Seminar Set To Help People Buy Homes
Free event next week offers information, aid
By Bobbi Mlynar
Tuesday, June 19, 2007
A free seminar will be presented next week for area residents who want more information about home-buying and, perhaps, an opportunity for help from the First-Time Homebuyer Program fund.
The Kansas Housing Resources Corp. will co-sponsor the seminar at 6:30 p.m. Wednesday, June 27, in the Phi Delta Kappa Room in the Memorial Union at Emporia State University. Housing and Credit Counseling is the co-sponsor.
Information also will be presented about the Kansas Energy Efficiency Program, which provides low-interest loans for families to purchase energy-efficient appliances or home improvements that result in energy savings.
Reservations are requested, but not required, and can be made by calling (800) 752-4422.
The seminar is planned in conjunction with the designation of June as “Homeownership Month in Kansas,” which was declared earlier by Gov. Kathleen Sebelius.
The seminar will include general information to help potential buyers with basic financial literacy skills, the home-buying process and predatory lending practices.
First-time homebuyer status is less-restrictive than it may appear, according to Norma Phillips, KHRC deputy director.
“Generally, it is someone who hasn’t owned a home for three years prior to purchase,” said Norma Phillips, deputy director. Exceptions may be made for displaced homemakers, single parents, and others in special circumstances.
KHRC will contribute up to 20 percent of the sale price of a home, Phillips said, depending upon income.
“If they stay in the home for 10 years, they don’t have to pay it back,” she said. Reimbursements owed by people who stay in homes less than 10 years are prorated.
Criteria to qualify for First Time Homebuyer funds is based on several factors, including median income that varies according to locations across the state. In Lyon County, the maximum income for a family of four is $40,950 to qualify for the program.
The criteria to qualify include:
F $150,000 maximum sale price of property
F Homeowner must make initial investment of $500 or two percent of sale price, whichever is greater.
F Homeowner must provide homeowner’s insurance
F Must be primary residence
F Must be valued at or below the median area purchase price established by the Department of Housing and Urban Development
“They must have a 30-year fixed mortgage rate,” Phillips said. “We’re not getting into the adjustable rates that got people into trouble.”
The KHRC for 15 years has been in charge of the First Time Homebuyer Program, which offers cash assistance to low- and moderate-income Kansans, to help pay down payments and closing costs.
“Our goal is to make home ownership an affordable option for everyone,” said Christine Reimler, KHRC Homeownership Manager, who will be in Emporia for the seminar.
The Kansas Housing Resources Corporation cited U.S. Census Bureau statistics showing the Kansas home ownership rate at almost 70 percent, which is roughly in line with the national average.
According to information from KHRC, the agency in fiscal 2006 awarded $3,237,973 in down payment assistance, which enabled buyers to borrow a total of $13,581,818 in first-mortgage funds.
For more information, call the toll-free number or visit the Web site, www.kshousingcorp.org.