What is the Kentucky Shared Appreciation Mortgage (SAM)?
The Shared Appreciation Mortgage (SAM) is a new down payment assistance program from Kentucky Housing Corporation, the state's housing finance agency. It's a zero-interest, deferred-payment second mortgage designed to close the affordability gap for first-time buyers purchasing a newly constructed home in Kentucky.
Instead of charging interest, KHC shares in a portion of your home's future appreciation — which is where the program gets its name.
The short version: SAM can cover up to 25% of your purchase price for down payment and closing costs. You pay $0 interest and make no monthly payment on it. When you sell or refinance, you repay the original amount plus a proportional share of your home's appreciation.
