Independence First Time Home Buyer Program
In order to address a growing need for affordable housing, the Community Development Department of the City of Independence, in cooperation with area lending institutions provides the First Time Home Buyer's Program. This program helps moderate income families, who are qualified first time home buyers, buy their own home. Through this program the City will provide loan/grant funds to approved borrowers for:
- Down Payment Assistance - The City will pay up to 5% of the purchase price of a home towards down payment assistance (not to exceed $5,000), or
- Closing Costs Assistance - The City will pay reasonable closing costs on the purchase of the home (not to exceed $5,000), or
- Mortgage Buy-DownMortgage Buy-Down - The City will pay toward Mortgage Buy-Down, (not to exceed $5,000), or
- Combination of the Above - Total not to exceed $5,000.
1 person
2 persons
3 persons
4 persons
5 persons
6 persons |
$38,300
$43,800
$49,250
$54,700
$59,100
$63,500 |
All applications are handled through lenders.
- Make sure your lender & realtor are aware of your desire to use the First Time Home Buyers Program.
- You must not have owned a home in the past three (3) years.
- You must qualify for a loan from an approved lending institution that has an agreement with the City. (Please see Lender's List)
- Total family income of all persons 18 or older cannot exceed program maximum. (see box in previous column).
- The property must be located within the corporate limits of the City of Independence.
- The property must pass a City of Independence Housing Inspection.
- You must agree to sign a Deed of Trust and a Promissory Note. The Loan/Grant is forgiven after five years if you have remained the owner of the home and have not converted the home to a rental unit.
- You must sign an agreement with the City stating that you will use the home as your primary place of residence for five years, or repay the City if you move before the five year period is completed.
- You must attend and successfully complete an approved First Time Homebuyer class.
A First Time Home Buyer is a person or family who has not owned a house during the previous three year period except for a displaced homemaker or single parent.
Home Ownership - Possession of a residential unit in any one of the following manners:
- Make sure your lender & realtor are aware of your desire to use the First Time Home Buyers Program.
- Fee simple interest, or
- Participation in a condominium ownership arrangement, or
- A "99-year" leasehold interest.
A Single Parent is:
- Is unmarried or legally separated from a spouse, and
- Has one or more minor children for whom the individual has custody or joint custody, or
- Is pregnant.
A Displaced homemaker is:
- Is an adult, and
- Has not worked full-time, for a full year in the labor force for a number of years but has, during such years, worked primarily without remuneration to care for the home and family, or
- Is unemployed or underemployed and is experiencing difficulty in obtaining or upgrading employment
- A Buyer applies for loan with a participating lender and is pre-approved by the lender.
- When the Buyer finds a house an inspection on the home is performed. Funds are reserved for applicant.
- Once all necessary typed and correctly completed paperwork has been submitted, the application will be processed within the next ten (10) business days.
- When the application is approved, the loan/grant agreement is executed and funds are requested.
- Closing may then be scheduled, and payment will be made to the participating lender at closing.
For information on how to qualify your bank to become a participating lender, call Community Development at 816-325-7414.
Homebuyer education classes can be scheduled through one of the following organizations:
- Neighborhood Housing Services of Kansas City MO, Inc at 816.822.7703, ext. 225. Visit: www.nhsofkcmo.org
- Northwest Communities Development Corporation. 816.252.5094.
Other Information:
Advance Mortgage
Allied Mortgage
Ameri-National Mortgage
Bank of America
Bank of Kansas City
Bank of the West
Best Mortgage
Chiles & Company
Clarence A. Marshall Mortgage
Columbian Bank
Commerce Bank
Countrywide Home Loans
CTX Mortgage
First Horizon Home Loans
First Mortgage Investment
Gold Bank
Hamilton Mortgage
Heartland Funding Corp.
Hillcrest Bank
Home Owner's Mortgage
Kansas City Mortgage Inc
Kastle Mortgage
LeaderOne Financial
Mortgage Depot
National Bank of KC
National City Mortgage
Open Mortgage, LLC
Peoples Bank
Prism Mortgage
Pulaski Bank
RBC Mortgage
United MO Mortgage
United Mortgage Group
Wells Fargo Mortgage |
741-6655
913-469-8887
525-8111
979-4196
246-7000x218
524-5080
468-5909
913 649-0020
472-0044
913 491-1061
234-8868
554-3700 or 360-1500
913-327-7550
251-6506
246-7000
913-307-2432
220-2424
875-1580
913-324-6436
262-7717
746-0555
224-8400
913.747.4000
554-0600
525-8111
373.1666
228-0404
913.897.2000
455-2426
913-338-4300
455-2426
231-1400
285-5355
913-319-7900 |
- Contact one of the Current Participating Mortgage Lenders. You must be approved as a qualified borrower by the lending institution.
- Find a house within the corporate limits of Independence. The ch osen house must be used as a principle residence.
- Request from the lending institution that they submit the necessary paperwork to the City.
- Approximately t wo (2) weeks are required af ter the City receives the paperwork.
- The City approves the loan/grant fu nding to be used for the down payment and/or clo sing cost assistance.
- The City gives the funding directly to your financial institution when you clos e on your new home!
For more information about the First Time Home Buyer's Program, please contact the Community Development Department at 816-325-7414 or one of the other agencies listed in this brochure. Additional questions, contact the program administrator at: hwebb@indepmo.org