Home financing in Grant County.

Home financing simply means borrowing money to buy, build, or improve a home and paying it back over time — usually 15 to 30 years — with interest. The loan is secured by the property itself, which is called a mortgage.

There are several common types of home loans:

• **Conventional loans** — offered by banks and credit unions, usually require a credit score of 620 or higher and a down payment of 3–20%.

• **FHA loans** — backed by the Federal Housing Administration, allow lower credit scores (as low as 580) and down payments as low as 3.5%. A good entry point for first-time buyers.

• **USDA Rural Development loans** — because most of Grant County qualifies as rural, many buyers here may access USDA loans with no down payment required.

• **VA loans** — for eligible veterans and active-duty military, also with no down payment.

• **ITIN loans** — some lenders accept an Individual Taxpayer Identification Number instead of a Social Security Number, making homeownership possible for mixed-status families.

The interest rate, loan term, and your down payment all affect how much you pay each month. Shop around — rates and fees vary significantly between lenders.

Grant County's economy is driven by agriculture (wheat, corn, sorghum), feedlots, oil and gas production, and a growing small-business corridor in Ulysses. Many residents are self-employed farmers, independent contractors, or work seasonal jobs — and lenders who understand this economy will work with you better than big national banks.

**General qualification factors:**

• Steady income — this can be from employment, self-employment, farming, or a combination. Two years of tax returns usually demonstrate this.

• A reasonable debt-to-income ratio — most lenders want your total monthly debt payments to be no more than 43% of your gross monthly income.

• Credit history — even thin or non-traditional credit (utility payments, rent history) can help with certain lenders.

• Down payment savings — even a small amount helps show financial readiness.

**Good news for Grant County buyers:**

• Most of Grant County is USDA-eligible, meaning zero-down loans are available for qualifying buyers.

• Ulysses and the surrounding rural areas have relatively modest home prices compared to urban Kansas, which means you need to borrow less.

• Spanish-speaking residents who file taxes with an ITIN can work with ITIN-friendly lenders and still purchase a home.

• Farm operators and agricultural workers with irregular income can often work with lenders experienced in agricultural communities.

Gathering your paperwork before you talk to a lender saves time and stress. Here is what most lenders in Grant County will ask for:

**For W-2 employees:**

• Last two years of W-2 forms

• Last two pay stubs

• Last two years of federal tax returns

• Two to three months of bank statements

• Government-issued photo ID

• Social Security Number or ITIN

**For self-employed, farmers, or independent contractors:**

• Last two years of personal federal tax returns (including all schedules)

• Last two years of business tax returns if you have an LLC or corporation

• Year-to-date profit and loss statement

• Farm income statements or FSA records if applicable

• Business bank statements (2–3 months)

**For ITIN applicants:**

• Valid ITIN letter from the IRS

• Passport or consular ID (matrícula consular)

• Last two years of tax returns filed with ITIN

• Proof of residence in Grant County (utility bills, lease)

• Bank statements showing savings and payment history

**Other documents that help:**

• Rental payment history (letter from landlord or canceled checks)

• Proof of any other income (Social Security, rental income, child support if you choose to list it)

• Gift letter if a family member is helping with your down payment

Keep originals and make copies. Organize everything in a folder before your first lender meeting.