RIVER CITY

HOUSING

HOW TO QUALIFY:

   INCOME GUIDELINES

HOW DOWN PAYMENT ASSISTANCE WORKS:

When you submit your application, the funding source (Metro Government or the Affordable Housing Trust Fund) will calculate the amount of your assistance based on your household income, the price of the house, and other factors.  You will NOT be required to repay the assistance --  provided you meet some predictable requirements, such as using the home as your only residence, staying at the address a minimum number of ten years and maintaining the property.

  ALL OF OUR HOMES COME WITH DOWN PAYMENT ASSISTANCE


             What will my monthly mortgage payment be?

     (recent RCH sales)


HOUSE EXAMPLE  #1

$106,000 price of house
    $8,890  down payment assistance amount
       $686 monthly mortgage payment (PITI – principle, interest, taxes, insurance)


HOUSE EXAMPLE #2
$123,000 price of house
$ 12,800 down payment assistance amount
       $793 monthly mortgage payment (PITI)


HOUSE EXAMPLE #3
$118,000 price of house
$  14,000 Down payment assistance
    $767 monthly mortgage payment (PITI)


  1. You will need to complete HUD-certified New Homeowner Training by contacting either:  Louisville Urban League at 502-585-4622 or
    Apprisen at 502-458-8840 or go online to eHomeAmerica.org
  2. You will need to qualify for a mortgage from a bank or other reputable lender.
  3. You must meet the income guidelines at the bottom of the page. 
  4. You will need to qualify as a first-time homebuyer.  (You have not owned a home in the past three years.)
  5. After signing a contract to buy, you will need to complete an application, submit it to Metro Government or the Affordable Housing Trust fund and be approved.

In order to purchase a River City Home,  your income must not exceed:

Number in Household
Maximum household income
1 person
$37,200
2 people
$42,500
3 people
$47,800
4 people
$53,100
5 people
$57,350
6 people
$61,600
7 people
$65,850
8 people
$70,100