Covington Homebuyer Assistance Program

Those in Covington, Kentucky who are eligible can access as much as $5,000 in down payment assistance funds. This is a 0% interest loan with deferred payment that can be forgiven.

In order for the amount to be forgiven, the applicant must use the property as their primary residence for a minimum of 5 years. In the event that the house is no longer the primary residence within 5 years, the loan must be paid off.

The Covington Homebuyer Assistance Program is funded by the Department of Development’s HOME program.

All borrowers have to undergo homebuyer education and submit a certificate of completion. Borrowers also have to fall within the below annual household income limits as of 2020:

  • 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

In order to be eligible, a property must owner-occupied or vacant when being purchased, must have one or two units, must meet the minimum required housing standards, and fall within certain purchase price limits.

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