Down Payment Assistance Program

Calling all Housing Industry Professionals, Homebuyers and Metro Volunteers! A new funding season is approaching and you are invited to help us kick it off!

Down Payment Assistance Partner Meeting

This meeting is for real estate, mortgage lenders, real estate developers, realtors and counselors who provide mortgage products and have sought, or wish to seek, gap financing through our Down Payment Assistance program (DPA). Join us on Thursday, June 13, 2019 at 444 South 5th Street Conference Room 101, from 1-3:00 p.m. to learn about the following:

  • Amount of Funds Available
  • Process and Timeline of the DPA program and
  • Policy Updates
  • Best Practices for a Successful DPA Housing Inspection

DPA Meeting Registration https://ohcd-dpa-partner-meeting.eventbrite.com

Homeownership Forum

The forum is for potential homebuyers to learn about DPA and for vendors to market their products and services! Join us Saturday June 15, 2019 from 10 a.m.- 2 p.m. at Louisville Central Community Center, Inc. (LCCC) located at 1300 West Muhammad Ali Blvd. Parking is available on West Muhannah Ali or in LCCC's lot. 

Space is limited. All registrants must register by June 13, 2019

Vendor Registration: https://dpa-forum-vendor-registration.eventbrite.com

Homebuyer Registration: https://ohcd-dpa-homebuyer.eventbrite.com


The Down Payment Assistance Program through the Office of Housing and Community Development has exhausted all funding. New applications will be accepted beginning July 2019.

 
The Down Payment Assistance Program provides qualified homebuyers with a partially forgivable loan to assist with purchasing a home which will be their primary residence. The Down Payment Assistance Program is available to any homebuyer that is looking to purchase an existing or newly constructed home in the Louisville Metro area. You do not have to be a first time homebuyer to qualify. However, all homebuyers must be credit and income qualified. (See income limits below.)
 
The goals of the Down Payment Assistance Program are to:
  • Encourage homeownership throughout the Louisville Metro area which is economical to low-moderate income consumers in order to assist in preventing future foreclosures;
  • Encourage mixed-income neighborhoods and the de-concentration of poverty;
  • Encourage homeownership in Metro’s Neighborhood Revitalization Strategy Area - Russell;
  • Assist homebuyers in becoming informed consumers in order to successfully navigate real estate transactions and to understand the responsibility of homeownership;
  • Encourage reinvestment in Louisville Metro’s vacant and abandoned properties.
How to Qualify:
  • Homebuyers must have a household income at or below 80% of the area median income, adjusted for household size, to qualify. Household income will be verified by Metro. Click to view the Current Income Limits
  • Homebuyers must be able to obtain a first mortgage from a local financial institution
  • Homebuyers must be credit qualified, in which there shall be no unpaid collections, past due balances and no un-discharged bankruptcies on the credit report. Medical collections up to $10,000.00 are permitted.
  • Homebuyers with more than $15,000 in liquid assets are required to contribute the difference between the balance of their liquid assets and the total amount allowed by the program ($15,000) toward the purchase of the home.
  • Homebuyers must occupy the purchased home as their primary residence for a period of 5 – 15 years, depending upon the amount of assistance received.
  • Homes eligible for down payment assistance must meet the Home Ownership Value Limits. Click to view Home Purchase Price Limits
  • The maximum amount of Down Payment Assistance per homebuyer will be no more than 20% of the purchase price, but also based on the need the individual buyer.
  • Section 8 Homeownership clients are encouraged to apply. For more information about the Section 8 Homeownership Program, please contact Michele Johnson of the Louisville Metro Housing Authority (mjohnson@LMHA1.org).
How to Apply:
  • Homebuyer(s) complete homeownership counseling from a HUD Certified Counseling Agency. Click to see list 
  • Homebuyer(s) obtain first mortgage pre-approval from financial institution
  • Homebuyer(s) applies to the Down Payment Assistance Program
  • Homebuyer(s) receive entrance or denial into the Homebuyer Assistance Program based upon income
  • Upon approval, homebuyer(s) engages Realtor (if not already done so) to assist in home search.
  • Homebuyer(s) locates home and obtains accepted sales contract (Home Purchase Packet information to be completed by homebuyer(s))
  • Homebuyer(s) submits Home Purchase Packet to Metro
  • Case review board reviews and approves the amount of assistance available to the homebuyer(s)
  • Homebuyer(s) closes on home
Vacant & abandoned properties only – rehabilitation of home occurs and property passes Metro inspection before occupancy
 
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