Lisa Brandenburg

Covington, Kentucky Continues To Support HomeownersWith Down Payment Assitance

January 14, 2010

Covington, KY continues to lead the way with homeowners by continuing their down payment assistance program. The City of Covington is the only Northern Kentucky community that administers the federally funded program. The City of Covington gratefully extends some of their own assistance to neighboring river communities.

The main objective is to promote homeownership within the City of Covington. The city will issue up to an $8,000 down payment loan with no re-payment for a 15 year period. Provided the homeowner continues to live in the home as their primary residence the loan is forgiven and is considered a grant. Funds usually are replinished in July each year and can last for up to a year before exausted.

Teachers living in the district can qualify for an additional $1,000 of assitance and City of Covington workers could qualify for additional $2,000 above the basic $8,000 loan.

Hud income limits are generous for potential homeowners to qualify. One in the household can earn up to $39,950 per year and still qualify, while a family of five can earn as much as $60,050 annually. Credit qualification is a modest 620 score along with other restrictions.

I believe that City of Covington is doing an extraordinary service for future residents of their city. The homeowners I have been able to help are greatly appreciative for the assitance and could not have afforded a home without the help. I only wish more cities and municipalities would be more proactive in offering this kind of service.

When cities think smart, good things happen. A family can own their own home, and the city gets a new citizen that thinks a little more about his new hometown, all the while supporting the local economy. Its a win-win situation. Hats of to The City of Covington for continuing this program.

Lisa Brandenburg is a licensed Kentucky Realtor for Keller Williams Realty of Northern Kentucky

Phone: (859) 653-3420

Website: Lisabrandenburg.com

Email: lisa@lisabrandenburg.com