LOUISVILLE, Ky. (WAVE) – Low-to-moderate income homebuyers in metro Louisville looking for help with down payments and closing costs can now apply for the city’s Down Payment Assistance Program.
Applications for the program reopened July 18 for the purchase of an existing or newly constructed home, according to the Louisville Metro Government.
A statement said program funds are not limited to first-time home buyers.
The funds will be used as a partially repayable loan at 0% interest, where homeowners will be required to occupy their purchased home for a period of five to 15 years.
After this period, 50% of the loan will be canceled and the rest of the balance will only be due upon the sale of the house.
Officials said the down payment assistance program encourages homeownership in metro Louisville and helps potential homebuyers in real estate transactions understand the responsibilities of homeownership.
The program is available to residents with a household income at or below 80% of the area median income, homebuyers who are already pre-approved for a mortgage and have no outstanding collections or outstanding balances on their credit.
For more information and to apply, click or tap here.
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