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.

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Louisville Down Payment Assistance Program

Financial Assistance for Homebuyers in Kentucky

The City of Louisville’s Department of Housing and Community Development offers individuals the Homebuyer Assistance Program. This program provides low to moderate income homebuyers with a loan help cover the down payment and closing costs. The Homebuyer Assistance Program is available to any homebuyer that is looking to purchase an existing or newly constructed home in the Louisville Metro area. There is no first-time homebuyer requirement, but the home being purchased must serve as the borrower’s primary residence.

Income Limits
In order to avail the benefits of the Homebuyer Assistance Program, all applicants must meet certain requirements. Borrowers’ household income must fall at under 80 percent of the area median income (AMI), adjusted for household size, to qualify.

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)

Eligibility Requirements
All applicants must be approved for a qualifying first mortgage from a local financial institution, and be credit qualified (Unpaid collections on the credit report un-discharged bankruptcies render applicants ineligible). 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.

Borrowers must use their new home as a 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.

The Homebuyer Assistance Program aims to encourage homeownership throughout the Louisville Metro area which is economical to low-moderate income consumers in order to assist in preventing future foreclosures. It is designed to boost mixed-income neighborhoods and homeownership in Metro’s Neighborhood Revitalization Strategy Areas. The program helps to inform homebuyers so that they can successfully navigate real estate transactions and understand the responsibility of homeownership.

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.

FHA.com Reviews

FHA.com is a one-stop resource for homebuyers who want to make the best decisions when it comes to their mortgage. With our detailed, mobile-friendly site, individuals can access information about different FHA products, the latest loan limits, and numerous other resources to make their homebuying experience easier. Take a look at some of the reviews from other FHA.com visitors!