Hardest Hit Fund Down Payment Assistance
Financial Assistance for Homebuyers in Kentucky
HHF DAP provides eligible individuals with up to $10,000 in down payment assistance, to help them achieve their dreams of homeownership. The down payment assistance comes in the form of a zero-interest, forgivable second mortgage loan with a 5-year term.
- In order to be considered eligible for HHF DAP, applicants must be first-time homebuyers (any individual who has owned a home in the last three years is not eligible). Borrowers are required to provide the last 3 years of federal tax returns or tax transcripts to prove eligibility.
- Completion of a pre-purchase homebuyer education is mandatory, and all applicants must secure the Dodd-Frank Certification.
- Secondary Market Purchase Price and Income Limits apply
- The property being purchased must be located in Christian, Hardin, Jefferson, or Kenton County. New construction homes are not eligible, which means the property must have previously been occupied.
*Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but States and Local government agencies are still permitted to help borrowers finance their homes with second mortgages and grants. These agencies set different requirements that a borrower needs to meet in order to qualify for the grant programs, such as property location, and purchase price, and income limits.
Down payment assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.
FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.
Down Payment Grants in Kentucky
The Kentucky Housing Corporation (KHC) recognizes that though many potential homebuyers can afford the monthly mortgage payments on a new house, they don’t have enough money saved up for the down payment. That’s what the new HHF Down Payment Assistance Program aims to help with.
The Down Payment Assistance Program provides low- to moderate-income homebuyers with a loan help cover the down payment and closing costs. It's available to any homebuyer that is looking to purchase an existing or newly constructed home in the Louisville Metro area.
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