Down payment

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