The city is offering extra help for first-time homebuyers.
The KC Dream Home Program has increased its homebuyer mortgage assistance limits, according to a city press release.
Here are details:
The City of Kansas City, Mo., Neighborhoods and Housing Services Department is now accepting applications from first-time homebuyers for the KC Dream Home Program. On Aug. 1, the maximum mortgage assistance amount increased in secondary target areas to $20,000 and citywide to $10,000.
This program helps low- to moderate-income first-time homebuyers and displaced homemakers purchase a home of their choice within city limits.
Assistance is provided in the form of a second mortgage loan at 0 percent interest; this second mortgage is later forgiven after a period of time. The loan amount varies by neighborhood and ranges from the lesser of 20 percent of the purchase price or $20,000 in primary and secondary target areas and the lesser of 10 percent of the purchase price or $10,000 in other areas of the city. No monthly payments are required. The City provides funds for this program through the U.S. Housing and Urban Development’s Home Investment Partnership Act program.
Applicants must meet income eligibility requirements, homeowner eligibility requirements and purchase a home that meets program requirements. Household incomes may not exceed the following:
- One person $39,900
- Two people $45,600
- Three people $51,300
- Four people $56,950
- Five people $61,550
- Six people $66,100
The sale price of the home must not exceed $150,000 and the purchase price must not exceed the appraised value.
Interested persons should contact one of the participating lenders to apply for the program.
More information about participating lenders and other program information
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