HOW TO QUALIFY FOR DOWNPAYMENT 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)
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.
Phone Louisville Urban League at 502-585-4622 or Apprisen at 458-8840,
or go online to eHomeAmerica.org
In order to purchase a River City Home, your income must not exceed
|Number in Household||Maximum household income|
ALL OUR HOMES COME WITH DOWN PAYMENT ASSISTANCE.
RIVER CITY HOUSING