Kansas Mortgage Loans

Griffin Funding is proud to serve the entire state of Kansas, from the smallest town to the largest sprawling metropolis. Here is just a small sampling of the cities across the state that we do business in:

• Wichita
• Kansas City
• Topeka
• Lenexa
• Dodge City
• Hays
• Hutchinson
• Newton
• Concordia
• Haysville
• Parsons
• Wellington

Griffin Funding can provide Kansas mortgage loans that fit a wide variety of credit profiles and purchase types, including both conventional and non-QM mortgages. Here are some of the more popular Kansas mortgage loan programs that Griffin Funding offers:

• VA Loans: Backed by the US Department of Veterans Affairs (VA), these loans offer low or zero down payment options to veterans, as well as very competitive mortgage rates in Kansas. They are an excellent choice if you’re a qualifying service member or veteran looking for a first-time home buyer loan in Kansas.
• Bank Statement Loans: If you’re having trouble qualifying for a conventional mortgage, bank statement loans may be an option. They qualify you based on just your business or personal checking account statements – no pay stubs or tax returns required.
• DSCR Loans: Real estate investors can take advantage of debt service coverage ratio (DSCR) loans, which take into account their rental income potential rather than personal income to qualify for a loan. This is just one of the commercial real estate financing options available in Kansas with Griffin Funding.
• Conventional Loans: These standard mortgage loans offer some of the most competitive home loan rates in Kansas, but to qualify you’ll need to show strong personal credit, proof of steady income for the past 2+ years, tax returns, and a down payment.
• Asset-Based Loans: If you have sizable investments, savings, or retirement accounts, you may opt for asset-based loans in Kansas, which use those strengths to qualify you instead of the standard pay history and tax returns.
• USDA Loans: These mortgage loans help low-income borrowers in rural areas to purchase homes with no down payment. Because these loans are backed by the US Department of Agriculture, they offer very relatively low mortgage rates.
• Home Equity Loans: Use a home equity loan to tap into your home’s equity and get the cash you need to fund anything from home renovation projects to education expenses.
• FHA Loans: FHA loans make it possible for first-time home buyers and other borrowers to qualify for a mortgage with as little as 3.5% down.
• ITIN Loans: If you’re a foreign national and don’t have a Social Security number, then an ITIN loan will allow you to qualify for a mortgage using your Individual Taxpayer Identification Number.

Home loan rates in Kansas depend on a number of factors, including your personal credit score, borrowing history, mortgage type, borrowed amount, and even the location of the home you want to purchase.

You should carefully study your own credit report, tax reports, bank statements, and other financials to see where your strengths are before applying. If necessary, take some time to clean up your credit report, pay any past due bills, and begin saving for a down payment – these will help get you a more competitive home loan rate in Kansas.

If you’re still rebuilding your credit or saving cash to afford a down payment, try downloading the Griffin Gold app to help get your finances in order and put you on the road to approval.

Once you’ve gathered the necessary financial information, you can begin deciding which Kansas mortgage loan will best fit your budget and purchase needs. Here are some of the more important metrics that dictate whether you are approved for a mortgage in Kansas:

• Credit score: Lenders will typically want to see a FICO of at least 600 to qualify for a conventional home loan. Higher scores mean lower rates; however, there are programs available for those with challenged credit.
• DTI ratio: The percentage of your debts or liabilities that you owe money to divided by your total income is referred to as your debt-to-income (DTI) ratio. The lower your DTI is, the better. Lenders generally prefer a DTI of no higher than 43%.
• Income: One of the more heavily weighted qualifiers for conventional Kansas mortgage loans is income. Lenders will usually ask for the last two years of verifiable income.
• Down payment amount: 3% to 20% down payments are required for most conventional loans, but anything below a 20% down payment will typically require private mortgage insurance (PMI). You may be able to lessen or completely eliminate a down payment if you qualify for a USDA loan or a VA loan.

What credit score is needed to get a mortgage in Kansas?

While this is one of the most common questions surrounding mortgages and first-time home buyer loans in Kansas, the answer is that it varies depending on the loan you take out and a number of other factors.

Most lenders will want to see a credit score of at least 600 to 620, depending on the loan program. At the same time, there are things like recent credit event loans, which cater to borrowers who have faced challenges with their credit score in the past.

Of course, a higher score will almost always lead to better loan terms and lower mortgage rates in Kansas. It’s a good idea to work on paying down credit cards, cleaning up any erroneous items on your credit report, and maintaining good financial habits prior to applying for a home mortgage loan.

What is the minimum down payment for a Kansas home loan?

Like the credit score, this answer very much depends on the loan type and credit profile. While options like VA loans and USDA loans don’t require any down payment, options like conventional loans will require a down payment of between 3% and 20%. Keep in mind that making a higher down payment will lower the principal loan amount and may help you secure a better interest rate on your mortgage.

Whether you’re a first-time home buyer in Kansas, an investor looking to use commercial real estate financing, or a homeowner interested in taking out an ADU loan, Griffin Funding can help.

By applying with Griffin Funding, you can work closely with one of our mortgage professionals to get the most competitive Kansas mortgage rates. Apply for a loan today or contact us to learn more about your financing options.