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}

Related...

• February 22, 2010 -- 201 S. Watchtower Dr. #302, Wilder, Kentucky 41076
• February 18, 2010 -- 6847 Vantage Court, Florence, Kentucky 41042
• February 12, 2010 -- 2474 Camellia Ct., Covington, KY 41017
• December 4, 2009 -- 3153 Fender Rd., Melbourne, KY 41059