Kentucky Adds to Home Buyer Stimulus
24 Apr2009
Filed Under Buying · Tagged: first-time buyers, Kentucky, loan, stimulus · Print This Article
Beginning May 1, 2009, the Commonwealth of Kentucky is helping stimulate their real estate economy by offering $4500 for down payment and closing costs. This is radically different than the federal $8000 tax credit for first time buyers.
Of course, the $4500 comes with some stipulations, requiring buyers to obtain a KHC first mortgage through a KHC-approved lender, be a first-time home buyer, meet KHC income and purchase price guidelines, and have a 620 minimum credit score.
And this is not free money, but a loan:
The First Home Advantage Program offers a 10-year loan that defers payment with a zero percent interest rate until July 1, 2010. After the initial deferment period, the loan will fully amortize over ten years at the rate of 6 percent. If the borrower pays off the loan before July 1, 2010, KHC will forgive $300 of the principal balance.
If only the State of Ohio could be as progressive as this!
Full press release here:
http://governor.ky.gov/pressrelease.htm?PostingGUID={6FEFBA97-5F31-460E-B978-C2D7BC6B891E}
[...] Filed Under Housing Market · Tagged: 2009, Hamilton County, Hyde Park, Mt. Lookout, Oakley, statistics · Print This Article Hello there! If you are new here, you might want to subscribe to the RSS feed for updates on this topic.The housing market correction seems to be continuing in the Hamilton County area. The first quarter of 2009 has revealed nothing surprising, in that sales and prices are down compared to 2008′’s first quarter. On the positive side, houses in Hamilton County are taking 12% less time to sell, surely a benefactor of the large number of first time home buyers out there tempted by the lower home prices, and the encouragement of things like low rates, seller-funded point reductions, Federal $8000 first-time homebuyer credit and the Kentuckey Homebuyer Stimulus. [...]