Your first home · Kansas City · Kansas & Missouri
First-time homebuyer loans in Kansas City, with your questions answered.
You don’t need 20% down or perfect credit to start a conversation.
I’m Mike Baker, owner of The Rate Shop. I help first-time buyers understand their options, work toward a comfortable payment, and figure out what comes next. We’ll look at your situation together before deciding which direction makes sense.
Prefer a quick conversation? Call or text me at 913-213-3335.
Let’s clear up three common myths
Don’t rule yourself out before we talk.
These are concerns I hear often from first-time buyers. None tells the whole story about your ability to buy a home.
“I need 20% down.”
Many buyers I’ve helped thought they had to save 20% before they could buy. They were surprised to learn they had options with a much smaller down payment.
What you qualify for matters. So does what you’re comfortable spending. We’ll compare both.
“I need perfect credit.”
Your score is one piece of your credit picture. A higher score doesn’t erase an issue such as a recent bankruptcy, and a lower score doesn’t tell us everything about your history.
I review the full picture against the available loan guidelines before helping you understand your options.
“PMI will make my payment unaffordable.”
Private mortgage insurance, or PMI, may cost less than you expect. Its actual cost depends on your loan and credit profile.
Before dismissing a lower-down-payment conventional loan, let’s look at the PMI amount and what it means for your complete monthly payment.
Your down payment, your decision
How much should you put down and keep in savings?
There isn’t one right number for every buyer. We start with what you have available, then compare different down-payment options.
Putting more down can lower your payment, but the difference may be smaller than you expected. We’ll look at what you’d save each month alongside how much cash you’d have left after closing.
That cash has a job, too. A water heater might need replacing. An insurance claim might mean paying a deductible. We’ll talk about possible expenses and the cushion you’d feel comfortable keeping.
Then we come to a decision together, based on your needs.
Put PMI in perspective
Compare the cost of PMI with the cost of waiting.
How long would it take you to save 20%? What would the payment look like if you bought with less down? Those are questions worth answering with your own numbers.
Buying sooner may let you begin paying down a mortgage and potentially benefit from appreciation. Waiting may give you more savings and time to prepare. Home values and interest rates can change, so we won’t assume either path is automatically better.
I’ll help you compare the payment, cash needed, and your plans for the home.
Help with the down payment
Assistance may be an option. Let’s talk through the details.
I offer access to down-payment assistance through an FHA loan for eligible buyers. Whether it fits depends on your situation and the program’s requirements.
We’ll discuss what you may qualify for, how the assistance works, and its terms and costs alongside your other options. You don’t need to sort through every program online before reaching out.
Education comes first
Your first conversation starts where you are.
I grew up in a family of educators, and that shapes how I work. We’ll discuss your questions, budget, income, debts, credit, savings and timing. Afterward, I record a personal video explaining the recommended loan options and numbers, line by line.
Start with a conversation.
You don’t need a loan program picked out. Bring your questions and a payment or purchase price you have in mind, if you have one.
Move at your speed.
That could mean preparing for preapproval, gathering more information, or giving yourself time to save and get ready.
Know what comes next.
See how I help with home purchase financing, or follow the mortgage roadmap from the first call through closing.
Your next step
Let’s figure out what’s possible for you.
Buying your first home comes with questions. Schedule a call so we have time to work through yours and decide on a next step you feel comfortable with.
Call or text 913-213-3335 · Email Mike
Mike Baker · Individual NMLS #259076
The Rate Shop · Company NMLS #2554765 · Serving Kansas & Missouri