KENTUCKY WELCOME GRANT INFORMATION FOR QUALIFYING IN 2024
Kentucky's Welcome Home Grant: A $20,000 Boost for Homeownership!
Dreaming of owning a home in Kentucky but facing hurdles with the down payment? The Welcome Home Grant program might be your answer! This initiative offers a $20,000 grant to eligible homebuyers, giving them a significant financial boost towards their dream home. Let's delve into the program's details and see if you qualify!
What is the Welcome Home Grant Program?
This program, funded by the Federal Home Loan Bank of Cincinnati (FHLBC), partners with participating lenders across Kentucky to provide down payment and closing cost assistance to homebuyers. It aims to increase homeownership opportunities for individuals and families, particularly those with moderate income.
Who is Eligible?
- Income Limits: Your household income must be at or below 80% of the Mortgage Revenue Bond (MRB) limit for your county. You can find these limits here --👇>>https://kyfirsttimehomebuyer.wordpress.com/2024/01/20/kentucky-welcome-home-grant-5000-00/
- Only Kentucky First-Time Homebuyers? Not necessarily: Both first-time and repeat homebuyers can apply!
- Location: The property must be your primary residence and located in a county participating in the program. It's available in all 120 counties of Kentucky
- Other Requirements: You must have a fully executed purchase contract, contribute at least $500 of your own funds towards the down payment/closing costs, and meet the lender's creditworthiness standards.
Important Dates to Remember:
- Application Period: Reservations for the 2024 Welcome Home Grant program open on March 1st, 2024, at 8:00 AM ET.
- Funding Availability: Grants are limited and awarded on a first-come, first-served basis.
- Program Duration: The program runs until all funds are reserved.
- Must have contract under agreement to submit for funds.
Benefits of the Welcome Home Grant:
- Significant financial assistance: $20,000 can make a huge difference in lowering your down payment and closing costs.
- More affordable monthly payments: A smaller down payment translates to a lower mortgage amount and potentially lower monthly payments.
- Opens doors to homeownership: The grant can make homeownership more accessible for those facing financial constraints.
Next Steps:
- Check your eligibility: Visit the this Kentucky Welcome Home Grant Qualifying Criteria or contact a participating lender to confirm you meet the income and other requirements.
- Find a participating lender: A list of participating lenders is available on the FHLBC website or here --->>> Kentucky Lenders for Welcome Home Grant 2024.
- Get pre-approved: Getting pre-approved shows the seller you're a serious buyer and helps you understand your budget.
- Be prepared on March 1st: Have all necessary documents ready to submit your reservation for the grant as soon as applications open.
- Income Limits for Kentucky Welcome Grant for all Kentucky Counties below:👇
- 👉Kentucky welcome grant income limits for 2024
Kentucky Welcome Home Buyer Eligibility
A homebuyer would be eligible for the Kentucky Welcome Home grant if all of the following guidelines are met:
- The total income for all occupants who will reside in the home is at or below 80 percent of the Mortgage Revenue Bond (MRB) limit for the county and state where the property is located;
- A fully executed (signed by buyer and seller) purchase contract on an eligible property is in hand;
- The homebuyer has at least $500 of their own funds to contribute towards down payment and/or closing costs; and,
- If a first-time homebuyer (typically anyone who has not owned a home in the last three years), a satisfactory homebuyer counseling course is completed prior to the loan closing.
Note: Applicants do not have to be first-time homebuyers.
Kentucky Property Eligibility
- The property will be the homebuyer’s primary residence;
- The property is a single family, townhome, condominium, duplex, multi-unit (up to four family units) or a qualified manufactured home. (Manufactured homes may be eligible if they are taxed as real estate and affixed to a permanent foundation); and,
- The property is subject to a legally enforceable five-year retention mechanism, included in the Deed or as a Declaration of Restrictive Covenants to the Deed, requiring the FHLB Cincinnati be given notice of any refinancing, sale, foreclosure, deed in-lieu of foreclosure, or change in ownership during the five year retention period.
A homebuyer would be eligible for the Welcome Home grant if all of the following guidelines are met: The total income for all occupants who will reside in the home is at or below 80 percent of the Mortgage Revenue Bond limit for the county and state where the property is located –
In Jefferson County 1 or 2 person families can make up to $71,760. 3-4 persons in the household cap at $82,584. The limits are slightly higher or lower in the surrounding counties like Bullitt, Henry, Oldham, Spencer, Hardin, Meade, Nelson and Spencer Counites. see limits below
2024 Welcome Home Program for Kentucky Home Buyers
– Kentucky First-Time Homebuyer Loan Programs for FHA, VA, KHC and USDA
2024 Income Limits Kentucky Welcome Program Below:
Use the 80% limits for the Welcome Home Program
| 100% limits | 80% limits** | |||||
| 1-2 Persons | 3 + Persons | 1-2 Persons | 3 + Persons | |||
| Adair | $ 78,600 | $ 90,390 | $ 62,880 | $ 72,312 | ||
| Allen | $ 78,600 | $ 91,420 | $ 62,880 | $ 73,136 | ||
| Anderson | $ 86,270 | $ 99,210 | $ 69,016 | $ 79,368 | ||
| Ballard | $ 80,400 | $ 93,800 | $ 64,320 | $ 75,040 | ||
| Barren | $ 78,600 | $ 90,390 | $ 62,880 | $ 72,312 | ||
| Bath | $ 94,320 | $ 110,040 | $ 75,456 | $ 88,032 | ||
| Bell | $ 94,320 | $ 110,040 | $ 75,456 | $ 88,032 | ||
| Boone | $ 101,100 | $ 116,265 | $ 80,880 | $ 93,012 | ||
| Bourbon | $ 89,300 | $ 102,695 | $ 71,440 | $ 82,156 | ||
| Boyd | $ 83,040 | $ 96,880 | $ 66,432 | $ 77,504 | ||
| Boyle | $ 80,760 | $ 94,220 | $ 64,608 | $ 75,376 | ||
| Bracken | $ 101,100 | $ 116,265 | $ 80,880 | $ 93,012 | ||
| Breathitt | $ 94,320 | $ 110,040 | $ 75,456 | $ 88,032 | ||
| Breckinridge | $ 87,410 | $ 100,521 | $ 69,928 | $ 80,417 | ||
| Bullitt | $ 89,700 | $ 103,155 | $ 71,760 | $ 82,524 | ||
| Butler | $ 78,600 | $ 91,420 | $ 62,880 | $ 73,136 | ||
| Caldwell | $ 84,480 | $ 98,560 | $ 67,584 | $ 78,848 | ||
| Calloway | $ 82,560 | $ 96,320 | $ 66,048 | $ 77,056 | ||
| Campbell | $ 101,100 | $ 116,265 | $ 80,880 | $ 93,012 | ||
| Carlisle | $ 78,600 | $ 90,860 | $ 62,880 | $ 72,688 | ||
| Carroll | $ 78,600 | $ 90,390 | $ 62,880 | $ 72,312 | ||
| Carter | $ 94,320 | $ 110,040 | $ 75,456 | $ 88,032 | ||
| Casey | $ 94,320 | $ 110,040 | $ 75,456 | $ 88,032 | ||
| Christian | $ 87,590 | $ 100,728 | $ 70,072 | $ 80,582 | ||
| Clark | $ 89,300 | $ 102,695 | $ 71,440 | $ 82,156 | ||
| Clay | $ 94,320 | $ 110,040 | $ 75,456 | $ 88,032 | ||
| Clinton | $ 94,320 | $ 110,040 | $ 75,456 | $ 88,032 | ||
| Crittenden | $ 83,760 | $ 97,720 | $ 67,008 | $ 78,176 | ||
| Cumberland | $ 78,600 | $ 90,390 | $ 62,880 | $ 72,312 | ||
| Daviess | $ 86,950 | $ 99,992 | $ 69,560 | $ 79,994 | ||
| Edmonson | $ 86,650 | $ 99,647 | $ 69,320 | $ 79,718 | ||
| Elliott | $ 94,320 | $ 110,040 | $ 75,456 | $ 88,032 | ||
| County | 100% limits | 80% limits | ||
| 1-2 Persons | 3 + Persons | 1-2 Persons | 3 + Persons | |
| Estill | $ 94,320 | $ 110,040 | $ 75,456 | $ 88,032 |
| Fayette | $ 89,300 | $ 102,695 | $ 71,440 | $ 82,156 |
| Fleming | $ 78,600 | $ 90,390 | $ 62,880 | $ 72,312 |
| Floyd | $ 94,320 | $ 110,040 | $ 75,456 | $ 88,032 |
| Franklin | $ 85,430 | $ 98,244 | $ 68,344 | $ 78,595 |
| Fulton | $ 78,600 | $ 90,390 | $ 62,880 | $ 72,312 |
| Gallatin | $ 101,100 | $ 116,265 | $ 80,880 | $ 93,012 |
| Garrard | $ 87,210 | $ 100,291 | $ 69,768 | $ 80,233 |
| Grant | $ 79,560 | $ 92,820 | $ 63,648 | $ 74,256 |
| Graves | $ 83,160 | $ 97,020 | $ 66,528 | $ 77,616 |
| Grayson | $ 78,600 | $ 90,390 | $ 62,880 | $ 72,312 |
| Green | $ 78,600 | $ 90,390 | $ 62,880 | $ 72,312 |
| Greenup | $ 83,040 | $ 96,880 | $ 66,432 | $ 77,504 |
| Hancock | $ 86,950 | $ 99,992 | $ 69,560 | $ 79,994 |
| Hardin | $ 86,750 | $ 99,762 | $ 69,400 | $ 79,810 |
| Harlan | $ 94,320 | $ 110,040 | $ 75,456 | $ 88,032 |
| Harrison | $ 87,250 | $ 100,337 | $ 69,800 | $ 80,270 |
| Hart | $ 78,600 | $ 90,390 | $ 62,880 | $ 72,312 |
| Henderson | $ 87,300 | $ 100,395 | $ 69,840 | $ 80,316 |
| Henry | $ 89,700 | $ 103,155 | $ 71,760 | $ 82,524 |
| Hickman | $ 79,560 | $ 92,820 | $ 63,648 | $ 74,256 |
| Hopkins | $ 80,640 | $ 94,080 | $ 64,512 | $ 75,264 |
| Jackson | $ 94,320 | $ 110,040 | $ 75,456 | $ 88,032 |
| Jefferson | $ 89,700 | $ 103,155 | $ 71,760 | $ 82,524 |
| Jessamine | $ 89,300 | $ 102,695 | $ 71,440 | $ 82,156 |
| Johnson | $ 94,320 | $ 110,040 | $ 75,456 | $ 88,032 |
| Kenton | $ 101,100 | $ 116,265 | $ 80,880 | $ 93,012 |
| Knott | $ 94,320 | $ 110,040 | $ 75,456 | $ 88,032 |
| Knox | $ 94,320 | $ 110,040 | $ 75,456 | $ 88,032 |
| Larue | $ 86,750 | $ 99,762 | $ 69,400 | $ 79,810 |
| Laurel | $ 78,600 | $ 90,390 | $ 62,880 | $ 72,312 |
| Lawrence | $ 94,320 | $ 110,040 | $ 75,456 | $ 88,032 |
| Lee | $ 94,320 | $ 110,040 | $ 75,456 | $ 88,032 |
| Leslie | $ 94,320 | $ 110,040 | $ 75,456 | $ 88,032 |
| Letcher | $ 94,320 | $ 110,040 | $ 75,456 | $ 88,032 |
| Lewis | $ 94,320 | $ 110,040 | $ 75,456 | $ 88,032 |
| Lincoln | $ 78,600 | $ 90,390 | $ 62,880 | $ 72,312 |
| Livingston | $ 82,320 | $ 96,040 | $ 65,856 | $ 76,832 |
| Logan | $ 80,760 | $ 94,220 | $ 64,608 | $ 75,376 |
| Lyon | $ 87,310 | $ 100,406 | $ 69,848 | $ 80,325 |
| County | 100% limits | 80% limits | ||
| 1-2 Persons | 3 + Persons | 1-2 Persons | 3 + Persons | |
| McCracken | $ 87,130 | $ 100,199 | $ 69,704 | $ 80,159 |
| McCreary | $ 94,320 | $ 110,040 | $ 75,456 | $ 88,032 |
| McLean | $ 86,950 | $ 99,992 | $ 69,560 | $ 79,994 |
| Madison | $ 86,910 | $ 99,946 | $ 69,528 | $ 79,957 |
| Magoffin | $ 94,320 | $ 110,040 | $ 75,456 | $ 88,032 |
| Marion | $ 80,760 | $ 94,220 | $ 64,608 | $ 75,376 |
| Marshall | $ 86,030 | $ 98,934 | $ 68,824 | $ 79,147 |
| Martin | $ 94,320 | $ 110,040 | $ 75,456 | $ 88,032 |
| Mason | $ 85,920 | $ 100,240 | $ 68,736 | $ 80,192 |
| Meade | $ 85,790 | $ 98,658 | $ 68,632 | $ 78,926 |
| Menifee | $ 94,320 | $ 110,040 | $ 75,456 | $ 88,032 |
| Mercer | $ 86,730 | $ 99,739 | $ 69,384 | $ 79,791 |
| Metcalfe | $ 94,320 | $ 110,040 | $ 75,456 | $ 88,032 |
| Monroe | $ 78,600 | $ 90,390 | $ 62,880 | $ 72,312 |
| Montgomery | $ 78,600 | $ 91,140 | $ 62,880 | $ 72,912 |
| Morgan | $ 94,320 | $ 110,040 | $ 75,456 | $ 88,032 |
| Muhlenberg | $ 78,600 | $ 91,700 | $ 62,880 | $ 73,360 |
| Nelson | $ 85,170 | $ 97,945 | $ 68,136 | $ 78,356 |
| Nicholas | $ 78,600 | $ 90,860 | $ 62,880 | $ 72,688 |
| Ohio | $ 78,600 | $ 90,390 | $ 62,880 | $ 72,312 |
| Oldham | $ 89,700 | $ 103,155 | $ 71,760 | $ 82,524 |
| Owen | $ 78,600 | $ 91,700 | $ 62,880 | $ 73,360 |
| Owsley | $ 94,320 | $ 110,040 | $ 75,456 | $ 88,032 |
| Pendleton | $ 101,100 | $ 116,265 | $ 80,880 | $ 93,012 |
| Perry | $ 94,320 | $ 110,040 | $ 75,456 | $ 88,032 |
| Pike | $ 94,320 | $ 110,040 | $ 75,456 | $ 88,032 |
| Powell | $ 94,320 | $ 110,040 | $ 75,456 | $ 88,032 |
| Pulaski | $ 78,600 | $ 90,390 | $ 62,880 | $ 72,312 |
| Robertson | $ 94,320 | $ 110,040 | $ 75,456 | $ 88,032 |
| Rockcastle | $ 94,320 | $ 110,040 | $ 75,456 | $ 88,032 |
| Rowan | $ 94,320 | $ 110,040 | $ 75,456 | $ 88,032 |
| Russell | $ 78,600 | $ 90,860 | $ 62,880 | $ 72,688 |
| Scott | $ 89,300 | $ 102,695 | $ 71,440 | $ 82,156 |
| Shelby | $ 92,700 | $ 106,605 | $ 74,160 | $ 85,284 |
| Simpson | $ 82,920 | $ 96,740 | $ 66,336 | $ 77,392 |
| Spencer | $ 89,700 | $ 103,155 | $ 71,760 | $ 82,524 |
| Taylor | $ 78,600 | $ 90,390 | $ 62,880 | $ 72,312 |
| Todd | $ 78,600 | $ 90,390 | $ 62,880 | $ 72,312 |
| Trigg | $ 87,590 | $ 100,728 | $ 70,072 | $ 80,582 |
| Trimble | $ 86,770 | $ 99,785 | $ 69,416 | $ 79,828 |
| 100% limits | 80% limits | |||
| Union | $ 78,600 | $ 91,420 | $ 62,880 | $ 73,136 |
| Warren | $ 86,650 | $ 99,647 | $ 69,320 | $ 79,718 |
| Washington | $ 87,090 | $ 100,153 | $ 69,672 | $ 80,122 |
| Wayne | $ 94,320 | $ 110,040 | $ 75,456 | $ 88,032 |
| Webster | $ 78,600 | $ 90,390 | $ 62,880 | $ 72,312 |
| Whitley | $ 94,320 | $ 110,040 | $ 75,456 | $ 88,032 |
| Wolfe | $ 94,320 | $ 110,040 | $ 75,456 | $ 88,032 |
| Woodford | $ 89,300 | $ 102,695 | $ 71,440 | $ 82,156 |
A homebuyer would be eligible for the Welcome Home grant if all of the following guidelines are met:
The total income for all occupants who will reside in the home is at or below 80 percent of the Mortgage Revenue Bond (MRB) limit for the county and state where the property is located;
A fully executed (signed by buyer and seller) purchase contract on an eligible property is in hand;
The homebuyer has at least $500 of their own funds to contribute towards down payment and/or closing costs; and,
If a first-time homebuyer (typically anyone who has not owned a home in the last three years), a satisfactory homebuyer counseling course is completed prior to the loan closing.
Note: Applicants do not have to be first-time homebuyers.
Property Eligibility
The Welcome Home grant is available for various property types:
The property will be the homebuyer’s primary residence;
The property is a single family, townhome, condominium, duplex, multi-unit (up to four family units) or a qualified manufactured home. (Manufactured homes may be eligible if they are taxed as real estate and affixed to a permanent foundation); and,
The property is subject to a legally enforceable five-year retention mechanism, included in the Deed or as a Declaration of Restrictive Covenants to the Deed, requiring the FHLB Cincinnati be given notice of any refinancing, sale, foreclosure, deed in-lieu of foreclosure, or change in ownership during the five year retention period.
—
Joel Lobb Mortgage Loan Officer
American Mortgage Solutions, Inc.
10602 Timberwood Circle
Louisville, KY 40223
Company NMLS ID #1364
Text/call: 502-905-3708
fax: 502-327-9119
email: kentuckyloan@gmail.com
http://www.mylouisvillekentuckymortgage.com/
A fully executed (signed by buyer and seller) purchase contract on an eligible property is in hand;
The homebuyer has at least $500 of their own funds to contribute towards down payment and/or
closing costs; And,
If a first-time homebuyer (typically anyone who has not owned a home in the last three years), a
satisfactory homebuyer counseling course is completed prior to the loan closing.
YOU DO NOT HAVE TO BE A FIRST-TIME BUYER TO OBTAIN THIS GRANT.
What is an Eligible Property?
A property would be eligible if all of the following guidelines are met:
The property will be the homebuyer’s primary residence;
The property is a single family, townhome, condominium, duplex, multi-unit (up to four family units);
And, The property is subject to a legally enforceable five-year retention mechanism – this means it is forgiven at a rate of 20% per year and if you sell before 5 years, they will be repaid part of the grant.
Joel Lobb Mortgage Loan Officer
American Mortgage Solutions, Inc.10602 Timberwood Circle
Louisville, KY 40223
Company NMLS ID #1364
Text/call: 502-905-3708
fax: 502-327-9119
email: joel@loansolutionsnow.com
http://www.mylouisvillekentuckymortgage.com/
NMLS ID# 57916, (www.nmlsconsumeraccess.org).