MIKE PHELPS

 

With over 25 years of award-winning experience, Mike Phelps has established himself as one of Kansas City’s most respected mortgage professionals. Since 2000, Mike has personally originated over $500 million in residential loans and successfully closed thousands of transactions — helping thousands of families achieve their dream of homeownership.

Industry Recognition & Local Expertise

• Consistently ranked among the Top Loan Originators in the State of Kansas and across the United States for over two decades
• Lifelong Kansas Citian — born and raised in Overland Park, and attended Shawnee Mission West and the University of Kansas
• Proud Lenexa resident, husband, and father of two

Loan Programs & Specialties

Mike offers tailored mortgage solutions for every borrower — from first-time buyers to high-net-worth clients — with expertise across conventional, government, and specialty loan programs, including:

Conventional & Jumbo

• Fannie Mae: HomeReady, HomeStyle®, MyCommunity
• Freddie Mac: Home Possible, HomeOne®, and Renovation (Open Access)
• Jumbo & Super-Jumbo loans (up to $15M+)
• Asset Depletion loans for High-Net-Worth borrowers
• Interest-Only financing options
• Doctor Loans

Government Programs

• FHA: 203(b) standard, 203(k) full & streamline rehab loans
• VA: Purchase, Cash-Out, IRRRL Streamline, and Jumbo VA High Balance
• USDA: Rural Development (0% down payment) loans
• HECM / Reverse Mortgages: For seniors 62+ seeking to unlock home equity

Federal Home Loan Bank Grants for First-Time Homebuyers

• Down Payment & Closing Cost Assistance: Eligible homebuyers can receive grants of up to $15,000 or more (amounts vary by program and region) to help cover down payments or closing costs.
• Designed for First-Time & Moderate-Income Buyers: Grants are available to first-time buyers or those meeting income limits (usually ≤80% of area median income).
• Forgivable Assistance (No Repayment if Occupied): These FHLB grants are forgivable after a 5-year owner-occupancy period, meaning buyers keep the funds if they remain in the home.
• Can Be Combined With Other Programs: FHLB funds can often be stacked with FHA, VA, USDA, or state housing grants, maximizing total assistance available to qualifying buyers.

NON-QM loans

• Non-QM Investor Cash Flow (DSCR) programs
• Short-Term Rental (Airbnb/VRBO) eligible financing

Why Clients Choose Mike

Mike believes every client deserves a strategic mortgage plan — not just a rate quote. He combines decades of experience, real-time market insight, and personalized service to deliver smooth, on-time closings and stress-free experiences for buyers, builders, and agents alike.

Whether you're purchasing your first home, building your dream property, or refinancing to improve cash flow — Mike Phelps and Community First National Bank are here to guide you every step of the way.