By Tony McVeigh
http://stream.publicbroadcasting.net/production/mp3/wkms/local-wkms-833077.mp3
Frankfort, KY – A new state program, which begins next month, will make it easier for Kentuckians to purchase their first home. We get more from Kentucky Public Radio's Tony McVeigh.
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It's called the First Home Advantage Program and its being offered through the Kentucky Housing Corporation. The deferred mortgage plan will provide up to 45-hundred dollars for down payment and closing costs for first-time homebuyers. Governor Steve Beshear says the initiative, combined with a new federal tax credit, makes this a great time to buy your first home.
"The American Recovery and Reinvestment Act of 2009, which President Obama signed in February, provides first-time homebuyers with an eight-thousand dollar tax credit and this will be in addition to that."
To qualify for the program, homebuyers must obtain a first mortgage through a KHC lender, meet income and purchase guidelines and have a minimum credit score of 620. The program opens May 1st and closes November 30th.