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Mortgage Lenders Plus.com features Kansas Mortgages and Nationwide listings of Lenders for Home Equity Loans, Refinancing, Real Estate and new Home Loans. Since 2000, we've processed mortgage loan requests worth nearly $10 billion and that number grows each day. Featuring Home Mortgages Kansas, Mortgages Kansas, and more.
Guide to Kansas Mortgages

Maybe you are buying your first home in Kansas, or perhaps you're relocating to Kansas from another state. Then again, you may be a long-time Kansas resident who is looking to either refinance your current mortgage or take out a home equity loan for home improvements. Regardless of your situation, it's important that you educate yourself on Kansas home loans before shopping for a home and/or mortgage. This article explains what you will need to know before seeking a home loan in Kansas:

The median price of a home in Kansas is $211,500. Recently, homes in Kansas have been appreciating at rates well above the national average. As a result, income levels in many parts of Kansas are too low to purchase a median-priced home with a conventional loan. Although average interest rates in Kansas are below the national average, Kansas has one of the lowest levels of home affordability in the nation.

In Kansas, before a buyer submits an offer on a home, their real estate agent is required to present them with a completed Real Estate Transfer Disclosure Statement. This document, completed by the seller of the property, requires the seller to name all of the property that will be included in the purchase (refrigerator, stove, alarm system, etc.) and rate certain aspects of the conditions of both the included property and of the house itself. This document requires the seller to disclose any potential problems or hazards that may discourage the buyer from putting an offer in on the home.

Kansas's Civil Code Provision of the Real Estate Act regulates the issuance of variable interest rates for the purchase of real estate. Therefore, borrowers who are issued large mortgage amounts are guaranteed a fixed rate mortgage. Kansas law also prohibits the charging of interest more than one day prior to the recording of the mortgage even if the borrower received the loan prior to that time.

In July of 2002, Kansas law enacted a set of anti-predatory lending laws in order to help protect Kansas homebuyers from predatory lenders. Some of the provisions of this new set of laws include the prohibition of a lender charging points and fees in excess of 6% of the total principal financed amount, the prohibition of a mortgage company issuing a loan to a borrower in an amount that the borrower could not reasonably afford to repay, and the prohibition of the financing of single-premium credit insurance, among others.

If you're buying a home in the state of Kansas, you qualify for both federal and state FHA, USDA, and VA loans. First-time home buyers qualify for Kansas FHA loans with below-market interest rates, and, depending on their eligibility, may also qualify for a loan in order to cover down payment and/or closing costs. Teachers and other professionals who work in an educational capacity may qualify for Kansas's Extra Credit Teacher Home Purchase Program, a down payment assistance loan with forgivable interest.

In addition to FHA loans, the state of Kansas also offers comparable programs to persons with disabilities or persons who live with and care for persons with disabilities. The state also offers several unconventional loans designed to aid homebuyers with the costs of their monthly mortgage payment. For example, Kansas's Interest Only PLUS loan provides qualified homebuyers with a 100% financing 35-year loan that only requires payments toward the accrued interest on the mortgage for the first five years of the loan -- borrowers do not have to pay toward the principal amount borrowed until after the first five years. The individual requirements of each of these loans vary depending on the county in which you are buying a house. Specific requirements can be obtained through the Kansas Housing Finance Agency.

Last Updated: Wednesday, April 23, 2014

Kansas Real Estate Market View
updated Wednesday, April 23, 2014

Housing & Social Facts Kansas United States
Total housing units 1,196,211 n/a
Owner-occupied housing units 69.5% 66.9%
Renter-occupied housing units 30.5% 33.1%
Vacant housing units 10.4% 10.8%
Average Home Value $107,800 $167,500
Average Mortgage Payment $1,068.00 $1,295.00
Average Rental Payment $353 .00 $388.00
Total Population 2,662,616 n/a
Percentage Male 49.4% 49.0%
Percentage Female 50.6% 51.0%
Median Age 36.1 36.4
Under 5 years 7.0% 7.0%
18 years and over 74.8% 74.6%
65 years and over 12.4% 12.1%

1 Year Market Value Change for Kansas
1yr | 5yr | 10yr

Popular Kansas Cities and Towns

Location Population Median Family Income (2005)
Dodge City 25,176 $37,156
Emporia 26,760 $30,809
Garden City 28,451 $37,752
Hays 20,013 $31,501
Hutchinson 40,787 $32,645
Kansas City 146,866 $33,011

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Peter G. Miller - Mortgage Lenders Plus.com

Peter Miller is the author of the Common Sense Mortgage and has been featured on such media outlets as Oprah, The Today Show and CNN. His columns now appear in leading real estate media including the Real Estate Professional and RealtyTimes.com.

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Kansas Rates & Mortgage Calculator
updated Wednesday, April 23, 2014

Mortgage Type Today Last Week Change
30 yr fixed 6.03 6.24   0.035%
15 yr fixed 5.47 5.72   0.046%
5/1 ARM 5.34 5.43   0.017%
3/1 ARM 5.48 5.42   0.011%
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