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.
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.