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Apply for down payment assistance.

Visit https://louisvilleky.gov/government/housing/down-payment-assistance-program to see the rules

Please ensure that you carefully review the Down Payment Assistance Program Handbook and other applicant resources before you begin the application process.

About the Down Payment Assistance Program: The program provides homebuyers with down payment and closing cost assistance for purchasing a home in the Louisville Metro area. The assistance can be applied to the purchase of either an existing or newly constructed home. The program is available to low- to moderate-income homebuyers and is not limited to first-time homebuyers, but prospective homebuyers may not currently own a home.

Eligibility: To be eligible for the program, a household’s income must be at or below 80% of the area median income. Homebuyers must also be pre-approved for a mortgage from a local financial institution, have no unpaid collections, past due balances, or un-discharged bankruptcies (except medical collections up to $10,000), have at least $2,000 in savings, and not have owned a home in the 12 months prior to applying. The homes eligible for assistance must meet the Home Ownership Value Limits listed in the program guidelines.

Goals: The goals of the program include encouraging homeownership throughout Louisville Metro that is economical to low-moderate income consumers in order to assist in preventing future foreclosures. The program also aims to encourage mixed-income neighborhoods, de-concentrate poverty, encourage homeownership in Russell – the Neighborhood Revitalization Strategy Area, assist homebuyers to become informed consumers in order to successfully navigate real estate transactions, and encourage reinvestment in vacant and abandoned properties.

How to Apply:

To apply, complete homebuyer counseling from a HUD-approved counseling agency, then apply to the Down Payment Assistance Program, receive a letter of eligibility, engage a realtor, submit a home purchase packet including executed sales contract and primary loan documents to the Metro, receive a conditional commitment letter from the Metro stating the amount of assistance available to purchase the home, coordinate with Metro Office of Housing inspector, and then close on the home. Please allow 45 days for Metro review and verification

Apply here

https://portal.neighborlysoftware.com/louisvilleky/Participant#

Louisville 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.