Louisville Metro expects to help 150 households purchase a home using $3 million in funding towards down payment assistance! The program provides zero-interest second mortgages, for five to fifteen years depending on the purchase, which will cover up to 20% of the home purchase price. Half of the debt is forgiven if the buyers use the home as their primary residence during the loan period, and the other half is due upon the sale of the property. The amount of assistance ranges from $15,000.00 to over $40,000.00 and there are income limits of 80% of the Area Median Income; for example, the total income for a family of four cannot exceed $61,500.00.
In order to qualify, buyers will visit https://louisvilleky.gov/government/housing/down-payment-assistance-program to fully read the terms and submit an application.
The Louisville Metro Down Payment Assistance Program furnishes low-to direct pay homebuyers with initial installment and shutting cost help for buying a home in the Louisville Metro region. Assets can be applied to the acquisition of a current or recently developed home and are NOT restricted to first-time homebuyers.