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fha loan kansas city FHA Loan Kansas City

We are a Mortgage Lender in Kansas City offering FHA Home Loans, which are insured by the Federal Housing Administration (FHA). FHA loans are designed to help low to moderate-income borrowers who are unable to make a large down payment. FHA loans have been helping Kansas City home buyers since 1934, whether the first loan or their fourth.

What to Look for in the Best FHA Lenders

The benefits of choosing an FHA Loan

They typically help first-time homebuyers, seniors, or others with credit limitations. The benefits are:

  • Offer a mortgage interest rate
  • Flexible loans for a lower credit score
  • Offers a low down payment home loans
  • Home Purchase and Refinance home loans
  • Owner Occupied residences only

7 Benefits of FHA Home Loans You Might Not Know About

The home loan qualifications for FHA financing:

The minimum down payment requirements

FHA loans allow the borrower to finance up to 96.5% of the appraised value of the Kansas City home. In fact, the 3.5% down payment requirement can come from a gift or a grant, which makes them popular loans in Kansas and Missouri for first-time home buyers.

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2021 Maximum FHA Loan Amount:

In summary, the maximum FHA mortgage amounts for Kansas City:

  • $389,850 loan amount for a one-family property
  • $499,050 loan amount for a two-family property
  • $603,250 loan amount for a three-family property
  • $749,700 loan amount for a four-family property

The minimum credit score for an FHA Loan

The minimum FICO score is 640, this is based upon the middle FICO score of the three credit bureaus (Experian, Trans Union and Equifax).

Fixed Rate FHA Home Loans

Metropolitan Mortgage offers FHA loans as 30-year and 15-year fixed rate mortgage options. Both FHA loan terms offer the same interest rate stability. However, with the shorter FHA loan term comes higher monthly payments. Giving you a faster way to build up home equity. As a result, you can use this higher equity as a down payment when you move to your next home.

What to Know About FHA vs Conventional Loans

Adjustable FHA Home Loans

An FHA adjustable rate mortgage (ARM) home loan lets homeowners in Kansas City, MO pay a low introductory interest rate for the first few years, resulting in a low loan payment. In most cases, these types of FHA loans are best for shorter terms of ownership.

See todays mortgage rates Kansas City

FHA Streamline Refinance

Streamline refinance refers to the refinance of an existing FHA mortgage requiring limited borrower credit documentation and underwriting. This FHA refinance is available under credit qualifying and non-credit qualifying options. “Streamline refinance” refers only to the amount of documentation and underwriting that the lender must perform, and does not mean that there are no costs involved in the transaction. The basic requirements of an FHA refinance are:

  • The mortgage to be refinanced must already be FHA insured.
  • The mortgage to be refinanced must be current (not delinquent).
  • The refinance results in a net tangible benefit to the borrower. The definition of net tangible benefit varies based on the type of loan being refinanced, and the interest rate and/or term of the new loan.
  • Cash in excess of $500 may not be taken out on mortgages refinanced using the FHA mortgage refinance process.

Mortgage Lenders may offer these refinances in several ways. Some lenders offer “no cost” refinance (actually, no out-of-pocket expenses to the borrower) by charging a higher mortgage rate of interest on the new loan than if the borrower financed or paid the closing costs in cash. From this premium, the lender pays any closing costs that are incurred on the transaction. FHA does not allow lenders to include closing costs in the new mortgage amount of a streamline refinance. Investment properties (properties which the borrower does not occupy as his or her principal residence) may only be refinanced without an appraisal.

10 Things You Should Know About FHA Loans

Other Popular Loan Options

Explore all the Loan Options that are available

Contact a Loan Officer for FHA Loans in Overland Park or apply online or call 913.642.8300.

**Metropolitan Mortgage Corporation is not affiliated with or acting on behalf of or at the direction of FHA, VA, USDA or the Federal Government.

Find us locally

Find us Overland Park

7381 W 133rd St #200,
Overland Park, KS 66213

Hours
Monday Friday
8:30am – 5:30pm

Find us in Kansas city

7280 NW 87th Terrace Suite 200
Kansas City, MO 64153

Hours
Monday Friday
9:00am – 5:00pm

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