5 Amazing Down Payment Assistance Programs for KY

Many people want to be homeowners, but trying to save up the down payment is the number one reason why many people don’t buy. I am a local Realtor for Totally About Houses. I know the many down payment assistant programs that are available for you.

Call me (502) 334-1497 and let me get you connected to one of the programs. You don’t need to be a first time home buyer. Let’s talk about it.There are a variety of down payment assistance programs available to help homebuyers with the upfront costs of buying a home. Some of the most common programs include:

1. FHA Loan Down Payment –

The Federal Housing Administration (FHA) offers loans with low down payment requirements (as little as 3.5% of the purchase price) and flexible credit requirements. In addition, many state and local agencies provide down payment assistance for FHA loans.

Another wonderful perk is that FHA may offer lower interest rates than conventional loans.

2. VA Loans –

The U.S. Department of Veterans Affairs (VA) offers zero-down-payment loans to eligible veterans, servicemembers, and surviving spouses. These loans are available through private lenders, and may also include closing cost assistance.

3. USDA Loans with $0 Down Payment-

The U.S. Department of Agriculture (USDA) offers loans with zero down payment requirements to homebuyers in rural areas. These loans have lower credit requirements than conventional loans and may also include financing for home repairs.

4. State and Local Programs –

Many state and local housing finance agencies offer down payment assistance programs for low- and moderate-income homebuyers. These programs may provide grants, loans, or other forms of financial assistance, and may be available to both first-time and repeat homebuyers.

5. Employer-assisted Housing Programs –

Some employers offer down payment assistance to their employees as part of their benefits package. These programs may provide grants, low-interest loans, or matching funds to help employees purchase a home.

It is important to research the various programs available in your area and to consult with a mortgage lender or housing counselor to determine which programs may be right for you.