Kansas VA Loans

Griffin Funding is proud to provide our financing services to veterans and active service members throughout the entire state of Kansas. So whether you’re looking to secure your first VA home loan in Kansas City or want to refinance a VA loan in Topeka, we have you covered. Here is just a sampling of the many cities we serve:

• Wichita
• Overland Park
• Kansas City
• Topeka
• Lawrence
• Manhattan
• Salina
• Leavenworth
• Derby
• Junction City

Kansas VA loans work by providing active-duty service members, veterans, and eligible spouses with mortgage financing that is guaranteed by the U.S. Department of Veterans Affairs (VA). This greatly lowers the financial risk to lenders and, as a result, they can offer a VA purchase loan with highly competitive rates and terms that often beat those of conventional loans. The program makes it easier for service members to purchase a home or refinance their current mortgage.

First-time VA loan users, or those who have completely paid off a previous VA loan, will most often receive “full entitlement”. This means that the VA will guarantee as much as 25% of the total home loan amount, regardless of typical VA loan limits. Most often, no down payment is required with full entitlement.

However, if borrowers are currently paying off an existing VA home loan, have defaulted on one in the past, or still own a home purchased with a VA loan, they may receive “partial entitlement”. VA loan limits do apply in this case. The VA will still guarantee 25% of the loan, but only up to the loan limit of the county the home is being purchased in. A down payment may be necessary to bridge the remaining purchase amount.

Traditionally, VA loan limits specified the maximum borrowed amount before a down payment was required. However, thanks to the Blue Water Navy Vietnam Veterans Act of 2019, borrowers with full entitlement now enjoy no limits on their VA loans in Kansas. This means that a well-qualified veteran may receive 100% financing on their home using a VA loan in Kansas, regardless of any loan limits set in the state or county of purchase.

However, partial entitlements are subject to VA loan limits. These limits vary by county and are set by the federal government, based on median home values in the area. Current VA loan limits in Kansas are between $766,550 and $1,149,825 for a single-family home (as of January 2024).

Note that, while VA loan limits do apply with partial entitlement, there is no limit to the purchase price of the home. The buyer will just need to make up any difference exceeding their VA benefit amount with a down payment.

Because VA home loans in Kansas are partially backed by the U.S. Department of Veterans Affairs (VA), Griffin Funding offers VA loans that boast very competitive rates, no down payment requirements, and flexible qualifying criteria when compared to conventional mortgage loans. Here are just some of the benefits:

• No down payment required
• Highly competitive interest rates
• FICO scores as low as 550 considered
• Private mortgage insurance (PMI) not required
• Limited closing costs
• No prepayment penalties
• Cashout for up to 100% of the property’s value

If you’re considering applying for a VA loan in Kansas, download the Griffin Gold app to monitor your financial strength, get tips to build up your credit score, and begin creating an action plan to get into the home of your dreams. Griffin Funding also offers non-QM mortgage options such as Kansas DSCR loans for those who want to build a real estate investment portfolio.

Griffin Funding specializes in several VA loan types in Kansas, including:

• VA Purchase Loan: Qualified veterans and service members can use a VA purchase loan to buy a new house. These loans feature highly competitive rates, no down payments, and limited closing costs. This is the go-to financing option for first-time home buyers.
• VA Streamline Refinance: These interest rate reduction refinance loans (IRRRL) are a popular option for Kansas homeowners looking to refinance to a lower interest rate. These loans offer existing VA loan holders several advantages over traditional refinancing, including no required appraisal, no pest inspection, no income qualification, and no need for another Certificate of Eligibility (COE). There’s also little to zero out-of-pocket cost.
• VA Cash-Out Refinance: Qualified veterans using a VA cash-out refinance loan can extract cash from their home’s equity while refinancing their existing VA loan or conventional mortgage with a lower rate. This loan can go for up to 100% of the home’s value and effectively replaces the current loan. It can provide homeowners with extra cash for home repairs and upgrades, paying down debt, or anything else where the extra cash can help.

When applying for a VA loan in Kansas, there are three important items that you’ll need in order to jumpstart the process:

• Valid identification: Borrowers must have a current driver’s license or other government-issued ID.
• Certificate of Eligibility (COE): A COE is obtained directly from the VA, and proves that you meet the necessary service requirements to be considered for a VA loan. If you’re planning to take advantage of a VA loan at some point, it’s advisable to obtain your COE as soon as possible to avoid delays in applying.
• Proof of income: This often includes pay stubs, tax returns, and W-2 forms.
• Credit score: Borrowers need a minimum credit score of 550 to qualify for a VA loan.

Once your application is submitted, we will review it to ensure you meet the necessary requirements. As with any loan, a strong application will provide the best chances at approval and the most favorable terms. A high income, good credit score, and low debt-to-income ratio (DTI) are always preferred.

Securing a VA loan is one of the most popular ways for Kansas veterans and active service members to get into their first home, refinance an existing home, or pull cash from their home equity. Griffin Funding is proud to specialize in this program, and our knowledgeable agents are standing by to help guide you down the fulfilling path toward homeownership.

Whether you’re hoping to take out a VA home loan in Kansas City or Wichita, we’re here to help. Apply for a VA loan today and get started on your homeownership journey!