Down Payment Assistance Program – Housing & Community Development – LouisvilleKy.gov

Down Payment Assistance Program – Housing & Community Development – LouisvilleKy.gov.

 

Down Payment Assistance Program

 
 
The Down Payment Assistance Program provides qualified homebuyers a loan to assist with purchasing a home which will be their primary residence.

Homebuyer households must have income no greater than 80% of median income, adjusted for family size.

All Homebuyers must complete HUD approved homeownership counseling before assistance can be committed. A Certificate of Completion from the counseling agency must be submitted with the application. Contact The Louisville Urban League at (502) 585-4622 or The Housing Partnership Inc.at (502) 585-5451 for counseling.

Metro Government has revised its Down Payment Assistance Program increasing the amount of assistance.

We are now offering Metro Wide assistance, and homebuyers may qualify for a forgivable mortgage which will be forgiven over a five (5) year period of 10% of the purchase price of the home to a maximum of $10,000.

We will continue to provide maximum assistance in our 2009 Target Area neighborhoods, and homebuyers may still qualify for a forgivable mortgage which will be forgiven over a ten (10) year period of 20% of the purchase price of the home to a maximum of $20,000.

Our Department has also allocated closing cost assistance in the amount of up to $2,000 for down payment assistance programs; however, homebuyers must pay all prepaid costs from their own funds.

Homebuyers are responsible for obtaining primary financing with a fixed rate mortgage from a reputable lender.

A Housing Quality Standards inspection will be conducted by a Louisville Metro inspector before closing. All deficiencies must be corrected and verified by re-inspection prior to closing

A HUD-1 closing statement must be received two working days (48 hours) prior to closing.

Applications will be accepted at any time. Assistance is granted on a first come, first serve basis. For more information about the Down Payment Assistance Program, please call 574-3107. 


810 Barret Avenue, Louisville, Kentucky  40204
Office Hours:  8:00 a.m. – 5:00 p.m.
Clients are seen by appointment – please call
Phone: (502) 574-3107

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2 thoughts on “Down Payment Assistance Program – Housing & Community Development – LouisvilleKy.gov

  1. You actually make it appear really easy along with your presentation but I in finding this matter to be actually something that I think I’d by no means understand. It kind of feels too complicated and very wide for me. I am looking forward on your next post, I will attempt to get the hold of it!

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