Guidelines for the $10,000 Down Payment Assistance Program for Kentucky Homebuyers:

Provides up to $10,000 in down payment assistance.

This assistance is offered as a second mortgage with a fixed interest rate.

Typically, the second mortgage is repaid over a 10-year term, but terms can vary.

Income Limits: Borrowers must meet certain income limits, which vary by county and household size. see link here 👉 limits https://www.kyhousing.org/Homeownership/Future-Homebuyers/Documents/SMP%20Income%20Limitations.pdf

Credit Score: Minimum credit score requirements apply, generally starting at 620 for government loans VA, USDA and FHA while Conventional loans require a 660 score

First-Time Homebuyer Status: While KHC primarily targets first-time homebuyers, some programs may allow repeat buyers in certain circumstances.

Homebuyer Education: Completion of a homebuyer education course may be required for conventional loan programs. Government-backed programs do not require homebuyer education courses.

Property Requirements: Must be primary residence and no second home homes or rental properties. The home must meet certain criteria, such as being a primary residence and meeting property condition standards. No subject to properties or fixer uppers or rehab houses. Kentucky properties only

Debt to Income Requirements. Front end and back end debt ratio cannot be more than 50%

Purchase price Limits $510,939 is the current purchase price limit. Changes yearly.