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NKY HOME Consortium Homebuyer Assistance Loans Guidelines

Description

The Homebuyer Assistance Program aims to increase the number of homeowners in the Northern Kentucky HOME Consortium cities of Ludlow, Newport, Bellevue, and Dayton. Under this program, households which meet income, credit, and other requirements may obtain loans to assist with purchasing a home to live in as an owner occupant. The loans can be used to cover the lender required down payment and usual, reasonable and customary closing costs. Borrowers may also be eligible for additional principal reduction to make the purchase affordable. The loan will be forgiven if the owner occupies the home as their principal residence for 5 years from the date of purchase.

  • Targeted funding for Ludlow, Newport, Bellevue and Dayton.
  • Borrower’s gross annual household income must be at or below 80% of the Area Median Income ($41,850 for a single person, $59,750 for a 4 person household). Borrowers must attend a HUD approved homebuyer education course.
  • All properties must be one to two units, owner-occupied or vacant, and meet minimum local housing standards.
  • Loan Amount: up to $5,000. Can be used to cover the lender required down payment and closing costs.
  • Interest Rate/Loan Term: 0%, 5 years
  • Monthly Payment Amount: No monthly payments. The loan will be forgiven if the owner occupies the home as their principal residence for 5 years from the date of purchase.

For more information, please contact:

John Hammons at 859.292.2105, jhammons@covingtonky.gov

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