KHC Hardest Hit Funds Just announced for Louisville Kentucky 2017!
This specific program is for new loan reservation on or after January 11, 2017. KY Housing has $4 Million Dollars set aside for this program and is utilized on a first-come, first-served basis.
- The funds are for eligible first time home buyers or for those who have not owned a home in the previous 3 years
- The program is a 2nd mortgage down payment assistance loan up to $10,000, 0% interest rate, forgivable second mortgage loan with a five-year term
- There is no monthly payment on the down payment assistance loan and 1/5th of the loan is forgiven for 5 years and at that point the loan is fully forgiven
- The property must remain as your primary residence for those 5 years
- The down payment assistance loan can be used to cover your closing costs and down payment
- Max purchase price $283,900
- Max income for person or persons on the loan in Jefferson County is $117,250
- The down payment assistance loan must be used in conjunction with KY Housing first mortgage program (conventional or FHA)
- Minimum 640 credit score to be eligible but we can generally provide advice how to improve your score to that level if needed
- The property (new or existing) must be located in one of these four counties:
- Other counties are not eligible for this specific program but there is a down payment assistance loan for other counties
- Clients interested can apply online at www.LendingLouisville.com and a member of our team will contact them to complete their pre-approval