Most conventional programs start at a 620 credit score, though some lender overlays require higher. Score affects far more than eligibility here. Both your interest rate and your monthly mortgage insurance premium improve as scores rise, with meaningful breakpoints around 680, 700, 740 and 760. Raising a score twenty points before you apply can be worth real money.

Yes, for eligible borrowers. The 3% down conventional options are generally reserved for first-time buyers, or for buyers who meet the income limits of programs such as HomeReady and Home Possible. Repeat buyers outside those programs typically start at 5% down.

Three routes. You can request cancellation once the balance reaches 80% of the original property value. The servicer must terminate it automatically at 78% of original value if payments are current. Or you can request removal based on a new appraisal showing appreciation or the effect of improvements, subject to your servicer seasoning rules.

It depends on your credit and how long you will hold the loan. With credit around 680 and above, conventional usually wins on total cost because the mortgage insurance is removable. With limited credit, FHA is often cheaper month to month and may be the only viable option. FHA also has property condition standards that conventional does not, which occasionally decides the question by itself.

Yes, on a primary residence, from an eligible donor. That is typically a relative, and in some cases a fiance or domestic partner. The gift must be properly documented with a gift letter and a traceable transfer of funds. Gift funds on investment property are restricted.

The assessment ratio. Kansas assesses residential property at 11.5% of appraised value and Missouri assesses at 19% of true value. Same list price, different assessed base, which changes the tax figure inside your monthly payment. Local mill levies still decide the final bill, so the only reliable answer is quoted by address rather than by state.

Often yes. Missouri Housing Development Commission and Kansas Housing Resources Corporation programs can pair with conventional financing for eligible buyers. One important local exception: the Kansas statewide first-time buyer program cannot be used inside Johnson County, because the county administers its own federal HOME funds.

Yes, and it is one of the most common refinances we handle. It generally requires enough equity to reach the conventional threshold and a credit profile that qualifies. Whether it actually saves money depends on the rate you would be leaving behind versus the mortgage insurance you would be eliminating.