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What are the best down payment assistance programs?
Homebuyers can receive mortgages, down-payment assistance, and tax credits through the Kentucky Housing Corporation.
Your income must not exceed certain thresholds to be eligible for most of these programs.
You could also qualify for programs with the city of Louisville, the US Department of Housing and Urban Development, or your lender.
How does "down payment assistance" really work?
How Does Down Payment Assistance Work?
Grants. Grants offer free money that doesn’t need to be paid back. …
Forgivable Loans (At Zero Interest) Another option for a down payment assistance is a forgivable loan. Many of these have no interest at all.
Deferred-Payment Loans (At Zero Interest) Deferred-payment loans have a payback period that may not start for several years. …
Low-Interest Loans. …
How to buy a house with Down Payment Assistance?
Bond Advantage Down Payment Assistance Program
Can be used for down payment and closing cost assistance
Available for up to 5% of sales price, maximum $10,000
Requires a Montana Housing 30-year first mortgage, both loans have the same fixed rate
15-year amortizing loan with low monthly payments
Minimum credit score of 620 for all borrowers
Homebuyer Education is required
Where to find down payment assistance?
Types of Down Payment and Closing Cost Assistance
Grant. The best type of down payment or closing cost help is a grant. …
Loan. The most common type of assistance is a loan. …
Forgivable Loan. Forgivable loans are forgiven over a set timeframe. …
Deferred Loan. Deferred loans are repaid only when you sell the home or refinance your mortgage. …