Commerce Bank offers mortgage for low-income residents of Wichita, Kansas

Commerce Bank is offering a home mortgage for low-income Wichitans that requires only $500 down. The program is a partnership with Sunflower Community Action, an advocacy group for low-income Wichitans. The group approached Commerce about the program a few weeks ago.

To qualify for the loan, a borrower must have an annual income that is at or below the median for the Wichita area. That's about $39,900 for a local household. The borrower must have $500, which Cook said can be a down payment or can cover some portion of closing costs. Cook said many low-income applicants can also qualify for a $1,000 grant from the bank, which can also offset upfront costs.

Check out http://www.commercebank.com/ for more details