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Covington Homebuyer Assistance Loans
Dated: April 8 2016
Did you know that there are programs to help you buy a house? Covington is one city in northern Kentucky that offers some help. Here are the guidelines for their program.
Under this program, households which meet income, credit, and other requirements may obtain zero-interest, deferred/ forgivable loans to assist with purchasing an owner occupied home. The loans can be used to cover the lender required down payment and usual, reasonable and customary settlement charges to make purchase affordable. The loan will be forgiven if the owner occupies the home as their principal residence for 5 years from the date of purchase. The City encourages applicants interested in buying homes that need renovation to obtain purchase/rehab loans from their lenders, utilizing products such as the FHA 203(K) program.
Borrower’s gross annual household income must be at or below 80% of the Area Median Income ($39,900 for a single person, $56,950 for a 4 person household). Borrowers must attend a HUD approved homebuyer education course.
All properties must be one to two units, owner-occupied or vacant, and meet minimum local housing standards.
Up to $5,000 to cover the lender required down payment and customary settlement charges to the borrower.
Interest Rate/Loan Term: 0%, 5 years
Monthly Payment Amount: No monthly payments. The loan will be forgiven if the owner occupies the home as their principal residence for 5 years from the date of purchase.
|Featured properties may not be listed by the office/agent presenting this brochure. Information has not been verified, is not guaranteed and is subject to change. The data relating to real estate for sale on this report comes in part from the Internet Data Exchange program of Northern Kentucky MLS.|
At Regional Realty, we are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin.
Wendie Neely is licensed in both Kentucky and Ohio. Her background includes several years as a Real Estate Appraiser placing her in a unique position to help Buyers and Sellers understand property val....