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What You Need to Know Before Buying a Home in Kansas

Maybe you re buying your first home in Kansas, or perhaps you re relocating to Kansas from another state.

Either way, it s important that you educate yourself on Kansas home loans before shopping for a home and mortgage.

This article explains what you ll need to know before buying a home in Kansas:

Kansas Mortgages Prices of Homes




The price of homes in Kansas varies widely between zip codes. For example, in Overland Park, Kansas, the median price of a home in the summer of 2005 was $250,000; however, in Johnson County, Kansas, the median price of a home was $190,000. The median home cost for the entire state of Kansas is $83,500. Average interest rates in Kansas are just slightly above the national average.

The state of Kansas has laws that prohibit closed-end second mortgages. Additionally, Kansas has a mortgage tax, mortgage transfer tax, and property tax. The rate of job growth in Kansas is below the national average.

If you re buying a home in the state of Kansas, you qualify for both federal and state FHA and VA loans. First-time home buyers qualify for Kansas FHA loans with below-market interest rates, and may also qualify for up to 4% of the purchase price in down payment assistance. Additionally, all homeowners qualify for the assistance of both below-market interest rates and down payment assistance when purchasing a home in a target area.

Kansas Fair Housing Act prohibits mortgage lending discrimination against individuals based on their race, color, religion, gender, familial status, or national origin.
 


You can find additional technical resources for this article in the technology section at: http://www.proprint.co.uk

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