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FHA Loans in Kansas

One of Kansas’ most famous residents, Dorothy Gale once said, “There’s no place like home.” And she’s right! Purchasing a house in the Sunflower State will always be a great decision. On the other hand, understanding and deciding on a home loan tends to be less straightforward.

Luckily, FHA loans can simplify the process for buyers who qualify, and many Kansans find they save them money in the long run. Continue reading to see if an FHA loan in Kansas is the right mortgage option for you.

Why Choose an FHA Loan in Kansas?

Despite Kansas having a slightly lower median household income than the national average, that doesn’t mean Kansans aren’t buying homes in droves. In fact, as of April 2019 the total value of FHA loans in Kansas was nearly $65 million! No matter where in Kansas you choose to reside, the FHA loan program can be a reliable choice for your mortgage.

Benefits of FHA Loans in KS

  • FHA loans are great for first-time homebuyers, especially those who can’t or don’t want to put down a large down payment.
  • FHA mortgage rates are typically lower than conventional mortgage rates.
  • FHA down payment and credit score requirements are typically lower than conventional loans
  • Sellers can contribute up to 6% of the purchase price or appraised value (whichever is less) towards the buyers’ closing costs.
  • FHA loans are assumable.

FHA Loan Limits in Kansas

Maximum loan limits are adjusted yearly and vary between locations. In Kansas, the baseline limit is $498,257. However, there are a few exceptions to the baseline limit, so check the table below to see the full list of Kansas FHA loan limits for 2024.

Kansas FHA Loan Limits by County

County FHA Loan Limit
Johnson $498,257
All other areas $498,257

Are You Eligible for an FHA Loan in KS?

You may be eligible for an FHA loan, if you:

  • Have 2 years of steady employment, preferably with the same employer.
  • Have had steady income (or increasing income) in the past two years.
  • Have had less than two 30-day periods of late payments on your credit report.
  • Have declared bankruptcy no less than two years ago and have maintained good credit since.
  • Have not been a party in a foreclosure for at least three years and have maintained good credit since.
  • Anticipate your mortgage payment will be equal to or less than 30% of your gross income.

What Do You Need to Apply for an FHA Loan in KS?

Buyers must be able to provide the following information and documents as requested by lenders:

  • The addresses of all your residences over the past two years.
  • The names of your employers over the past two years.
  • W2's for the past two years and current paycheck stubs.
  • Your current gross monthly salary.
  • Your Social Security Number.
  • Names, addresses, and account numbers with balances on all checking and savings accounts.
  • Addresses and loan information of any other real estate you owned.
  • Self-employed individuals will need to provide personal tax returns for the past two years and a current income statement and balance sheet for the business.
  • Students will need to provide evidence of enrollment. If you have student loans, you need to provide verification information.

Note: Facts and figures sourced from the latest statistics available at the time of this writing including data from the United States Department of Labor, United States Census Bureau and the United States Department of Housing and Urban Development.