Home Ownership LOUISVILLE METRO HOUSING


Home Ownership LOUISVILLE METRO HOUSING

 

ELIGIBLE (APPLICANTS)
Newburg Revitalization
The Home Owner Assistance Program

is for any applicants that are purchasing an existing or newly constructed home in Jefferson County. You do not have to be a first time buyer to qualify.

All

Applicant(s) must be credit and income qualified. Gross income must be 80% or below of the area median income adjusted to family size, as determined by HUD.

All

applicant(s) must attend HUD approved homeownership classes in order to obtain the required certificate and to qualify for the down payment assistance. Contact one of the agencies listed below for counseling. Since each situation is unique you may talk to your loan specialist for details.

Applicant(s) must obtain first mortgage financing through a local lender.

Applicant(s) approved through Housing Choice Homeownership Program are also eligible.

applicant(s) must be a first time homebuyer and purchase an existing or newly constructed home in the Newburg targeted area.
ELIGIBLE PROPERTIES & OWNERSHIP
The buyer(s) can either purchase a single-family unit or a single-family unit in a multifamily row house. Ownership must be in fee simple title or an ownership or membership in a condominium or cooperative unit.

The property purchased by the homebuyer must be occupied as their principal residence and cannot be mixed use, or business conducted there.

The property purchase price may not exceed the median area appraised value as published by HUD. (203b guidelines).

Prior to approval of the second mortgage, the property to be purchased will be inspected for code violations and a lead safe living environment. Louisville Metro Housing & Community Development shall be listed as the second loss payee on homeowners insurance. Taxes and insurance must be escrowed. Under no circumstances will funds from the mortgage result in cash back to the borrower(s), nor will the sum of all financing exceed 100% of the property cost plus any normal prepaid loan expenses.

TYPES OF ASSISTANCE

Newburg Revitalization Project

Assistance may be provided to a First-time homebuyer in the form of a Forgivable Mortgage for down payment and closing cost for the purchase of a newly constructed or existing home in the Newburg target area. The amount of Newburg Assistance received is based on income and may not exceed $20,000.00 for an existing home or $25,000.00 for new construction.
Home Ownership Assistance Program
Assistance may be provided in the form of a Forgivable Mortgage for down payment assistance for the purchase of an existing or a newly constructed home in the Louisville Metro area to a household at 70% or below of the median income. Assistance up to $5,000.00, plus an additional $4,000.00 could be available on a matching basis. Assistance may not exceed $9,000.00.

$4,000.00 on a matching basis may be provided in the form of a Forgivable Mortgage, to cover the down payment for those households at 71% to 80% of the median income. Assistance may not exceed $4,000.00.

Assistance up to $18,000.00 may be provided in the form of a Forgivable Mortgage for down payment assistance. This applies to households at or below 80% of the median income in purchasing newly constructed homes built on lots formerly known as City, Landbank Authority, or Urban Renewal

 

 

502-905-3708

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