Kentucky Homebuyers Down Payment Grants for 2019
List of Kentucky Homebuyers Down Payment Grants for 2019
Up to $5000 Grant to buy a home in the Northern Kentucky Area of The Homebuyer Assistance Program for 2019 is funded through the HOME Program and administered by the Northern Kentucky HOME Consortium through the City of Covington’s Neighborhood Services Department. The purpose of the program is to increase the number of homeowners in the Northern Kentucky HOME Consortium cities of Ludlow, Newport, Bellevue, and Dayton
- Borrower’s gross annual household income must be at or below 80% of the Area Median Income ($43,900 for a single person, $62,650 for a 4 person household). Borrowers must attend a HUD approved homebuyer education course.
- All properties must be one to two units, owner-occupied or vacant, and meet minimum local housing standards.
- Up to $5,000 to cover the lender required down payment and customary settlement charges to the borrower.
- Interest Rate/Loan Term: 0%, 5 years
- Monthly Payment Amount: No monthly payments. The loan will be forgiven if the owner occupies the home as their principal residence for 5 years from the date of purchase.
b. Credit: Credit history and documentation which indicates substantial evidence of borrower’s ability to pay will be reviewed. Reports from a Credit Bureau will be obtained for all borrowers.
c. Education: All applicants must participate in a HUD/City-approved homebuyer education course and must present a certificate of completion prior to loan closing.
d. Loan Underwriting: Borrower’s debt ratios cannot exceed 31% and 43% to ensure that the borrower’s income is sufficient to cover their mortgage and other monthly obligations. The interest rate on the first mortgage cannot be higher than 2.5% above the average 30 year conventional loan rate as published by Freddie Mac in the Weekly Primary Mortgage Market Survey. Borrowers may not use first mortgage financing with balloon payments, adjustable rates, or other terms that are determined to be subprime. Adjustable rate mortgages may be considered if the City determines them to be the most affordable financing option for the borrower.
e. Non occupant co-borrowers will be allowed, however debt ratio limitations will apply to primary borrower’s household income only.
f. Liquid Asset Limitation Policy: The applicant(s) must not have liquid assets in excess of the following amounts at time of loan application:
$10,000: Liquid assets in excess of this amount will be required to be used in the purchase transaction prior to the use of any Program funds.
Stocks and other readily salable securities will be considered liquid assets unless they are restricted by IRA, 401(k) or other similar requirements. Funds in IRAs, 401(k) plans or other qualified retirement accounts will not be considered liquid assets.
Applicants that are at or near retirement age may have retirement savings, which will not have to be contributed, unless such savings exceed an amount that
Persons in Household
Appraisal/Purchase Price Limits: The purchase price and appraised value after any repairs must not exceed the purchase price limits established and published annually by HUD. This is to be verified by a certified appraisal. For 2018, appraised value after rehabilitation for existing homes is $143,000 for a one unit building and $182,000 for a two unit building. For new construction, the limit is $228,000 for a one unit building and $292,000 for a two unit building. This limit is effective until revised by HUD.
2. Kentucky Housing Corporation Down Payment Assistance for 2019.
Hardest Hit Fund (HHF) DAP
Available to Christian County only 11/15/2018
- Zero percent interest rate for first-time home buyers.
- A non-repayable second mortgage for $10,000.
- Forgiven after five years.
- Home purchase must be located in Christian county.
- No other counties will be eligible.
- New construction properties are not allowed.
- Property has to have been previously occupied.
- Applicants must meet Secondary Market Income and Purchase Price Limit.
Regular DAP
- Purchase price up to $301,294 with Secondary Market.
- Assistance in the form of a loan up to $6,000 in $100 increments.
- Repayable over a ten-year term at 5.50 percent.
- Available to all KHC first-mortgage loan recipients.
Affordable DAP
- Purchase price up to $301,294 with Secondary Market.
- Assistance up to $6,000.
- Repayable over a ten-year term at 1.00 percent.
- Borrowers must meet Affordable DAP income limits.
More about down payment and closing costs
- No liquid asset review and no limit on borrower reserves.
- Specific credit underwriting standards may apply to down payment programs.
3. Your Kentucky Home Program for 2019
DOWN PAYMENT ASSISTANCE PROGRAM
The Kentucky Association of Counties, Inc. (KACo) developed a new initiative, Your Kentucky Home. This unique program offers to qualified home buyers across the Commonwealth, the gift of a down payment of up to 5% of the amount of their first mortgage in purchasing a home. This down payment assistance is given in the form of a grant with the home buyer having no obligation to repay the mortgage assistance. It does not entail a second mortgage. To receive the mortgage assistance, the borrower agrees to a 30 year fixed rate on their mortgage of ¼% to ½% higher than the current market rate. The mortgage assistance can then be used for reducing the principal amount of the mortgage, to pay closing costs, or a combination of the two.
KACo has been qualified by the Department of Housing and Urban Development (HUD) as a Housing Finance Authority (HFA) to offer this program in Kentucky. There are similar programs in more than 20 other locales around the United States. The closest program to Kentucky is Communities First, operated by the Port Authority of Cincinnati, which offers this service throughout Ohio.
Since November 2016, the Your Kentucky Home program has operated on a limited basis. During the first seven months, Your Kentucky Home assisted nearly 60 home buyers achieve their goal of home ownership by granting approximately $250,000 in down payment assistance for homes with a total value of approximately $5,500,000. The unique nature of this program has allowed KACo to operate this program at no cost to its capital base. This program is available to Kentucky Home buyers in all 120 counties. They can access Your Kentucky Home through any mortgage lender that has joined and qualified to be a member of KACo’s program. There are currently multiple lenders across the state in the program, with KACo actively seeking new lenders.
Underwriting of mortgage loans is completely under the control of the mortgage lender. KACo has no involvement in deciding who is eligible to borrow. The only restrictions on this program are HUD restrictions. The loan application must meet the local lenders credit standards and must meet any federal requirements if it is an FHA, VA, Rural Development, Freddie Mac or Conventional loan. There is a minimum required 640 FICO score and a maximum income limit for the mortgage applicant that is set at 115% of AMI (Average Median Income) by county. The program is not restricted to first time home buyers.
This is a unique outreach program for KACo, but it supports the premise that increased home ownership creates stronger counties. Home owners add to the strength of the fabric of any community, not to mention the increased tax base. KACo is proud to offer an initiative that promotes home ownership across the Commonwealth.
4. Welcome Home $5000 Grant for Kentucky Homebuyers 2019
The Federal Home Loan Bank of Cincinnati (FHLB Cincinnati) has established a set-aside of Affordable Housing Program (AHP) funds to help create homeownership through a program called the Welcome Home Program. Welcome Home funds are available to Members as grants to assist homebuyers.
Welcome Home grants are limited to $5,000 per household, households are eligible only if the total household income is at or below 80% of Mortgage Revenue Bond (MRB) income limits, and funds are offered on a “first-come, first-served” basis. Other program requirements are identified below.
What are the Program Requirements?
Below is an abbreviated list of program eligibility requirements:
The total income for all occupants must be at or below 80 percent of the Mortgage Revenue Bond (MRB) limit for the county and state where the property is located. The FHLB has an Income and Affordability Workbook to assist in determining household income eligibility.
Homebuyers must contribute at least $500 of their own funds towards down payment and/or closing costs.
WHP applicants do not have to be first-time homebuyers. However, all first-time homebuyers are required to complete a homeownership counseling program.
WHP grant funds are intended only for homebuyers who qualify for the first mortgage based on their own merit. Co-signors and co-borrowers are not allowed unless they will occupy the home as their primary residence and their incomes are included in determining eligibility.
WHP grant funds may be used in conjunction with other local, state and federal funding sources and with the FHLB Cincinnati’s Community Investment Cash Advance Programs.
The Member who reserves the WHP funds must originate the first loan, but the loan may close in the name of a third party.
The interest rate for the first mortgage may not exceed 7.50 percent.
The interest rate for the second mortgage may not exceed 11.00 percent.
Only second mortgages provided by formal organizations, community development financial institutions, housing finance agencies, non-profit organizations, etc. are acceptable.
All eligible property assisted with WHP funds is subject to a five-year retention mechanism (Retention Agreement), which may require the household to repay all, or a portion, of the subsidy, if the home is sold or refinanced within five years from the closing of the transaction.
Kentucky WELCOME HOME GRANT Available beginning March 4, 2019
*Welcome Home grant offered by FHLB of Cincinnati is available on a “first-come,
first-serve” basis only to the extent the funds are available.
Buyers do not have to be first-time homebuyers.
Homebuyers must contribute $500 toward down payment or closing costs, and cannot get cash back. Closing costs include appraisal, underwriter, title exam, credit reporting, title insurance, recording and flood determination fees.
First time homebuyers must complete a homebuyer counseling course.
Homebuyer’s income cannot exceed specific county income limits.
The home must meet specific condition requirements. Manufactured housing may be allowed. No 203k programs allowed.
Offer is subject to credit approval. Contact a Mortgage Lender for details, limits and guidelines, or if you have any questions.
Limited Time Offer
Kentucky Income limits for Welcome Home Grant for 2019
Income limits are obtained from the state housing finance agency for each state.
Use the 80% limits for the Welcome Home Program.*******
Use the 100% limits for the Disaster Reconstruction Program.
Kentucky
| County | 100% limits | 80% limits****Welcome Home Funds limit | ||
| 1-2 Persons | 3 + Persons | 1-2 Persons | 3 + Persons | |
| Adair | $71,040 | $82,880 | $56,832 | $66,304 |
| Allen | $71,040 | $82,880 | $56,832 | $66,304 |
| Anderson | $69,400 | $79,810 | $55,520 | $63,848 |
| Ballard | $59,200 | $68,080 | $47,360 | $54,464 |
| Barren | $59,200 | $68,080 | $47,360 | $54,464 |
| Bath | $71,040 | $82,880 | $56,832 | $66,304 |
| Bell | $71,040 | $82,880 | $56,832 | $66,304 |
| Boone | $78,300 | $90,045 | $62,640 | $72,036 |
| Bourbon | $84,120 | $98,140 | $67,296 | $78,512 |
| Boyd | $59,200 | $68,080 | $47,360 | $54,464 |
| Boyle | $71,040 | $82,880 | $56,832 | $66,304 |
| Bracken | $93,960 | $109,620 | $75,168 | $87,696 |
| Breathitt | $71,040 | $82,880 | $56,832 | $66,304 |
| Breckinridge | $71,040 | $82,880 | $56,832 | $66,304 |
| Bullitt | $71,500 | $82,225 | $57,200 | $65,780 |
| Butler | $71,040 | $82,880 | $56,832 | $66,304 |
| Caldwell | $59,200 | $68,080 | $47,360 | $54,464 |
| Calloway | $59,200 | $68,080 | $47,360 | $54,464 |
| Campbell | $78,300 | $90,045 | $62,640 | $72,036 |
| Carlisle | $71,040 | $82,880 | $56,832 | $66,304 |
| Carroll | $71,040 | $82,880 | $56,832 | $66,304 |
| Carter | $71,040 | $82,880 | $56,832 | $66,304 |
| Casey | $71,040 | $82,880 | $56,832 | $66,304 |
| Christian | $59,200 | $68,080 | $47,360 | $54,464 |
| Clark | $84,120 | $98,140 | $67,296 | $78,512 |
| Clay | $71,040 | $82,880 | $56,832 | $66,304 |
| Clinton | $71,040 | $82,880 | $56,832 | $66,304 |
| Crittenden | $71,040 | $82,880 | $56,832 | $66,304 |
| Cumberland | $71,040 | $82,880 | $56,832 | $66,304 |
| Daviess | $62,300 | $71,645 | $49,840 | $57,316 |
| Edmonson | $71,040 | $82,880 | $56,832 | $66,304 |
| Elliott | $71,040 | $82,880 | $56,832 | $66,304 |
| Estill | $71,040 | $82,880 | $56,832 | $66,304 |
| Fayette | $70,100 | $80,615 | $56,080 | $64,492 |
| Fleming | $71,040 | $82,880 | $56,832 | $66,304 |
| Floyd | $71,040 | $82,880 | $56,832 | $66,304 |
| Franklin | $65,200 | $74,980 | $52,160 | $59,984 |
| Fulton | $71,040 | $82,880 | $56,832 | $66,304 |
| Gallatin | $93,960 | $109,620 | $75,168 | $87,696 |
| Garrard | $71,040 | $82,880 | $56,832 | $66,304 |
| Grant | $71,040 | $82,880 | $56,832 | $66,304 |
| Graves | $59,200 | $68,080 | $47,360 | $54,464 |
| Grayson | $71,040 | $82,880 | $56,832 | $66,304 |
| Green | $71,040 | $82,880 | $56,832 | $66,304 |
| Greenup | $59,200 | $68,080 | $47,360 | $54,464 |
| Hancock | $62,300 | $70,725 | $49,840 | $56,580 |
| Hardin | $61,500 | $72,220 | $49,200 | $57,776 |
| Harlan | $71,040 | $82,880 | $56,832 | $66,304 |
| Harrison | $71,040 | $82,880 | $56,832 | $66,304 |
| Hart | $71,040 | $82,880 | $56,832 | $66,304 |
| Henderson | $65,100 | $74,865 | $52,080 | $59,892 |
| Henry | $85,800 | $100,100 | $68,640 | $80,080 |
| Hickman | $71,040 | $82,880 | $56,832 | $66,304 |
| Hopkins | $71,040 | $82,880 | $56,832 | $66,304 |
| Jackson | $71,040 | $82,880 | $56,832 | $66,304 |
| Jefferson | $71,500 | $82,225 | $57,200 | $65,780 |
| Jessamine | $70,100 | $80,615 | $56,080 | $64,492 |
| Johnson | $71,040 | $82,880 | $56,832 | $66,304 |
| Kenton | $78,300 | $90,045 | $62,640 | $72,036 |
| Knott | $71,040 | $82,880 | $56,832 | $66,304 |
| Knox | $71,040 | $82,880 | $56,832 | $66,304 |
| Larue | $73,800 | $86,100 | $59,040 | $68,880 |
| Laurel | $59,200 | $68,080 | $47,360 | $54,464 |
| Lawrence | $71,040 | $82,880 | $56,832 | $66,304 |
| Lee | $71,040 | $82,880 | $56,832 | $66,304 |
| Leslie | $71,040 | $82,880 | $56,832 | $66,304 |
| Letcher | $71,040 | $82,880 | $56,832 | $66,304 |
| Lewis | $71,040 | $82,880 | $56,832 | $66,304 |
| Lincoln | $71,040 | $82,880 | $56,832 | $66,304 |
| Livingston | $59,200 | $68,080 | $47,360 | $54,464 |
| Logan | $71,040 | $82,880 | $56,832 | $66,304 |
| Lyon | $60,500 | $69,575 | $48,400 | $55,660 |
| Madison | $79,080 | $92,260 | $63,264 | $73,808 |
| Magoffin | $71,040 | $82,880 | $56,832 | $66,304 |
| Marion | $71,040 | $82,880 | $56,832 | $66,304 |
| Marshall | $59,600 | $68,540 | $47,680 | $54,832 |
| Martin | $71,040 | $82,880 | $56,832 | $66,304 |
| Mason | $71,040 | $82,880 | $56,832 | $66,304 |
| McCracken | $60,800 | $69,920 | $48,640 | $55,936 |
| McCreary | $71,040 | $82,880 | $56,832 | $66,304 |
| McLean | $74,760 | $87,220 | $59,808 | $69,776 |
| Meade | $60,500 | $69,575 | $48,400 | $55,660 |
| Menifee | $71,040 | $82,880 | $56,832 | $66,304 |
| Mercer | $59,200 | $68,080 | $47,360 | $54,464 |
| Metcalfe | $71,040 | $82,880 | $56,832 | $66,304 |
| Monroe | $71,040 | $82,880 | $56,832 | $66,304 |
| Montgomery | $71,040 | $82,880 | $56,832 | $66,304 |
| Morgan | $71,040 | $82,880 | $56,832 | $66,304 |
| Muhlenberg | $59,200 | $68,080 | $47,360 | $54,464 |
| Nelson | $74,520 | $86,940 | $59,616 | $69,552 |
| Nicholas | $71,040 | $82,880 | $56,832 | $66,304 |
| Ohio | $71,040 | $82,880 | $56,832 | $66,304 |
| Oldham | $71,500 | $82,225 | $57,200 | $65,780 |
| Owen | $71,040 | $82,880 | $56,832 | $66,304 |
| Owsley | $71,040 | $82,880 | $56,832 | $66,304 |
| Pendleton | $93,960 | $109,620 | $75,168 | $87,696 |
| Perry | $71,040 | $82,880 | $56,832 | $66,304 |
| Pike | $71,040 | $82,880 | $56,832 | $66,304 |
| Powell | $71,040 | $82,880 | $56,832 | $66,304 |
| Pulaski | $71,040 | $82,880 | $56,832 | $66,304 |
| Robertson | $71,040 | $82,880 | $56,832 | $66,304 |
| Rockcastle | $71,040 | $82,880 | $56,832 | $66,304 |
| Rowan | $71,040 | $82,880 | $56,832 | $66,304 |
| Russell | $71,040 | $82,880 | $56,832 | $66,304 |
| Scott | $84,120 | $98,140 | $67,296 | $78,512 |
| Shelby | $75,200 | $86,480 | $60,160 | $69,184 |
| Simpson | $59,200 | $68,080 | $47,360 | $54,464 |
| Spencer | $85,800 | $100,100 | $68,640 | $80,080 |
| Taylor | $59,200 | $68,080 | $47,360 | $54,464 |
| Todd | $71,040 | $82,880 | $56,832 | $66,304 |
| Trigg | $59,200 | $68,080 | $47,360 | $54,464 |
| Trimble | $85,800 | $100,100 | $68,640 | $80,080 |
| Union | $59,200 | $68,080 | $47,360 | $54,464 |
| Warren | $59,200 | $68,080 | $47,360 | $54,464 |
| Washington | $71,040 | $82,880 | $56,832 | $66,304 |
| Wayne | $71,040 | $82,880 | $56,832 | $66,304 |
| Webster | $71,040 | $82,880 | $56,832 | $66,304 |
| Whitley | $71,040 | $82,880 | $56,832 | $66,304 |
| Wolfe | $71,040 | $82,880 | $56,832 | $66,304 |
| Woodford | $70,100 | $80,615 | $56,080 | $64,492 |
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