Home financing in Franklin County.

Home financing means borrowing money to purchase a home and paying it back over time, usually 15 to 30 years, with interest. The most common tool is a mortgage loan — the home itself serves as collateral, which means the lender holds a legal claim on the property until the loan is fully paid.

There are several types of home loans available to Franklin County residents:

- **Conventional loans** are offered by banks and credit unions and typically require a credit score of 620 or higher and a down payment of 3–20%.

- **FHA loans** are insured by the federal government and allow lower credit scores (as low as 580) and down payments as low as 3.5%. These are popular with first-time buyers.

- **USDA Rural Development loans** are especially relevant in Franklin County because much of the county — including areas outside Ottawa — qualifies as rural. These loans can offer zero down payment for eligible buyers.

- **ITIN loans** are offered by select lenders for buyers who do not have a Social Security number but do have an Individual Taxpayer Identification Number (ITIN). These are real, legal loan products.

- **VA loans** are available to veterans and active-duty service members with no down payment required.

Federal programs like FHA, USDA, and VA set the rules, but it is your local lender — a credit union, community bank, or CDFI — who actually processes and funds your loan. That local relationship matters enormously.

Franklin County's economy is anchored by agriculture, manufacturing (including industries in Ottawa), small contracting businesses, and retail. Many residents work as self-employed contractors, seasonal workers, or in trades — and yes, these income types can qualify for a mortgage.

**General eligibility factors lenders look at:**

- Steady income history (typically 2 years, but some programs are flexible)

- Debt-to-income ratio (how much of your monthly income goes toward debts)

- Credit history — or a demonstrated history of on-time rent, utility, and bill payments if your credit file is thin

- Down payment funds (gifts from family are often allowed)

- The property itself must appraise at or above the purchase price

**For self-employed contractors and gig workers in Franklin County:**

Expect to provide two years of tax returns. Lenders average your income over those two years. If your income grew recently, some local lenders and CDFIs have more flexible underwriting than big national banks.

**For ITIN holders:**

You do not need a Social Security number or U.S. citizenship to buy a home in Kansas. ITIN mortgage programs are available through select local and regional lenders. You will need a valid ITIN, a solid record of on-time bill payments, and documented income.

**USDA Rural eligibility in Franklin County:**

Much of Franklin County — including rural areas surrounding Ottawa and smaller communities like Pomona, Richmond, and Wellsville — may qualify for USDA Rural Development loans. Check current eligibility maps at the USDA website or ask a local lender, as boundaries are updated periodically.

Gathering your documents before you start talking to lenders saves time and stress. Here is what most home loan applications in Franklin County will require:

**Identity & Residency**

- Government-issued photo ID (passport, consular ID, state ID, or driver's license)

- ITIN letter or Social Security card

- Proof of residency if applicable (visa, green card, or other immigration documents)

**Income Verification**

- Last two years of federal tax returns (all pages, all schedules)

- Last two years of W-2s or 1099s

- Last 30–60 days of pay stubs (for W-2 employees)

- If self-employed: profit-and-loss statement, business bank statements (12–24 months)

- Award letters for Social Security, disability, or pension income

**Assets & Down Payment**

- Last 2–3 months of bank statements (all pages, including blank pages)

- Documentation of any gift funds (a signed gift letter from the donor)

- Statements for retirement accounts (401k, IRA) if you plan to use them

**Property Information**

- Signed purchase contract (after you've found a home)

- HOA information, if applicable

**Credit**

- Lenders will pull your credit report — you do not need to bring it

- If you have a thin credit file, bring 12 months of on-time rent payment records or utility bills

Tip: Keep copies of everything you submit. Do not pay anyone who asks for upfront fees just to review your documents.