Covington, Kentucky offers individuals a Homebuyer Assistance Program that provide income-eligible households with zero-interest, deferred or forgivable loans to assist with buying an owner occupied home. 

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Covington Homebuyer Assistance Program

Financial Assistance for Homebuyers in Kentucky

Covington, Kentucky offers individuals a Homebuyer Assistance Program, which helps individuals afford the down payment, as well as other customary settlement charges to make home buying affordable. 

Available Assistance
The Homebuyer Assistance Program provides up to $5,000 in the form of zero-interest, deferred or forgivable loan. The loan amount is forgiven as long as borrowers occupy the home as their principal residence for at least 5 years from the date of purchase. There are no monthly payments and no interest. Any remaining loan balance is recaptured upon sale, transfer, or vacating of the home. Funds for the Homebuyer Assistance Program come from the HOME Program, administered by the City’s Department of Development.

Eligibility Requirements
Any borrowers applying for the Homebuyer Assistance Program must have an annual household income that falls at or below 80 percent of the Area Median Income (limits shown below). It is also mandatory that all applicants attend a HUD/City-approved homebuyer education course and present a certificate of completion prior to loan closing.

Property Guidelines
Additionally, any property being purchased must be owner-occupied or vacant, with one to two units. They must all meet minimum local housing standards. For 2017, the appraised value after rehabilitation for existing homes is $138,000 for a one-unit building and $176,000 for a two-unit building. For new construction one-unit building, the limit is $224,000 and $286,000 for a two-unit building. These limits are effective until revised by HUD.

*Homebuyer Assistance Programs are also available for Northern Kentucky Home Consortium which covers funding for Ludlow, Newport, Bellevue, and Dayton.

Income Limits
1 person household: $41,850
2 person household: $47,800
3 person household: $53,800
4 person household: $59,750
5 person household: $64,550
6 person household:  $69,350
7 person household: $74,100
8 person household: $78,900

Note: These figures were accurate at the time of publication and may no longer be current - visit the program website for updated information.

 

Down Payment Grants in Kentucky

Covington, Kentucky offers individuals a Homebuyer Assistance Program that provide income-eligible households with zero-interest, deferred or forgivable loans to assist with buying an owner occupied home. 

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 Homebuyer 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.

The Your Kentucky Home initiative offers income-eligible homebuyers across the Commonwealth down payment assistance in the form of a grant, up to 5 percent of the loan amount of their first mortgage.

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