Hardest Hit Fund Down Payment Assistance: Your Key to Home Sweet Home
Unlock Your Path to Homeownership with the Hardest Hit Fund Down Payment Assistance Program. The Kentucky Housing Corporation (KHC) understands that while many aspiring homebuyers can comfortably manage monthly mortgage payments, the hurdle of accumulating funds for a down payment can be daunting. To address this challenge, KHC introduces the Hardest Hit Fund Down Payment Assistance Program (HHF-DAP), aimed at making homeownership dreams a reality.
Available Assistance
HHF DAP extends a helping hand to eligible individuals by providing up to $10,000 in down payment assistance, paving the way to homeownership. This invaluable assistance is structured as a zero-interest, forgivable second mortgage loan with a 5-year term.
Eligibility Requirements
To qualify for HHF DAP, applicants must meet specific criteria:
- First-time homebuyer status is a prerequisite, meaning those who have owned a home within the last three years are not eligible.
- Applicants must provide the last three years of federal tax returns or tax transcripts as proof of eligibility.
- Completion of a pre-purchase homebuyer education program is mandatory to ensure that participants are well-prepared for the responsibilities of homeownership.
- Dodd-Frank Certification must be secured.
- The program adheres to Secondary Market Purchase Price and Income Limits, ensuring that it reaches those who genuinely need assistance.
- The property being purchased must be located in Christian, Hardin, Jefferson, or Kenton County. It’s important to note that new construction homes are not eligible; the property must have been previously occupied.
The overarching goal of the Hardest Hit Fund Down Payment Assistance Program is to bridge the financial gap for eligible applicants who aspire to own a home but face the challenge of upfront costs. These costs encompass the down payment, closing expenses, and prepaid items necessary to embark on the journey of homeownership. By alleviating this financial burden, the program empowers individuals to break free from the cycle of renting and realize their dreams of becoming homeowners.
At the Kentucky Housing Corporation, we believe that everyone deserves the opportunity to experience the security and pride of homeownership. Through HHF DAP, we aim to make this dream attainable, fostering stronger communities and brighter futures.
