Our first-time homebuyer programs are geared toward low- to moderate income households who have limited savings. These programs allow you buy a home with either a very low downpayment or no downpayment.
If your household income is greater than $82,700, you probably won't be eligible for these programs, but you may qualify for conventional home loan financing, which in some instances may require as little as a 5% downpayment.
Single Family Housing Guaranteed
Income Eligibility: $82,700* (For 1-4 person households in Ellis County, KS) / $86,250* (For 1-4 person households in Morgan County, CO)
We are an approved lender for single family housing guaranteed loans, which are backed by the Rural Development division of the United States Department of Agriculture (USDA).
Through this program we are able to provide 100% financing to low- and moderate-income households in eligible rural areas, with almost no money out of pocket. This means qualified borrowers can purchase a home even though they may not have saved enough funds for a down payment or loan closing costs.
Income Eligibility: $67,600* (For Ellis County, KS) / $67,300* (For Morgan County, CO)
We partner with Fannie Mae to offer you this home loan product built specifically with today's homebuyers in mind. Below are some of the characteristics unique to HomeReady®. Income limits do apply so contact us and we can help determine if HomeReady® is right for you.
- EXTENDED HOUSEHOLDS MAY HELP YOU QUALIFY
If your household includes members who won't be included on the mortgage--such as relatives or roommates--their income may help you qualify.
- OTHERS WHO DON'T LIVE IN THE HOME CAN BE INCLUDED ON THE MORTGAGE
Co-borrowers on a HomeReady® mortgage are not required to live in the home, so relatives or other individuals may assist you with your home purchase.
- DOWN PAYMENTS AS LOW AS 3%
Ideal for homebuyers who can't afford a large down payment.
- HOMEOWNERSHIP EDUCATION TO HELP YOU SUCCEED
Income Eligibility: $67,252* (Ellis Co. and many other surrounding areas) / $92,480* (Morgan County, CO)
Federal Home Loan Bank of Topeka (FHLBank Topeka) sets aside funds annually to assist very low, low- and moderate-income first-time homebuyers. These funds are placed in the Homeownership Set-aside Program (HSP), which in turn provides down payment, closing cost and repair assistance to first-time homebuyers in Colorado, Kansas, Nebraska and Oklahoma.
As a FHLBank Topeka member, we have access to these funds for our customers. Funds are made available in March on a first-come, first-served basis.
If you are approved for a grant, you will receive up to $5,000 to help you with your down payment or closing costs. The funds are provided as a forgivable grant with a five-year retention period. So, if you stay in your new home for at least 5 years, you don't have to repay any grant funds you received.
This program is only available to first-time homebuyers as defined by the FHLBank Topeka. This means you wish to purchase a home that will be your primary residence and you meet at least one of the following criteria:
- Have had no ownership in a residence during the prior 3-year period; or
- Are divorced and have only owned a residence with a former spouse.
*Income eligibility limits are provided for informational purposes only and subject to change without notice. Income must be calculated according to each program's specific income calculation guidelines.