KC Dream Home Program helps home ownership become a reality

Posted July 2, 2013 at 11:00 pm

Northeast News
July 3, 2013

First-time homebuyers can become one step closer to purchasing their dream home through the city of Kansas City, Missouri’s KC Dream Home Program.

The City of Kansas City, Mo., Neighborhoods and Housing Services Department is currently accepting applications for the program from first-time homebuyers.

KC Dream Home helps low to moderate-income first-time homebuyers and displaced homemakers purchase a home of their choice within the city limits of Kansas City, Mo. It’s an avenue for providing home ownership opportunities to individuals who may otherwise lack the resources to own a home.

Assistance is provided in the form of a second mortgage loan at 0 percent interest; this second mortgage is later forgiven after a period of time. The loan amount varies by neighborhood and ranges from the lesser of 20 percent of the purchase price to $8,000 to $20,000. No monthly payments are required. The program is made possible through funding from the U.S. Housing and Urban Development’s Home Investment Partnership Act program.

Applicants must meet income eligibility requirements, homeowner eligibility requirements and purchase a home that meets program requirements. Household incomes may not exceed the following:

One person $39,900
Two people $45,600
Three people $51,300
Four people $56,950
Five people $61,550
Six people $66,100
Seven people $70,650
Eight people $75,200

The sale price of the home must not exceed $150,000, and the purchase price must not exceed the appraised value.

Interested persons should contact one of the participating lenders to apply for the program. Participating lenders and other program information is available at http://www.kcmo.org/dream.