Kentucky

Gov. Steve Beshear, along with Kentucky Housing Corporation (KHC) Chief Executive Officer Richard L. McQuady, today announced that Kentucky will share $2 billion in federal assistance to help unemployed and underemployed homeowners pay their mortgages as they seek work, along with 16 other states and the District of Columbia. Kentucky is eligible for this assistance as a result of having sustained unemployment rates at or above the national average during the last 12 months.

KHC’s rate for government loans (Federal Housing Administration, Veterans Administration and Rural Housing Service) are currently at 4.375 percent. Applicants with a 700 or better credit score who are not using KHC down payment assistance can receive a 4.125 percent rate. These are the lowest rates that KHC has ever offered, and they plan to help as many Kentuckians as possible achieve homeownership.

As the housing downturn weighed on the nation’s regional markets differently, states responded with varying degrees of help. If you happen to live in a state (or are looking to move to one) that is actively propping up its housing sector, you may have the opportunity to save big when buying a home.