Pulling enough money together for a down payment is often a sticking point for aspiring home buyers
Help may be at hand
For a limited time, if eligible, you may receive $15,000 for down payment
assistance for the purchase of a primary, owner-occupied residence in the city of
Kansas City, MO. The assistance is fully forgivable after you live in the home as
your primary residence for five years.
Homebuyers must meet all program requirements to be eligible for the down payment assistance and its ongoing benefits.
• $15,000 for down payment assistance for the purchase of a primary, owner-occupied residence in the city of Kansas City, MO.
• Program is administered through NeighborWorks® America and its affiliates.
Program repayment requirements for down payment assistance loan
• 0% interest rate. Program is forgivable 20% each year for five years.
• The prorated balance due is repayable if the property is sold, refinanced, foreclosured, not owner-occupied as the primary residence or transfers title within the first 5 years.
• The only repayment trigger exception is the refinance of the first mortgage to a lower interest rate. No cash out is allowed for that refinanced loan.
• Household income cannot exceed 120% of the Area Median Income (AMI), adjusted for family size.
• Not required to be a first-time homebuyer.
• Current Homeownership: If you currently own a home, it must be sold prior to closing. The current home cannot be rented/leased.
• Single Family Detached, 2-4 units, Condos, and PUDs.
• No Manufactured Housing.
• Property must be owner-occupied primary residence.
• Property must be in the city of Kansas City, MO.
Homebuyer education requirements
• Homebuyer or landlord education is required and must be conducted by NeighborWorks America and its affiliates or a HUD-approved counseling agency prior to closing.
First mortgage requirements
• To receive the down payment assistance, you must be approved for a first mortgage loan.
If you have a goal to become a homeowner, you won’t want to miss the NeighborhoodLIFT event, sponsored by Wells Fargo in collaboration with local non-profit organizations.
At the event, you can find out if you qualify for the down payment assistance program and reserve your funds for 60 days – even if you haven’t yet found a property.
Date: July 18-19, 2014
Time: 10:00 a.m. – 7:00 p.m.
Location: Crown Center – Exhibit Hall A
2323 McGee Street
Kansas City, MO 64108
Free parking in designated lots, see web site for details.
Admission is free!
or call 866-858-2151