DOWN PAYMENT ASSISTANCE PROGRAM

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

Home buyers households must have income no greater that the 80% median income, adjusted for family size.

All homebuyers must complete a HUD approved homeownership counseling program before assistance can be committed. A certificate of Completion from the agency must be submitted with application.

Metro Wide assistance is now open. Applications are being accepted at this time. ( Starting July 26th, 2010) Assistance is granted on a first come first serve basis until funds are depleted. Allow 60-120 days for the process to be completed.

The program has increased the amounts of assistance.

The Homebuyer may qualify for a forgivable loan forgiven over a period of 5 years and 10% of purchase price with a maximum of $10,000.00 and up to $2000 in closing costs. OR

Purchase in the Target Area Neighborhoods & homeowners may qualify for a forgivable loan forgiven over a period of 10 years and 20% of purchase price with a maximum of $20,000.00 & up to $4000 in closing costs. THIS CAN INCLUDE NEW CONSTRUCTION.

Home buyers must pay all pre-pays from their own funds.

Steps in becoming a Homeowner under this program

1. Homebuyers should work with a Realtor familiar with working with the program. Ask for references.

2. Home buyers are responsible for obtaining financing with a fixed rate with a reputable lender. Your Realtor with assist you in this.

3. A housing quality standards inspection will be conducted before closing. All deficiencies must be corrected , verified & re-inspected prior to closing.

4. A HUD-1 statement must be reviewed 2 days prior to closing.

FOR MORE INFORMATION ABOUT THE DOWN PAYMENT ASSISTANCE PROGRAM PLEASE CALL: PREFERRED REALTY OF METRO LOUISVILLE 502-762-1868

This can be combined with other programs for up to $30,000.00  Terms/Conditions Apply