Hey there! If you're thinking of buying a home for the first time, and haven't saved up for a down payment, you still might be able to get it done.

Before I jump into the programs, let me briefly explain how down payment assistance works.

How it works

Down payment assistance comes in two forms: a grant, or a loan

A grant doesn't require repayment.

A loan does require repayment, but there are 3 different ways:

Monthly repayment. This is where they charge you interest and a monthly payment until the loan is paid off

Silent second. This is where they don't charge you interest, they don't charge you monthly payments, they just require that you pay it back when you sell the home.

Forgivable. This is where they forgive the loan as long as you meet certain criteria. A common requirement is that you live in the home as your primary residence for a set number of years. Once you've completed the timeframe, they forgive your loan and you don't need to pay it.

Approved lenders only

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.

Now that we have that out of the way, let's jump in! Below are the local programs available to help make homeownership more accessible.

Kentucky

Kentucky Housing Corporation (KHC) Down Payment Assistance Program

  • What It Offers: Provides up to $10,000 in down payment and closing cost assistance.

  • Who Qualifies: First-time and repeat homebuyers using a KHC mortgage program.

  • Income Limits: Based on area median income (AMI).

  • Repayment: Second mortgage with a 10-year repayment term at 3.75% interest.

Louisville Metro Down Payment Assistance Program

  • What It Offers: Provides up to 20% of the purchase price in down payment assistance.

  • Who Qualifies: Homebuyers purchasing in Louisville who meet income and credit requirements.

  • Income Limits: Based on HUD guidelines.

  • Repayment: Forgivable loan after a set period if the buyer remains in the home.

Lexington-Fayette Urban County Government Homebuyer Assistance Program

  • What It Offers: Provides up to $15,000 in down payment and closing cost assistance.

  • Who Qualifies: Homebuyers purchasing in Lexington-Fayette County.

  • Income Limits: Based on HUD income guidelines.

  • Repayment: Forgivable after a set time period.

Owensboro

  • Down Payment Assistance Grant
    • Assistance: Provides up to 10% of the sales price of the home in financial assistance to qualified low- and moderate-income Owensboro residents.

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.

Covington

  • Homebuyer Assistance Loans
    • Assistance: Offers deferred, forgivable loans of up to $10,000 to help low-income homebuyers with lender-required down payment and closing costs.

Florence

  • Homebuyer Assistance Program
    • Assistance: Offers eligible households the opportunity to obtain zero-interest, deferred/forgivable loans to assist with purchasing owner-occupied homes.

Northern Kentucky

  • Homebuyer Assistance Program
    • Assistance: Provides zero-interest, deferred/forgivable loans to assist with purchasing owner-occupied homes.

Note: Program availability, eligibility criteria, and assistance amounts can change. It's recommended to contact the respective program administrators directly to obtain the most current information and application procedures.

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.