Kentucky Housing Corporation


Kentucky Housing Corporation encourages
Kentuckians to pursue homeownership because
it strengthens financial and household stability.
Through an array of interrelated programs, Kentucky
Housing provides at or below-market interest rate
home loans, down payment and closing costs
assistance, homeownership education and counseling
and mortgage loan servicing.

Kentucky Housing’s free Home Buyer Notebook, a
step-by-step guide to purchasing a home, is available
by calling (502) 905-3708 or email us kentuckyloan@gmail.com
Home Mortgage Loans

Kentucky Housing offers at or below-market interest rate loans to
income-qualified home buyers, including a variety of conventional
loans, as well as Federal Housing Administration-, Veterans
Administration- and Rural Housing Services-insured loans.
Qualifications for the program are based primarily on income,
credit history and the ability to repay the loan. All loans are offered
at a fixed rate for a term of 30 years. Kentucky Housing’s current
interest rate can be found at http://www.kyhousing.org. Purchase price
limitations apply and are periodically adjusted in accordance with the
state’s affordable housing market.

For Home Buyers
|

Kentucky Housing Corporation Down Payment and Closing Costs
Assistance Loans

Recognizing that down payments and closing costs are often
stumbling blocks for many potential home buyers, Kentucky Housing
developed several down payment assistance programs to meet
a variety of needs. Depending on the individual home buyer’s
qualifications, including income and purchase price limits, up to
$10,000 may be available for down payment and closing costs
assistance.

Special First Mortgage Loans

To further extend affordable homeownership opportunities,
Kentucky Housing periodically offers very low-interest rate home
loans to income-qualified Kentuckians with special needs. Eligible
households include single parents, elderly and persons who receive
disability income. The interest rate assigned to a qualified applicant
may range from 1 to 6 percent, based on what his or her income can
support.

Homeownership Education

Kentucky Housing’s free homeownership education program,
called Yes You Can … Own A Home, explains the home purchasing
process to prospective home buyers in communities across
Kentucky.
The program consists of a class or a series of classes led by local
housing professional volunteers. Participants learn how to make
knowledgeable decisions, including how much they can afford to
pay for a home, understanding credit, how to shop for an affordable
mortgage and basic home maintenance tips.
In communities where Yes You Can … Own A Home is
not offered, the home study course is available by calling
(502) 905-3708
Programs Overview |

Homeownership Counseling

In addition to home buyer education, Kentucky Housing offers a
homeownership counseling curriculum and materials to counselors
throughout the state. Kentucky Housing contracts with agencies
and counselors to provide counseling services to Kentucky Housingeligible
prospective home buyers who have been declined a home
loan by Kentucky Housing or a Kentucky Housing-approved lender
due to credit problems. The counselors help participants develop a
budget and savings plan, identify and clean up credit problems and
prepare to apply for a home loan.
Graduates of the Yes You Can … Own A Home program who
have credit issues or believe they need additional counseling are
eligible to participate in this program.

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