There’s been a lot of attention given to the incentives offered by our National government. But there are five down payment and closing cost assistance programs currently being offered by our state government—the Kentucky Housing Corporation.
Make sure you read about the requirements for each program and bring these up with your lender before you find a property and write an offer. The following both look especially attractive.
HOME Special Program
- Purchase price up to $195,700.
- Assistance up to $10,000
- No monthly repayment; forgiven over five years.
- Existing homes only.
- Borrowers must meet HOME-income guidelines.
- Eligible borrowers include:
- Households that include a person with a permanent disability and who receives disability income (SSI, SSDI, Veterans Disability etc.).
- Households where at least one of the home buyers is age 62 or older.
HOME Family Program
- Purchase price up to $195,700.
- Assistance up to $10,000
- No monthly repayment; forgiven over five years.
- Existing homes only.
- Borrowers must meet HOME-income guidelines.
- Eligible borrowers include:
- Single- and two-parent households that have at least one dependent child under the age of 18 living in the household and that are first-time home buyers (have not owned a home or had an ownership interest in a home in the last 3 years).
For more, please visit the Kentucky Housing Corporation’s Web site.
