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Kansas Mortgage Rates

Kansas Mortgage Rates
Betsalel Cohen
By Betsalel Cohen
2017-09-17T07:15:35

Comparing Kansas

In order to help you see how Kansas mortgage rates compare with National rates, check out the following rate table from the industry website mortgagenewsdaily.com. These rates represent national averages and are based on specific loan assumptions.

Shopping for Best Mortgage Rates in Kansas

It is important to shop around for the best terms. Make sure that you compare rates, lender fees and learn about third party fees. When comparing mortgage offers check out the term (length), interest rate (fixed vs. variable), and if applicable the cost of mortgage insurance. Get more information about mortgage rates and mortgage fees. Also, FHA loans, which always require mortgage insurance, differ from conventional loans, which require Private Mortgage Insurance (PMI) if your loan to value ratio (LTV) is over 80%. Make sure that you use all of your costs when comparing loans.

Qualifying for a Mortgage in Kansas

In order to qualify for the best mortgage rates in Kansas it is important to have an excellent credit score. Also, you want to make sure that your debt to income ratio (DTI) and your downpayment or equity position , your loan to value ratio (LTV) are sufficient to qualify. Read this Bills.com article about qualifying for a mortgage.

Mortgage Resources for Kansas

Kansas is the thirty fifth most populous US state. According to the US census, as of 2016, there is an estimated population of over 2.9 million residents, which represents 0.9% of the US population.

According to Wikipedia "The agricultural outputs of the state are cattle, sheep, wheat, sorghum, soybeans, cotton, hogs, corn, and salt. Eastern Kansas is part of the Grain Belt, an area of major grain production in the central United States. The industrial outputs are transportation equipment, commercial and private aircraft, food processing, publishing, chemical products, machinery, apparel, petroleum and mining." The major employers include Spirit AeroSystems, Sprint Corporation, Cessna Aircraft, General Motors and Koch Industries.

Based on 2015 HMDA data, Kansas compared to National loan program distribution, had a slightly higher percentage of purchase loans (56% vs 51% national) and smaller share of refinance loans (40% vs 46% nationally). The distribution of loans by program (Conventional, FHA, VA, Rural Loan programs) was similar:

Here are some outside resources that can help you understand the Kansas mortgage environment:

  1. FHA loan amounts in Kansas: (note:set the table to Kansas). There are 105 counties in the state of Kansas. None of the single family units meet the Highest loan limit, currently at $636,150. Most, 95% of the counties are at the Standard loan limit, currently at $275,665. The remaining 5% are between those limits. Check the pdf from FHFA for all states and search for Kansas and your county or check out the FHFA conforming limit map.Since the FHFA has higher base limits than the FHA, currently at $424,100 currently all of the counties are within this limit.
  2. Kansas Mortgage Programs: The Kansas Housing Resources Corporation (KHRC) aims to provide affordable housing for lower income residents of Kansas. They offer a down payment assistance program, the First Time Homebuyer Program (FTHB), to help cover closing costs and part of the down payment. The KHRC offers a forgivable loan up to 15-20 percent of the purchase price of the home. The loan is only offered in certain areas, and has income limits.
  3. Check out the Hud’s website for more information about homeowner programs and homeowner education programs.

Mortgage Trends and Statistics for Kansas

Mortgage rates, loan amounts, LTV, (etc) vary based on areas. The FHFA provides a useful insight into differences in conventional loans. We are providing historical data based on State based information for 2002 - 2015.

Source of Data: FHFA Historical Table - (TERMS ON CONVENTIONAL HOME MORTGAGES) Table 15 - By State and Table 12 Fixed-Rate Mortgages

Check out some differences between Kansas and the US:

  • Mortgage Rates for Conventional Loans in Kansas
  • Mortgage Fees for Conventional Loans in Kansas
  • Loan Amount for Conventional Loans in Kansas

Mortgage Rates for Conventional Loans in Kansas vs USA

Mortgage Fees for Conventional Loans in Kansas

Purchase Price for Conventional Loans in Kansas vs USA