Louisville Down Payment Assistance Program
Financial Assistance for Homebuyers in Kentucky
The Down Payment Assistance Program is available to any individual who is looking to purchase an existing or newly-constructed home in the Louisville Metro area. All borrowers’ annual household income must fall at under 80 percent of the area median income (AMI), adjusted for household size (limits shown below). All applicants must be approved for a qualifying first mortgage from a local financial institution, and be credit qualified. Borrowers with more than $15,000 in liquid assets cannot qualify for the program, as it is meant to help households in need of assistance. Additionally, they must complete a homeownership education course from a HUD Certified Counseling Agency.
While there is no first-time homebuyer requirement, the home being purchased must serve as the borrower’s primary residence for a period of 5 to 15 years, depending upon the amount of assistance received. These homes may be vacant or abandoned properties only.
1 person household: $37,200
2 person household: $42,500
3 person household: $47,800
4 person household: $53,100
5 person household: $57,350
6 person household: $61,600
7 person household: $65,850
8 person household: $70,100
(Note: These figures were accurate at the time of publication and may no longer be current - visit the program website for updated information)
*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.
Do you know what's on your credit report?
Learn what your score means.