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You could be eligible for down payment and closing cost assistance through the Kentucky Welcome Home Program (WHP)!  WHP offers grants to fund reasonable down payments and closing costs incurred by low- and moderate-income homebuyers.  We encourage you to reach out to your local bank if you have specific questions on whether or not they can assist with applications for the Welcome Home Program.  Here are some details to get you started:

WHP grants are available starting at $10,000 and up to $20,000 for homebuyers.  Veterans, active duty military personnel, reservists, or surviving spouses of service personnel are eligible for up to $25,000. Welcome Home funds are available for reservation on a first-come, first-served basis beginning at 8:00am ET on March 1, 2024 and will remain available until all funds have been reserved.  There are thousands of dollars available in this program so DO NOT hesitate to ask your local bank for more information! 

Eligibility Requirements for Homebuyers
To be eligible for the Welcome Home grant, the following homebuyer guidelines must be met:

  • Total income for all occupants who will reside in the home is at or below 80 percent of the Mortgage Revenue Bond (MRB) limit for the county and state where the property is located; in Pulaski County that limit is $78,600 total income for a 2-person family and $90,390 total income for a 3+ person family.
  • The homebuyer has at least $500 of their own funds towards to contribute to the down payment and/or closing costs;
  • IF the applicant is a first-time homebuyer (typically anyone who has not owned a home in the last three years), a satisfactory homebuyer counseling course is completed prior to the loan closing (applicants do not have to be first-time homebuyers);
  • A fully executed (signed by buyer and seller) purchase contract on an eligible property is in hand.

Eligibility Requirements for Property
To be eligible for the Welcome Home grant, the following property guidelines must be met:

  • The property will be the homebuyer’s primary residence;
  • The property is a single family, condominium, townhome, multi-unit (up to four family units), duplex, or a qualified manufactured home which may be eligible if it is taxed as real estate and affixed to a permanent foundation; and,
  • The property is subject to a legally enforceable five-year retention mechanism, included in the Deed or as a Declaration of Restrictive Covenants to the Deed, requiring the lender (bank) to be given notice of any refinancing, sale, foreclosure, deed in-lieu of foreclosure, or change in ownership during the five year retention period.

Local banks that can support your application include:

Cumberland Valley
Citizens Bank
Citizens National Bank
First and Farmers

Again, please reach out to your lending agency or bank to inquire on specific details.  We’re also happy to answer questions at our office as our team is well versed in the rules and regulations of the Welcome Home Program.  Happy House Hunting!