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Funds Available for First Time Homebuyers in Lee’s Summit

The City of Lee’s Summit has set aside money to assist qualified residents who are looking to buy their first home. The City has reserved $34,200 of the 2018-2019 Community Development Block Grant allocations through the U.S. Department of Housing and Urban Development. These funds will be granted on a first-come, first-served basis until they run out.

The City’s First Time Homebuyer Program provides up to $3,000 to an approved applicant. The money covers closing costs and/or up to 50 percent of the required down payment.

Qualified individuals and families must have an annual combined gross income of 80 percent or less than the median income adjusted for household size as determined by HUD. For example, a three-person household with an annual combined income of $57,600 or less would qualify for the program.

Other requirements for eligibility include:

  1. The applicant must be a qualified first time homebuyer.
  2. The applicant must have been a Lee’s Summit resident for at least 12 months before the date of the application.
  3. The applicant must have an approved mortgage application through an approved lender.
  4. The residential unit to be purchased must be within Lee’s Summit corporate city limits.

A three-year lien will be placed on the property purchased following the grant payment to protect public investment. To learn more about the First Time Homebuyer Program and access the application information and forms, click on the provided link. For questions, call (816) 969-1200 or email Jennifer.Thompson@cityofLS.net.

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