FIRST-TIME HOMEBUYER PROGRAMS

There are a handful of great, low and even zero down payment programs out there, geared to first-time homebuyers. While most people that take advantage of these programs are first time homebuyers, many don’t require you to be a first-time buyer if your income is under a certain threshold. Let’s take a look!

OPTIONS

Down Payment ASsistance

  • Our down payment assistance program through KY Housing offers up to $10,000 in assistance in the form of a second mortgage. Certain applicants meeting local income limits may qualify for their mortgage revenue bond program, which offers below market interest rates on FHA, VA, and USDA loans.

CONVENTIONAL Loans

  • For those meeting local income limits, conventional HomeReady and Home Possible loans require just 3% down for single-family homes. Home Possible also requires just 5% down for 2-4 unit homes!

FHA Loans

  • Minimum down payment of just 3.5% for single-family and multi-family homes up to 4 units.

VA Loans

  • Eligible veterans, active servicemembers, and surviving spouses may qualify with 0% down!

USDA Loans (Rural Housing)

  • Minimum down payment of 0% for qualifying households/properties. Available in rural areas designated by USDA.