Around $2 million is available to help residents construct, renovate or buy a new home in rural Kansas. The Kansas Housing Resource Commission says that it just got easier to purchase a home in Kansas with a new initiative it has launched. The home loan guarantee for rural Kansas will aid existing and prospective homeowners in rural counties finance home loans for land and building purchases, renovations or new construction costs. The initiative aims to close the appraisal gap in rural areas where the cost of the purchase of, the renovation of, or the construction of a home often exceeds the property’s appraisal value.
Lender requests will be processed on a first-come, first-verified basis. Rural counties are defined as those with 10,000 residents or less. That makes Anderson, and Linn Counties eligible, Franklin, Miami, Douglas, and Osage Counties are not. The program has $2 million available for non-recourse guaranties through the Kansas Rural Home Loan Guarantee.
