▷ Empower Your Homeownership: Regular Down Payment Assistance Program

The Regular Down Payment Assistance Program offered by the Kentucky Housing Corporation (KHC) is designed to assist homebuyers in Kentucky by providing financial support for down payments and closing costs. This program aims to make homeownership more accessible and affordable for eligible individuals and families.

What is the Regular Down Payment Assistance Program?

The Regular Down Payment Assistance Program provides a loan of up to $10,000 to eligible homebuyers. This assistance is structured as a second mortgage with a fixed interest rate of 3.75%, repayable over a 10-year term. The program is available statewide and can be used in conjunction with KHC’s first mortgage loan programs.

Key Features:

Loan Amount: Up to $10,000 in $100 increments.
Interest Rate: Fixed at 3.75% over a 10-year term.
Eligibility: Available to both first-time and repeat homebuyers using KHC’s first mortgage products.
Purchase Price Limit: Up to $510,939, depending on the county and loan type.
No Liquid Asset Review: There is no limit on borrower reserves.

Eligibility Requirements

To qualify for the Regular Down Payment Assistance Program, applicants must:

Be purchasing a home in Kentucky to be used as their primary residence.
Meet income limits set by KHC, which vary by county and household size.
Have a minimum credit score of 620 for government loans (FHA, VA, USDA) and 660 for conventional loans.
Work with a KHC-approved lender.

Note: Homebuyer education is not required for this program, but it is recommended to ensure informed decision-making.

How to Apply

Interested homebuyers should follow these steps:

Contact a KHC-approved lender to discuss eligibility and loan options.
Complete the mortgage application process, including providing necessary documentation.
Upon approval, the lender will coordinate the down payment assistance through KHC.

For a list of approved lenders and more information, visit the KHC Down Payment Assistance page.

Benefits of the Program

The Regular Down Payment Assistance Program offers several advantages:

Reduces the upfront financial burden of purchasing a home.
Provides access to affordable financing options.
Supports both first-time and repeat homebuyers.
Encourages homeownership across Kentucky, contributing to community stability and growth.

Additional Resources

Explore other programs and resources offered by KHC:

Take the Next Step

Ready to make your dream of homeownership a reality? The Regular Down Payment Assistance Program by KHC is here to help you achieve that goal. Don’t let financial barriers hold you back—explore your options and take the first step toward owning your home in Kentucky.

Apply Now