Applications for Louisville Metro down payment assistance now available

LOUISVILLE, Ky. (WAVE) - Low to moderate-income homebuyers in the Louisville Metro who are seeking assistance with down payments and closing costs can now apply for the city’s Down Payment Assistance Program.

Applications for the program reopened on July 18 for the purchase of an existing or newly constructed home, according to Louisville Metro Government.

A release states program funds are not limited to first-time homebuyers.

The funds will be used as a partially-forgivable loan with 0% interest, where homeowners will need to occupy their purchased home for a period of five to 15 years.

Following that period, 50% of the loan will be forgiven, and the rest of the balance will not be due until the sale of the home.

Officials said the Down Payment Assistance Program encourages home ownership in the Louisville Metro and assisting potential homebuyers in making real estate transactions to understand the responsibilities of homeownership.

The program is available to residents with a household income at or below 80% of the area median income, homebuyers who are already pre-approved for a mortgage and have no unpaid collections or past due balances on their credit.

For more information and how to apply, click or tap here.