Covington Offers New Incentive for Homebuyers

The City of Covington has a new program to assist homebuyers with the purchase of foreclosed homes. The City is offering interest free, forgivable loans to assist with the purchase of a home to live in as an owner occupant. This program is utilizing funds from the Neighborhood Stabilization Program. The purpose of the program is to reduce the number of foreclosed properties and increase the number of homeowners in the City of Covington. 

Homebuyers can receive assistance to cover 50% of the lender required down payment, 100% of the closing costs, and additional funds to make the purchase affordable. The assistance can cover up to 50% of the purchase price of the home.

Households can earn up to 120% of Area Median Income to qualify. This equates to an annual household income of $58,150 for a single person and $83,050 for a family of four. Borrowers must meet certain credit and underwriting requirements as well.

Eligible properties must be foreclosed, vacant, single family homes. They must also meet minimum housing standards and be located in an eligible area.

This program is offered on a first come, first served basis. Homebuyers are encouraged to contact the City of Covington as soon as possible to ensure funding availability.

For more information, or for a pre-approval appointment, please contact Jeremy Wallace or John Hammons at 859-292-2188.H