Home financing in Scott County.

Home financing means borrowing money to buy, build, or improve a home and paying it back over time — usually with interest. The most common tool is a mortgage: a long-term loan secured by the property itself. If you stop making payments, the lender can foreclose and take the property, so understanding your loan terms before you sign is essential.

There are several common mortgage types:

• **Conventional loans** are offered by private lenders and are not backed by the federal government. They typically require a credit score of 620 or higher and a down payment of at least 3–5%.

• **FHA loans** are insured by the Federal Housing Administration and allow lower credit scores (as low as 580) and down payments as low as 3.5%. They are popular with first-time buyers.

• **USDA Rural Development loans** are especially relevant in Scott County. Because most of Scott County qualifies as a rural area, you may be able to buy a home with no down payment through the USDA Single Family Housing Guaranteed Loan Program.

• **VA loans** are for eligible veterans, active-duty service members, and surviving spouses. They require no down payment and no private mortgage insurance.

• **ITIN loans** are offered by certain lenders for buyers who do not have a Social Security number but have an Individual Taxpayer Identification Number (ITIN). These are real loan products — not a workaround — and several lenders in Kansas offer them.

For solo contractors and small investors, the type of loan you qualify for often depends on how you document your income, so working with a local lender who understands self-employment is important.

Scott County sits in the heart of western Kansas — a region shaped by agriculture, small business, and a growing Hispanic workforce. The county seat is Scott City, a small town with a tight-knit community where word-of-mouth and relationships matter.

**For wage earners and salaried workers:** Qualification is largely based on credit score, debt-to-income ratio, and employment history. Two years of steady employment in the same field is the standard lender benchmark.

**For solo contractors and self-employed borrowers:** Lenders will typically want two years of tax returns (Schedule C or 1099 forms), profit-and-loss statements, and bank statements. If your income fluctuates seasonally — as it does for many agricultural contractors in this region — lenders familiar with rural Kansas borrowers will average your income across 24 months rather than using only your most recent year.

**For ITIN holders:** You do not need a Social Security number to buy a home in Kansas.

An ITIN (Individual Taxpayer Identification Number) is accepted by a growing number of lenders.

To qualify for an ITIN mortgage, you will generally need: an ITIN issued by the IRS, two or more years of filed tax returns using that ITIN, proof of steady income, and a larger down payment (often 10–20%). Credit history built through utility payments, rent history, or a secured credit card can substitute for a traditional credit score with some lenders.

**For small real estate investors:** Investment property loans in rural Kansas typically require 20–25% down and documented rental income or a credible business plan. A local lender who knows the Scott County market will be more realistic about property valuations than a remote online lender.

**USDA eligibility note:** Much of Scott County — including many properties in and around Scott City — qualifies for USDA Rural Development financing. You can check a specific address at the USDA eligibility map online. Income limits apply and are based on household size.

Gathering your documents before you approach a lender saves time and shows you are a serious borrower. Here is what most lenders in Kansas will ask for:

**Identity and residency:**

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

- ITIN letter from the IRS (if you do not have a Social Security number)

- Proof of address (utility bill, bank statement, or lease)

**Income:**

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

- W-2s or 1099s for the past two years

- Most recent 30 days of pay stubs (for wage earners)

- Profit-and-loss statement for the current year (for self-employed borrowers)

- 12–24 months of business and personal bank statements

**Assets:**

- Two to three months of bank statements for all accounts

- Documentation of any gift funds (a gift letter is required if a family member is helping with the down payment)

- Retirement or investment account statements, if applicable

**Property:**

- Signed purchase agreement (once you have an accepted offer)

- Homeowners insurance quote

- Property tax information

**Credit:**

- Lenders will pull your credit report themselves, but it helps to know your score in advance

- If you have no traditional credit score, ask about non-traditional credit documentation: 12 months of on-time rent payments, utility bills, or phone bills

Keep copies of everything. Never hand over original documents — only copies.