COVINGTON, Ky. - Lack of financial resources keeps some people from owning a home. So does lack of knowledge.
Credit scores, loans, closing costs, real estate contracts, appraisals, inspections - it's almost a separate language, one that's confusing enough to keep some people from pursuing the dream of homeownership.
On Saturday, June 30, a free fair aimed at helping would-be homebuyers understand what's expected of them will be held in Covington.
It's the second year for the Northern Kentucky Homeownership Fair, to be held 10 a.m. to 3 p.m. at the Life Learning Center at 20 West 18th St.
"Buying a home can be an intimidating process, but if you educate yourself and familiarize yourself with the terminology, requirements and procedures along the way, it gives you the confidence to pursue what most people consider the ultimate American Dream," said John David Hammons, CDBG/HOME Program Coordinator for the City of Covington.
About 30 vendors will be situated at booths, including realtors, insurance agents, appraisers, inspectors, lenders, credit counselors, and other community partners.
Attendees can learn the entire home-buying process from beginning to end. They will also be able to seek individualized advice by pulling their credit reports and discussing them with HUD-approved credit counselors.
More than 60 people attended last year's inaugural homeownership fair, and organizers expect a good crowd this year too. Anybody is welcome.
"You don't have to be ready to buy a house to attend," Hammons said. "If you've ever thought in any way, shape or form of owning a home, then this is a good event for you."
Hammons will staff the City of Covington's booth to talk about homebuyer assistance programs in Covington and the nearby river cities of Newport, Ludlow, Bellevue and Dayton. The five cities make up the Northern Kentucky HOME Consortium, formed to allocate federal HOME program funds.
In its current form, the homebuyer assistance program in Covington offers a forgivable loan of up to $5,000 to income-eligible buyers to help with closing costs and down payments. In the last 10 years, Covington has helped more than 500 people or couples buy a home in the city with the help of nearly $3 million in forgivable loans.
In the other four HOME Consortium cities, more than 240 people or couples have received over $1.44 million in forgivable loans over the last 10 years to help them buy homes.
Officials from the Life Learning Center and other social service agencies will be there to discuss their programs.
The fair is a collaboration of numerous agencies and organizations, including the Life Learning Center, the City of Covington, the Housing Authority of Covington, BB&T, the Boone County Assisted Housing Department, Brighton Center, Catholic Charities, Housing Opportunities of Northern Kentucky., Heartland Property Group, and the Northern Kentucky Community Action Commission.
Call (859) 372-5160 if you have questions.
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