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Covington Homebuyer Assistance Program

Kentucky

Available Assistance

The Homebuyer Assistance Program provides up to $5,000 in the form of zero-interest, deferred or forgivable loan. The loan amount is forgiven as long as borrowers occupy the home as their principal residence for at least 5 years from the date of purchase. There are no monthly payments and no interest. Any remaining loan balance is recaptured upon sale, transfer, or vacating of the home. Funds for the Homebuyer Assistance Program come from the HOME Program, administered by the City’s Department of Development.

Eligibility Requirements

Any borrowers applying for the Homebuyer Assistance Program must have an annual household income that falls at or below 80 percent of the Area Median Income (limits shown below). It is also mandatory that all applicants attend a HUD/City-approved homebuyer education course and present a certificate of completion prior to loan closing.

Property Guidelines

Additionally, any property being purchased must be owner-occupied or vacant, with one to two units. They must all meet minimum local housing standards. For 2017, the appraised value after rehabilitation for existing homes is $138,000 for a one-unit building and $176,000 for a two-unit building. For new construction one-unit building, the limit is $224,000 and $286,000 for a two-unit building. These limits are effective until revised by HUD.

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