Kentucky First Time Buyer Down Payment and Closing Costs Assistance


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Kentucky Housing recognizes that down payments, closing costs and prepaids are stumbling blocks for many potential first time  home buyers in Kentucky . Here are several loan programs to help. Your KHC-approved lender can help you apply for the program that meets your needs.

Regular Down payment Assistance Program (DAP)

  • Purchase price up to $243,000.
  • Assistance in the form of a loan up to $4,000 in $100 increments.
  • Repayable over a seven-year term at 6 percent.  A DAP of $4,000 over 7 years at 6 percent interest would equal a payment of $58.44.
  • Available to all KHC first mortgage loan recipients who are kentucky  first-time homebuyers in non-targeted counties and first and second-time homebuyers in targeted counties.

HOME-DAP

  • Purchase price up to $195,700.
  • Assistance up to $4,500
  • No monthly repayment; forgiven over five years.
  • Existing homes only.
  • Borrowers must meet HOME-income guidelines.

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).

More about down payment and closing costs

  • No liquid asset review and no limit on borrower reserves for Regular DAP.
  • Borrowers may retain two months’ house payments in reserve while using available funds first before looking for any form of HOME DAP assistance.
  • Specific credit underwriting standards may apply to down payment programs.

 

Purchase Price Limit When HOME Funds Are Used – $195,700

Person(s) (1) (2) (3) (4 or more)

Adair, Bath, Bell, Breathitt, Casey, Clay, Clinton, Cumberland, Elliott, Estill, Floyd, Fulton,

Green, Harlan, Hart, Jackson, Johnson, Knott, Knox, Laurel, Lawrence, Lee, Leslie,

Letcher, Lewis, Lincoln, Magoffin, Martin, McCreary, Menifee, Metcalfe, Monroe, Morgan,

Owsley, Perry, Pike, Powell, Pulaski, Rockcastle, Russell, Wayne, Whitley, and Wolfe

23,700 27,100 30,450 33,850

Bullitt, Henry, Jefferson, Oldham, Spencer, and Trimble

 

Bourbon, Clark, Fayette, Jessamine, Scott, and Woodford

 

Boone, Bracken, Campbell, Gallatin, Kenton, and Pendleton

 

38,750 44,300 49,800 55,350

36,400 41,600 46,800 52,000

34,450 39,350 44,300 49,200

Purchase Price Limit When HOME Funds Are Used – $195,700

 

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