Homebuyer Assistance Program

Homebuyer Assistance Program es un préstamo condonable para compradores de vivienda en Covington, Kentucky. HUD HOME-funded forgivable second mortgage administered by City of Covington Neighborhood Services Department for the Northern Kentucky HOME Consortium (Covington, Ludlow, Erlanger, Independence, Florence, Newport, Bellevue, Dayton). Up to $10,000 at 0% interest, deferred with no monthly payment, forgiven 1/10 per year over 10 years. 80% AMI ceiling, $20K liquid asset limit, 31/43 DTI, HUD-approved counseling required. Adopted 7/15/2025 (ORD-195-2025). The Homebuyer Assistance Program (HAP) is a HUD HOME-funded zero-interest, deferred / forgivable loan administered by the City of Covington Neighborhood Services Department on behalf of the Northern Kentucky HOME Consortium (Covington, Ludlow, Erlanger, Independence, Florence, Newport, Bellevue, Dayton). Eligible buyers receive up to $10,000 toward lender-required down payment, customary closing costs, settlement charges, or to buy down the first-mortgage interest rate. The loan accrues no interest and requires no monthly payments. it is forgiven 1/10 per year over 10 years, becoming a full grant if the borrower owner-occupies the home for the entire 10-year period. Recapture (limited to net proceeds) is triggered only on sale, transfer, or non-owner-occupancy before the 10-year anniversary. Los fondos provienen de Federal, HOME y City.

Homebuyer Assistance Program se perdona después de 10 años, así que un comprador de vivienda que se quede ese tiempo no lo devuelve. El reembolso se activa por Forgiven 1/10 per year of owner-occupancy over 10 years (becomes a grant at year 10). If property is sold, transferred, or vacated before 10 years, the unforgiven balance becomes immediately due and payable, limited to net proceeds (sales price - superior loan repayment - seller closing costs). La ayuda se registra con un gravamen en posición 2nd Lien. Los términos de condonación y reembolso los fija el programa y pueden cambiar; confírmalos en la página oficial del programa antes de presentar la solicitud.

Homebuyer Assistance Program está abierto a compradores de vivienda que vivirán en la vivienda como su residencia principal. Sobre el crédito, el programa indica: No specific city-imposed minimum FICO; first-mortgage lender overlays apply, plus credit history review by City staff. Se requiere un curso de educación para compradores de vivienda, a través de HUD-approved housing counseling agency required (HUD-certified counselor; certificate of completion before closing). Local HUD-approved providers in Northern Kentucky: Catholic Charities Diocese of Covington (859-581-8974), Northern KY Community Action Commission (859-581-6607), Brighton Center in Newport (859-491-8303). Also Housing Opportunities of Northern Kentucky (HONK) at 859-581-4665. Requisito de residencia: Property must be located within the Northern Kentucky HOME Consortium boundaries: Covington, Ludlow, Erlanger, Independence, Florence, Newport, Bellevue, or Dayton. Must be borrower's primary residence within 60 days of purchase and remain so for the 10-year loan term. Ciudadanía o situación migratoria: Per HUD HOME federal eligibility - U.S. citizen or qualifying non-citizen. Household income at or below 80% AMI per HUD (2025 limits: $62,650 (1p) - $71,600 (2p) - $80,550 (3p) - $89,450 (4p) - $96,650 (5p) - $103,800 (6p) - $110,950 (7p) - $118,100 (8p)). Maximum DTI 31% front-end / 43% back-end (KHC HAP underwriting overlay). Liquid asset limit $20,000 (excess must be applied to purchase before HAP funds). HUD-approved housing counseling required (certificate of completion before closing). Property must be owner-occupied or vacant 1- or 2-unit dwelling within Covington / Ludlow / Erlanger / Independence / Florence / Newport / Bellevue / Dayton city limits. First-mortgage product cannot be subprime (rate <= Freddie PMMS + 2.5%). Property must meet NSPIRE inspection standards. Pre-1978 homes must pass HUD Lead Safe Housing Rule lead-paint inspection. Borrower must have fee simple title; private contract / land contract purchases not eligible. Maximum purchase price/appraised-value-after-rehab varies by county and unit count: Campbell/Kenton (existing) $228,000 1u / $292,000 2u; Boone (existing) $268,000 1u / $343,000 2u; Campbell/Kenton (new construction) $326,000 1u / $417,000 2u; Boone (new construction) $338,000 1u / $433,000 2u. Borrower must occupy within 60 days of purchase. Apply online at portal.neighborlysoftware.com/COVINGTONKY/participant.

Homebuyer Assistance Program limita el ingreso del hogar al 80% del ingreso mediano del área, que varía según el condado y el tamaño del hogar. Household income at or below 80% AMI per HUD HOME limits for the Northern Kentucky HOME Consortium (Cincinnati MSA / Boone-Campbell-Kenton). 2025 limits range $62,650 (1-person) to $118,100 (8-person). Seed-cited range $58,700-$110,700 reflects an earlier program-year HUD limit table. Part 5 income definition; tax returns not used for income determination but used for verification. El límite se aplica al ingreso total del hogar, no solo al del prestatario. El programa indica un tamaño máximo de hogar de 8. Las cifras del ingreso mediano del área las publica HUD y se actualizan cada año, así que consulta la tabla vigente del condado antes de basarte en una cifra.

Homebuyer Assistance Program limita el precio de compra a $433,000. Los tipos de propiedad elegibles incluyen Owner-occupied or vacant 1- or 2-unit dwellings (2-unit must have been originally constructed for two units). Single-family detached, condominium, townhouse, manufactured home on permanent foundation (post-6/15/1976 must meet 24 CFR 3280 y pre-6/15/1976 must comply with city codes). Properties currently occupied by tenants are not eligible. La construcción nueva es elegible. Las viviendas prefabricadas son elegibles.

Homebuyer Assistance Program menciona a veteranos, miembros del servicio militar activo, reservistas y miembros de la Guardia Nacional, cónyuges sobrevivientes y compradores de vivienda con discapacidades entre los grupos a los que atiende. Aparecer aquí significa que el programa menciona al grupo, no que pertenecer a él baste por sí solo para que un solicitante califique; las demás reglas de elegibilidad siguen aplicándose.

Homebuyer Assistance Program atiende a compradores de vivienda que compran en Covington, Kentucky.

Las solicitudes de Homebuyer Assistance Program se tramitan a través de la agencia que administra el programa, que publica los términos vigentes y los pasos de la solicitud en su propio sitio. Los fondos se reservan a través de Online application via Neighborly Software portal at portal.neighborlysoftware.com/COVINGTONKY/participant. Apply any time, but funds reserved only with submission of a fully accepted purchase contract. First-come, first-served subject to annual HOME allocation. Hey Prescott no es un prestamista y no acepta solicitudes; esta página describe el programa para que un comprador de vivienda pueda llevarlo a un prestamista o a un asesor de vivienda.