HOW TO QUALIFY:

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.

  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 lending institution.
  3. You must meet the income guidelines  ​listed at the bottom of the page. 
  4. You will need to qualify as a first-time homebuyer.  (Typically, this means you have not owned a home in the past three years.)
  5. Identify a River City Housing property that you are interested in and notify your realtor or contact River City Housing at 502-587-6763 to inquire about available homes.
  6. After signing a contract to buy, there will likely be access to down payment assistance, which will involve an application process.

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


ALL OF OUR HOMES COME WITH DOWN PAYMENT ASSISTANCE

   INCOME GUIDELINES


             What will be my monthly mortgage payment?

     (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)