Home Loans In Overland Park, Kansas 

Overland Park is the second-most populous city in the state of Kansas. The city’s vibrant economy is driven by the service sector in health care, retail trade, professional, technical, finance, insurance, and information technology.

The housing market in Overland Park remains hot, but it’s not without its ups and downs, especially in light of recent events. Are you looking to buy a house in Overland Park? You’ll likely require financing unless you’ve got hundreds of thousands of dollars ready to spend. Luckily, the federal government helps people obtain the funding. 

Let’s talk about government-backed home loans and how they can help you become a homeowner in Overland Park. 

Government-Backed Mortgage Loans In Overland Park

The U.S. government helps Americans become bonafide homeowners. While the government doesn’t issue the loans, they provide the necessary security so that lenders can extend financing to eligible borrowers. 

In other words, the government assumes the risk of default —  it assures the lender that you, the borrower, will pay back your loan as outlined in the agreement terms. That’s why they are called ‘government-backed’ or ‘government-insured’ loans. 

These home loans are typically ideal for borrowers with lower credit scores or people who can not make a significant down payment. The three most popular types of government-backed home loans in Overland Park include: 

• FHA Loans

The Federal Housing Administration (FHA) is the government agency that insures this type of loan. It operates under the U.S. Department of Housing and Urban Development.

FHA home loans provide easy access to financing to Americans with low credit scores or income. Under this setup, borrowers with credit scores as low as 500 can get a mortgage loan provided that they can pay at least a 10% down payment.

Borrowers with credit scores of 580 can get a loan with down payments that can go as low as 3.5%. However, mortgage insurance is one of the downsides of FHA loans. But as soon as you build enough equity on your home, you can remove mortgage insurance.

• USDA Loans

People living in rural and suburban areas in the U.S. can get a loan guaranteed by the U.S. Department of Agriculture. USDA guaranteed home loans have lesser mortgage requirements that can even allow you to have zero down payment. 

However, the strictest requirement of a USDA loan is the income requirement. To be qualified for a USDA loan, your household income must be less than the average household income in the area where you want to buy a house.

• VA Loans

A VA home loan is a particular loan for retired or active U.S. military service members. VA loans have zero down payment, but they have strict qualification service requirements. 

However, qualified members or spouses can quickly get a VA loan without worrying about credit score requirements and down payment.

Overland Park, Kansas Mortgage Lender

Capital Home Mortgage offers FHA, USDA, and VA loans for Overland Park homebuyers. We are direct mortgage lenders, so we handle every aspect of the loan process, including funding your loan. 

This puts us in a position to offer competitive interest rates, low processing fees, and flexible underwriting policies that won’t delay closing. 

Apply For A Home Loan In Overland Park

At Capital Home Mortgage, we are committed to providing you with excellent customer service and a stress-free home buying experience in Overland Park. 

Our mortgage experts are standing by to provide all the assistance you need to access the right home loan program for your needs. Get started on your Overland Park mortgage loan application now by calling (316) 261-5400 or using the tools on this website to apply online.