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Over $1 million in downpayment cash is waiting for some Kentuckian to ask.
There still is somewhere around still has $1.6 million available from the Kentucky Housing Corporation (KHC) in its Neighborhood Down payment Assistance Program (DAP), KHC recently announced.
DAP is part of Kentucky’s outstanding effort to take on the housing crisis quickly, effectively, and early. Kentucky was one of barely a handful of states that enacted a state housing tax credit, similar to the federal credit, that countered the housing meltdown in its early stages.
DAP aims to get Kentuckians back on their feet after they got caught in the collapse.
The Neighborhood DAP is a $10,000 loan. It is amortized over 30 years at a 1 percent interest rate.
One of the following conditions must apply for the property to be eligible for Neighborhood
DAP:
* Property in the process of disposition option, i.e., deed-in-lieu, short sale, HUD REO, or foreclosed.
* New construction or existing property that has been for sale for at least six months.
* The home buyer has experienced a foreclosure in the past.
* The home buyer now credit qualifies to purchase another home.