting the best possible rate and terms.