NKY Specifics: Special Incentives for Living in Certain Areas?

NKY Specifics: Special Incentives for Living in Certain Areas?

Yesterday, I asked some of my Facebook friends if they had any real estate questions that I could answer on my blog, and this is one of the questions asked. My answer: yes, yes, a thousand times YES!

First of all, there are FHA loans for first-time homebuyers, which most people know. Technically, if you are buying your primary residence home and you haven't bought in three years (among other requirements), you are eligible. But that's just the tip of the iceberg.

If you are interested in living in Covington or Latonia, there are several programs available, including homes that are being completely rehabbed by the city and offered at affordable price or any home with up to $10,000 down payment and closing cost assistance ($6000 for Latonia) which is forgiven after 15 years of living at the property. If the property has exterior code violations, they'll also give you between $1000 and $2500 to fix the façade, also forgiveable after 15 years. There are some amazing properties that are priced extremely affordably. Did I mention that if you don't a low enough income ratio, they'll also take the purchase price down on their rehabbed properties? Amazing, and worth a look if you ask me!

The second major incentive for living in certain areas is the USDA Rural Housing Loan. This comes in two types - guaranteed (from a choice of lenders) and direct (for very low to low incomes, straight from the government), and is subject to income restrictions as well as location restrictions. They can be used with any home in the correct area that means condition standards up to $165,000 (which is a fairly large budget in today's market) and can be used towards new construction, if that interests you. They cannot, however, be used on existing manufactured homes. USDA Rural Housing Loans offer 0% down and the ability to ask for closing costs from other sources, so there is a potential for no money out of pocket. And check out the coverage map:

All of the orange areas are excluded, but that still leave most of Hebron, Burlington, Richwood/Union, Independence, Taylor Mill, Walton, Wilder, Highland Heights, and Alexandria, which is still a HUGE portion of NKY!

There are a few other programs out there that can help, but these are the biggest and most all-encompassing programs available. Of course, a quick call to your Realtor will let you know what programs you could possibly qualify for.

Now for the new FTC-required disclosure:

This communication is provided to you for informational purposes only and should not be relied upon by you. Century 21 Garner Properties is not a mortgage lender and so you should contact the entity providing mortgage product(s) identified directly to learn more about its mortgage products and your eligibility for such products.