Financing plan offers 1 percent loans in Appalachia

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MONTICELLO, Ky. (AP) — Kentuckians who live in a 54-county region could be eligible for a special one percent financing program to buy a home.

Under the program, Kentucky Housing Corp. is making $6 million in loans available at a one percent, fixed rate for low- to moderate-income home buyers in the Appalachian region of Kentucky. The counties are part of the SOAR, Saving Our Appalachian Region initiative.

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SOAR was established in 2013 by Gov. Steve Beshear and Congressman Hal Rogers to address the significant challenges confronting Appalachian Kentucky.

Qualified home buyers can purchase a home using up to $6,000 in down payment assistance and lock into a fixed rate at 1 percent for 30 years.

 

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