Frankfort, KY – It's called the First Home Advantage Program and its being offered through the Kentucky Housing Corporation. The deferred mortgage plan will provide up to 45-hundred dollars for down payment and closing costs for first-time homebuyers. Governor Steve Beshear says the initiative, combined with a new federal tax credit, makes this a great time to buy your first home. "The American Recovery and Reinvestment Act of 2009, which President Obama signed in February, provides first-time homebuyers with an eight-thousand dollar tax credit and this will be in addition to that."
To qualify for the program, homebuyers must obtain a first mortgage through a KHC lender, meet income and purchase guidelines and have a minimum credit score of 620. The program opens May 1st and closes November 30th.