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  • Even though owning a home is the American dream, today’s economic times can make buying a home very challenging. Thankfully there are programs available to assist the first time home buyer in Kentucky.

    The Kentucky Housing Cooperation, or KHC, provides many services and loan assistance to home buyers. The KHC partners with approved lenders to assist the buyer with clear information and loan options. Coming up with the 20% down payment for a traditional down payment is often the largest obstacle facing first time home buyers today. KHC can offer help by providing from $5,000 to $10,000 in down payment and closing cost assistance. This assistance is available to all first time mortgage recipients who have qualifying incomes. The down payment money is repaid over 7 to 10 years at 6 percent interest. There are many other benefits to a KHC loan. The loan is made and managed in Kentucky and the interest rate is at or below the fixed market rate. Other advantages include low or no money down and no non-essential closing costs. Also, a KHC loan can be obtained more quickly than a traditional loan. For more information visit www.kyhousing.org.

    Kentucky FHA loans are insured by the Federal Housing Administration and are designed for lower income applicants. This federal insurance gives applicants who normally cannot qualify for lower interest loans the opportunity to secure a lower fixed rate. FHA loans usually only require a 3.5% down payment and the seller pays 6% of the total closing costs.

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    HUD provides counseling on predatory lenders, renting defaults and advice on buying a home. More importantly, HUD provides grant money to local Kentucky lenders for home buyers. Using HUD grant money, lenders such as Community Ventures Corporation can offer loans to home buyers who cannot qualify for traditional loans because of lower income, poor credit and lack of a down payment. Community Ventures Corporation or CVC, has in-house down payment and closing cost assistance. CVC also assures the home owner that they are getting the lowest rate possible by working with traditional and non-traditional lenders. CVC also has a lease purchase program. CVC buys and renovates existing homes and then leases them to potential home owners for two years. In that time the homeowner has time to improve credit scores and receive counseling. Once they demonstrate they are capable of home ownership they assume the loan on the house. For more information on HUD and CVC, check out these websites: www.hud.gov and www.cvcky.org.

    Making the American dream a reality for Kentucky home buyers can be facilitated through the FHA, HUD grants and the Kentucky Housing Corporation.

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