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Financing Options

Topeka Home Financing Options for First-Time Buyers

Buying your first home in Topeka? Understanding your loan and assistance options can make all the difference. From FHA and VA loans to local programs like TOTO and KHRC, we’re here to guide you through every step of financing your future home.

Understanding Your Loan Choices

When financing a home in Topeka, you’re not limited to conventional mortgages. Consider these options based on your financial profile:

  • FHA Loans: 3.5% down payment with flexible credit requirements.
  • VA Loans: Zero down payment for qualifying veterans and active-duty service members.
  • USDA Loans: 0% down for eligible homes in rural zones near Topeka.
  • Conventional Loans: As low as 3% down with good credit through Fannie Mae or Freddie Mac.

First-Time Buyer Assistance Programs

Kansas Housing Resources Corporation (KHRC)

  • 0% interest second mortgage for 15–20% of the purchase price.
  • Loan forgiven after 10 years of homeownership.
  • Available throughout Kansas—eligibility requirements apply.

Topeka Opportunity to Own (TOTO)

  • Up to $5,000 in down payment assistance.
  • Up to $30,000 in forgivable funds for home repairs.
  • Must complete homebuyer education and meet income & property limits.

FHLBank Topeka Homeownership Set-Aside Program

  • Grants ranging from $2,500 to $15,000.
  • Funds may be used for down payment, closing costs, or repairs.
  • Available to buyers earning 80% or less of area median income (AMI).

Additional Financial Tools

  • Mortgage Credit Certificates (MCCs): Reduce federal taxes based on mortgage interest paid—improves loan qualification and affordability.
  • Lender Programs: Some banks offer closing-cost credits, reduced down payments, or low-interest first-time buyer options. Ask us for local referrals.

How to Choose the Right Option

  1. Check eligibility: Consider income, credit score, home location, and buyer status.
  2. Compare costs: Evaluate interest rates, insurance, and long-term value.
  3. Combine assistance: Stack grants or forgivable loans with FHA/VA/USDA options.
  4. Lean on experts: Let your REALTOR® and lender help you tailor the best financing path.

Ready to Explore Your Financing Options?

Our team at Kirk & Cobb has decades of experience helping first-time homebuyers navigate loan programs and assistance options in Topeka.

  • Call us at (785) 272‑5555
  • Contact us online for lender recommendations and next steps
  • 🧠 Ask about homebuyer education programs required for grant eligibility

Let us help you find the right path to homeownership—backed by knowledge, care, and trusted local experience.