Own a Home of Your Own
Call 816.523.HOME
http://www.KC-HOW.org
The Kansas Cities’ Women’s Homeownership Initiative
Recent census reports indicate that in contrast to the national homeownership rate of 67.4%, the homeownership rate of women-headed households is 53%. In Kansas City, Missouri, 57.7% of total households are homeowners, while the women-headed homeownership rate lags behind at 45.7%. In Kansas City, Kansas, the overall rate of homeownership is 62%, yet only 53.4% of the city’s women own a home of their own.
To help women overcome barriers to home ownership, metropolitan Kansas City partners including the cities of Kansas City, Missouri and Kansas City, Kansas, Fannie Mae, Homeownership Opportunities for Women, Radian Guaranty, other community groups and lender partners launched the Women’s Homeownership Initiative.
The initiative provides the following assortment of resources, savings and education plans to help women own a home of their own. Key features include:
- Community 100 PlusSM – is Fannie Mae’s new 100 percent loan-to-value mortgage with flexible credit guidelines for homebuyers with limited cash resources. Fannie Mae’s newly designed mortgage that allows qualified buyers to secure a home with a down payment of $500 or 1% and a higher single qualifying ratio. While the program is open to all qualified applicants, it is especially geared to help women who are the heads of households. For information call Fannie Mae’s Consumer Resource Center at 1.800.7FANNIE.
- A variety of training and educational efforts to improve borrowers' understanding of the financial and credit systems are available, including Home Buying Classes & Counseling. Believing that educated homebuyers make successful homeowners, the following nonprofit partners offer low cost home buying classes and private educational consultations:
City Vision Ministries offers individual homebuyer counseling sessions in Kansas City, Kansas. These private one on one appointments include a review of your credit report, support throughout the home buying and loan process, and tools to resolve credit issues or establish credit. Call 913.371.5200.
Kansas City Neighborhood Alliance offers HomeWorksâ workshops in both Kansas Cities for a $25.00 fee which includes the class and a private consultation to review credit reports. Call 816.753.8600, extension 3022 or email jdickerson@kc-na.org for reservations.
El Centro, Inc. offers a series of two classes; Intro to Homeownership and Closing & Beyond. A Homebuyer Education class is also offered in Spanish. Classes fees total $25.00. Classes are offered at three locations. Call 913.677.0177 or 816.531.5916 to register.
- Kansas City Area Resources for Savers
Believing that saving is as important as income to one’s economic well-being, the following partners offer tools to help create wealth through savings:KansasCitySAVES
Learn easy ways to save to buy a home. Learn that You Can Build Wealth. Kansas City Saves is a nonprofit coalition of Greater Kansas City area community organizations, churches, and financial institutions offer services to help people save. To learn how you can become a Kansas City Saver, call 816.300.4190 or visit the website: www.kansascitysaves.orgHeart of America Family Services offers FAB, a matched savings program and more. The Family Asset Building program is a three year savings program that helps high school students and adults save money for first-time home ownership, small business ownership or post-secondary education. For every $ saved, funding partners will deposit $2, a 2-for1 match for every dollar contributed. Slots are available now for Kansas City, Kansas and Kansas City, Missouri residents. Call Julie Riddle at 816.418.8400.
- Employer Assisted Housing – involves a campaign to encourage more area employers to offer home-buying help -- anything from a consumer education program to financial assistance -- as a workplace benefit. Homebuyers may obtain a low down payment loan using a loan or grant from their employers for the remaining down payment and closing costs. Homebuyers should ask their employer if the plan is offered.
Own a Home of Your Own
Call 816.523.HOME
http://www.KC-HOW.org
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