First-Time Home Buyer Guide for Wichita, KS

The short answer: Buying your first home in Wichita usually comes down to eight steps: set a budget you're comfortable with, check your credit, plan your down payment and closing costs, get preapproved, shop with an agent, make an offer, get through inspection, appraisal and underwriting, and close. The details that surprise first-time buyers here are usually local ones: homeowners insurance and hail deductibles, flood zones near the Arkansas River and other waterways, and property taxes that vary by where the home sits. This guide walks through each step in plain English. When you're ready, I'm happy to talk through your situation with no obligation.

Buying in Wichita or elsewhere in Kansas? Here's the roadmap.

Step 1: Set a budget you're actually comfortable with

A lender can tell you the most you might qualify for. That isn't always the payment you'll want. Start with your own numbers: take-home pay, monthly bills, savings, and the cushion you want left over each month.

Your monthly housing payment usually includes more than the loan itself:

• Principal and interest on the mortgage
• Property taxes, often collected monthly in an escrow account
• Homeowners insurance, also often paid through escrow
• Mortgage insurance on many loans with a smaller down payment
• HOA dues, if the home has them

Leave room for utilities, maintenance and repairs too.

Your to-do: Write down a monthly payment you'd be comfortable with. Try the Am I Ready to Buy? check, the Rent vs. Buy Explorer and the Purchasing Power calculator.

Step 2: Check your credit

Your credit history affects which loans you may qualify for and the terms you're offered. You can get free copies of your credit reports from the three nationwide credit bureaus at AnnualCreditReport.com, the official site. Look for errors, like accounts you don't recognize or late payments that were actually on time, and dispute anything that's wrong.

Between now and closing:

• Keep paying every bill on time.
• Try not to open new credit cards or take out new loans (like a car loan) without asking your lender first.
• Don't close old accounts or make big unexplained deposits without asking first.

Not sure where you stand? Ask me. Credit that isn't perfect doesn't automatically rule you out, and sometimes a few months of preparation makes a real difference.

Step 3: Plan your down payment and closing costs

Down payment. How much you need depends on the loan type and your situation. Many first-time buyers are surprised to learn that 20% down isn't a requirement for every loan. Down payment money can often come from your own savings, and some loan types allow gifts from family or approved assistance programs. Each has its own rules and paperwork, so ask before you move money around.

Closing costs. These are separate from the down payment. They can include lender fees, appraisal, title insurance and settlement fees, recording fees, and prepaid items like the first year of homeowners insurance and money to start your escrow account. Your Loan Estimate shows your estimated closing costs and cash to close. In some cases a seller credit or a lender credit can help with closing costs, but those credits aren't free money, so ask how they affect your price or your rate.

Down payment help. Kansas has state and local homebuyer assistance programs, and their rules can depend on your income, the price, and exactly where the home is located, including whether it's inside Wichita city limits. Program rules and funding change, so check the current details with Kansas Housing Resources Corporation and the City of Wichita, and ask me about eligibility. You can also browse the Down Payment Assistance Finder.

Your to-do: Plan your cash with the Cash-to-Close Planner, and keep a separate cushion for moving and your first repairs.

Step 4: Get preapproved (not just prequalified)

These two words sound alike but mean different things:

• Prequalification is usually a quick estimate based on what you tell a lender about your income, debts and savings. It's a helpful starting point, but it's often based on information that hasn't been checked.
• Preapproval means a lender has reviewed your information more closely, usually including your credit and documents like pay stubs, W-2s or tax returns, and bank statements. A preapproval letter says the lender is tentatively willing to lend up to a certain amount. It's still conditional, not a final approval or a commitment to lend.

Sellers and agents in Wichita generally take an offer more seriously when it comes with a preapproval letter. Get preapproved before you start touring homes seriously.

Your to-do: Read how mortgage preapproval works in Wichita and start gathering documents with the Mortgage Document Checklist. Please don't email Social Security numbers or bank statements; I'll tell you how to share them securely.

Step 5: Choose your loan type

There's no single "first-time buyer loan." These are the loan types first-time buyers ask about most. Each has its own rules, and not every one fits every buyer or every home. Ask me about eligibility for your situation.

• FHA loans are insured by the Federal Housing Administration. They're often used by buyers with a smaller down payment or credit that isn't perfect, and they aren't limited to first-time buyers. FHA loans carry mortgage insurance, and the home has to meet FHA property standards. More on FHA loans
• VA loans are backed by the U.S. Department of Veterans Affairs for eligible veterans, service members and some surviving spouses, including many families connected to McConnell Air Force Base. VA loans often don't require a down payment for eligible borrowers. You'll need a Certificate of Eligibility, which you can request through VA.gov. More on VA loans
• Conventional loans follow Fannie Mae or Freddie Mac guidelines. Some conventional options are designed for lower down payments. With less than 20% down, private mortgage insurance is usually required. More on conventional loans

Rates, payments and costs depend on your situation and the market, so I don't list them here. When you're ready to compare, ask for a written Loan Estimate.

Step 6: Shop for a home with Kansas in mind

Work with a real estate agent you trust, and share your budget and must-haves. Then compare the full monthly cost of each home, not just the price. In Kansas, three things deserve a closer look:

Homeowners insurance, hail and wind. Kansas homes see hail and severe wind, and many policies have a separate (and sometimes higher) deductible for wind and hail, often figured as a percentage of the home's insured value rather than a flat dollar amount. Roof age and condition can also affect your premium and coverage. Get an insurance quote early, before your inspection deadline, and ask the agent how wind and hail claims are handled. The Kansas Insurance Department has consumer guides on homeowners coverage.

Flood zones. Standard homeowners insurance doesn't cover flood damage. Parts of Wichita and the surrounding area sit near the Arkansas River, the Little Arkansas River and other creeks and drainage areas. Look up any address on FEMA's Flood Map Service Center. If the home is in a high-risk flood zone and you're getting a federally backed or regulated mortgage, flood insurance will generally be required. Even outside those zones, it can be worth asking about. Learn more at FloodSmart.gov.

Property taxes. Property taxes in the Wichita area depend on the home's appraised value and the combined tax rates (mill levies) of the city, county, school district and other taxing districts where it's located, so two similar homes a few miles apart can have different tax bills. Look up a property's appraisal and tax history through the Sedgwick County Appraiser and Sedgwick County Treasurer, or the county where the home is located. Keep in mind the seller's current tax bill may not match what you'll pay after you buy.

Your to-do: For any home you're serious about, get an insurance quote, check the flood map, and look up the property tax history before you make an offer.

Step 7: Make an offer, then get through inspection, appraisal and underwriting

Your agent explains contingencies, earnest money and deadlines. Talk with your lender before you agree to a closing date.

• Inspection checks the home's condition for you: roof, foundation, electrical, plumbing, heating and cooling. In Kansas, pay close attention to the roof and any signs of past water in the basement or crawlspace.
• Appraisal is ordered through the lender to support the home's value for the loan. It's not the same as an inspection, and you want both.
• Underwriting is the lender's final review of your income, assets, credit and the property. Answer document requests quickly, and keep your finances steady.

Your to-do: Put every contract deadline on your calendar, and see Before You Close.

Step 8: Review your closing documents and close

Your lender must give you a Loan Estimate within three business days of receiving your application, and a Closing Disclosure at least three business days before closing. Compare the two line by line, and ask about anything that changed. Want help comparing? See how to check your Loan Estimate.

Watch for wire fraud. Before you send money for closing, confirm the wiring instructions by calling the title or closing company at a phone number you already know is real, never one from an email or text.

At closing you sign the final documents, and the keys are yours according to your contract. Set up your first payment, keep your closing papers somewhere safe, and start a home maintenance fund.

Frequently asked questions

What's the difference between prequalification and preapproval?

Prequalification is usually a quick estimate based on what you tell a lender. Preapproval means the lender has reviewed your credit and documents more closely. A preapproval letter is still conditional, not a final approval or a commitment to lend.

Do I need 20% down to buy my first home?

Not for every loan. How much you need depends on the loan type and your situation, and some loans allow gifts or approved assistance. Ask about eligibility for your situation.

Are there down payment assistance programs in Wichita?

Kansas has state and local homebuyer assistance programs, and their rules can depend on your income, the price and where the home is located, including whether it's inside Wichita city limits. Rules and funding change, so check current details with Kansas Housing Resources Corporation and the City of Wichita, and ask about eligibility.

Do I need flood insurance in Wichita?

Standard homeowners insurance doesn't cover flood. If the home is in a high-risk flood zone and you have a federally backed or regulated mortgage, flood insurance is generally required. Check any address on FEMA's Flood Map Service Center.

Why does hail matter when buying a home in Kansas?

Many Kansas homeowners policies have a separate wind and hail deductible, sometimes a percentage of the home's insured value. Roof age and condition can also affect coverage and cost, so get an insurance quote before your inspection deadline.

How are property taxes figured in the Wichita area?

They depend on the home's appraised value and the combined tax rates of the city, county, school district and other taxing districts where it's located. You can look up appraisal and tax history through the Sedgwick County Appraiser and Treasurer.

How long before closing do I get my Closing Disclosure?

At least three business days before closing. Compare it with your Loan Estimate and ask about anything that changed.

Ready to talk it through?

Buying your first home is a big step, and questions are normal. Talk to Aaron about your first home, or start with how mortgage preapproval works in Wichita.