Home Ownership Financing Products

CVC's down payment and closing cost assistance program provides financial assistance to low-income families for down payment and closing cost assistance when they do not have sufficient funds for the up-front costs of buying a home. A second mortgage with a reduced rate is given to families to fill the gap between purchase prices plus closing costs and the first mortgage. Rates and terms for these loans are established according to the individual homebuyer's income, household size and ability to pay, to ensure long-term affordability. CVC offers down payment and closing cost assistance loans. CVC also offers a Section 8 to home ownership program through partnerships with local housing authorities. Free orientation is required.

Through our lease purchase program, CVC acquires and rehabilitates or newly constructs houses and then leases them to income-eligible clients for a period of time, typically two years. CVC helps families/individuals who want to own their own home, but do not qualify for financing. The family rents the home that they want to own for up to two years while resolving credit and/or debt issues. During the lease phase, potential home buyers receive long-term counseling, training, and support to assist them in becoming credit ready, in strengthening financial management and budgeting skills, and in preparing for homeownership. Once families/individuals demonstrate that they are credit ready and prepared for homeownership, they assume ownership of the home from CVC with first mortgage financing from a bank partner or CVC. These families typically also receive down payment and closing cost assistance from CVC. All lease purchase participants receive intensive post-purchase counseling to ensure adequate long-term maintenance of the home, to decrease risks of predatory lending involvement, and to prevent delinquencies and foreclosures. Free orientation is required.

Backed by such funding partners as Neighborworks America, USDA Rural Housing Development, U.S. Department of Treasury Community Development Financial Institutions, and Kentucky Housing Corporation, CVC has loan funds available to help potential first-time home buyers of low-to-moderate incomes construct new homes in rural Kentucky Counties. Our Community Housing Development Organization (CHDO) loans through Kentucky Housing Corporation are available in these rural Kentucky Counties: Adair, Anderson, Boone, Bourbon, Boyle, Casey, Campbell, Estill, Franklin, Gallatin, Garrard, Green, Hart, Harrison, Jesssamine, Kenton, Larue, Lincoln, Marion, Mercer, Nicholas, Pendleton, Scott, Taylor and Woodford. Free orientation is required. If you are interested in this program, look at this document.  It has pictures and a description of our CHDO program.  You can find it here.