Free Money to Buy a Home: Kentucky Housing Grant

parkwaydriveBuying a home can cost as much or as little as you want it to if you have the right people on your side. A great loan officer and a great Realtor will guide you and assist you in a successful purchase. They should also be able to keep you from losing your mind while you’re going through the process. There are all sorts of programs that encourage home ownership, programs that allow people who thought they could never qualify for a home to actually buy one. One such program that has Kentuckians in a frenzy right now is the $10,000 grant provided by Kentucky Housing Corporation (KHC). That’s right, it’s a grant…meaning you don’t have to pay it back. It’s free money to buy a home. KHC is well-known for its down payment assistance program which allows buyers to finance their down payment into a separate loan, keeping the out-of-pocket expenses to minimum. What I am talking about today is FREE MONEY. This is not financed into a separate loan, this is money they will give you for a down payment on a home. KHC has $4 Million to give away (400 grants at $10,000), and last I checked, they still had about $3 Million left. Here is what you need to know:

  1. You must have a contract on a house. So if you don’t have one picked, we need to sit down and find you the right home.
  2. Your MIDDLE credit score must be at least 640. If you’re close but not quite there, I know people who can help you elevate your credit score. Again, let’s sit down and get it figured out!
  3. Your total annual household income cannot exceed $85,000
  4. You must keep the home for 5 years. If you decide to sell the home before the 5-year period is over, the $10,000 grant becomes a loan that you will have to pay back.
  5. Your home must be in one of the following counties: Jefferson, Hardin, Kenton, Christian
  6. You cannot buy a new construction home.
  7. You cannot buy a foreclosure.

Screen Shot 2016-05-03 at 4.06.06 PMThere are other parameters that go into this thing, however what’s listed above is pretty much all you need to know. If you have ever wanted to buy a home, now is the time! All you need to do is call, text, or email me and say that you are interested in the KHC grant, and we can set a 30-minute appointment to get you on your way to homeownership.

Justin Thomas | The Thomas Group at Keller Williams Louisville East | 502-417-1255

I look forward to assisting you on the purchase of your first home using the KHC grant money!


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