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.
Other programs in Kentucky:
- Hardest Hit Fund Down Payment Assistance
- Louisville Down Payment Assistance Program
- Your Kentucky Home Program