Up To $6,000 Down Payment Assistance From KHC

Get Funds For Your Down Payment

If you’re looking for down payment assistance in Kentucky, here is a solution. The Kentucky Housing Corporation offers two options for first time property purchasers who need help coming up with the funds for the down payment.

Kentucky Down Payment Assistance
Kentucky Down Payment Assistance

Their regular down payment assistance provides up to $6,000 in aid, while their affordable down payment assistance provides up to $4,500 in aid:

Down Payment Closing Cost Assistance

KHC recognizes that down payments, closing costs, and prepaids are stumbling blocks for many potential home buyers. Here are several loan programs to help. Your KHC-approved lender can help you apply for the program that meets your need.

Regular DAP

  • Purchase price up to $283,900 with Secondary Market or $255,500 with MRB.
  • Assistance in the form of a loan up to $6,000 in $100 increments.
  • Repayable over a ten-year term at 5.50 percent. A DAP of $6,000 over ten years at 5.50 percent interest would equal a payment of $65.12.
  • Available to all KHC first-mortgage loan recipients.

Affordable DAP

  • Purchase price up to $283,900 with Secondary Market or $255,500 with MRB.
  • Assistance up to $4,500.
  • Repayable over a ten-year term at 1.00 percent.
  • Borrowers must meet Affordable DAP household income limits.

More about down payment and closing costs

  • No liquid asset review and no limit on borrower reserves.
  • Specific credit underwriting standards may apply to down payment programs.

To get started with the application process, simply visit the KHC DPA page.

More Kentucky Down Payment Assistance

In addition to the DPA program from the Kentucky Housing Corporation, you should also check to see if there are local programs offered in Kentucky that provide additional help that can be applied toward your down payment.

Lastly, there is also a down payment assistance program offered by the Federal Home Loan Bank of Cincinnati. This program provides down payment grants up to $5,000. However, the 2016 program is now officially closed. You should probably check their website regularly to find out when the 2017 program opens up. You can get the details by visiting this page.