See programs you qualify for
Get Matched Free →By Tyler Thompson · Licensed Real Estate Agent · Updated April 11, 2026
Homebuyer Programs in Florence, KY (2026)
Florence is the largest city in Boone County and the second-most populous city in Northern Kentucky, located just south of Cincinnati, Ohio. With a median home price around $280,000, Florence offers a more affordable entry point compared to the greater Cincinnati metro. Buyers here can take advantage of the Northern Kentucky HOME Consortium Homebuyer Assistance program, which provides up to $10,000 in zero-interest forgivable loans for down payment and closing costs. The HONK Lease-to-Own Homeownership Program and Habitat for Humanity of Greater Cincinnati also serve the area, along with the FHLB Cincinnati Welcome Home Program offering grants of $10,000 to $20,000. By stacking local, state, and federal programs, Florence homebuyers may be able to combine $30,000 or more in total assistance.
County Programs in Boone County
| Program Name | Type | Amount | First-Time Only | Details |
|---|---|---|---|---|
| Northern Kentucky HOME Consortium Homebuyer Assistance | Forgivable Loan | Up to $10,000 | No | View → |
- Type:
- Forgivable Loan
- Amount:
- Up to $10,000
- First-time only:
- No
State Programs in Kentucky
| Program Name | Type | Amount | First-Time Only | Details |
|---|---|---|---|---|
| FHLB Cincinnati Welcome Home Program | Grant | Grants of $10,000 to $20,000; up to $25,000 for veterans, active-duty military, and surviving spouses | Yes | View → |
| KHC Affordable Down Payment Assistance (Affordable DAP) | Repayable Loan | Up to $7,500 | No | View → |
| KHC Regular Down Payment Assistance (DAP) | Repayable Loan | Up to $12,500 | No | View → |
- Type:
- Grant
- Amount:
- Grants of $10,000 to $20,000; up to $25,000 for veterans, active-duty military, and surviving spouses
- First-time only:
- Yes
- Type:
- Repayable Loan
- Amount:
- Up to $7,500
- First-time only:
- No
- Type:
- Repayable Loan
- Amount:
- Up to $12,500
- First-time only:
- No
Federal Programs
| Program Name | Type | Amount | First-Time Only | Details |
|---|---|---|---|---|
| FHA Loans | Government-Insured Mortgage | Up to FHA county loan limits ($541,287 floor to $1,249,125 ceiling for single-family in 2026) | No | View → |
| Good Neighbor Next Door (HUD) | Government Property Sale Program | 50% discount off the list price of HUD-owned homes | Yes | View → |
| Home Possible Mortgage (Freddie Mac) | Government-Guaranteed Mortgage | Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment | No | View → |
| HomeReady Mortgage (Fannie Mae) | Government-Guaranteed Mortgage | Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment | No | View → |
| HUD $100 Down Program | FHA-Financed HUD REO Purchase | Only $100 down payment required (vs. standard 3.5% FHA down payment). HUD may also pay up to 3% of buyer's closing costs. | No | View → |
| USDA Rural Development Loans | Government-Guaranteed Mortgage | 100% financing (no down payment required); loan amount up to appraised value | No | View → |
| VA Loans | Government-Guaranteed Mortgage | No loan limit for veterans with full entitlement (0% down at any price); partial entitlement subject to conforming limits ($832,750 standard in 2026) | No | View → |
- Type:
- Government-Insured Mortgage
- Amount:
- Up to FHA county loan limits ($541,287 floor to $1,249,125 ceiling for single-family in 2026)
- First-time only:
- No
- Type:
- Government Property Sale Program
- Amount:
- 50% discount off the list price of HUD-owned homes
- First-time only:
- Yes
- Type:
- Government-Guaranteed Mortgage
- Amount:
- Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment
- First-time only:
- No
- Type:
- Government-Guaranteed Mortgage
- Amount:
- Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment
- First-time only:
- No
- Type:
- FHA-Financed HUD REO Purchase
- Amount:
- Only $100 down payment required (vs. standard 3.5% FHA down payment). HUD may also pay up to 3% of buyer's closing costs.
- First-time only:
- No
- Type:
- Government-Guaranteed Mortgage
- Amount:
- 100% financing (no down payment required); loan amount up to appraised value
- First-time only:
- No
- Type:
- Government-Guaranteed Mortgage
- Amount:
- No loan limit for veterans with full entitlement (0% down at any price); partial entitlement subject to conforming limits ($832,750 standard in 2026)
- First-time only:
- No
Nonprofit Programs
| Program Name | Type | Amount | First-Time Only | Details |
|---|---|---|---|---|
| Habitat for Humanity of Greater Cincinnati NKY Homeownership | Zero-Interest Loan | Affordable home purchase with 0% interest mortgage | No | View → |
| HONK Lease-to-Own Homeownership Program | Deferred Loan | Varies; portion of monthly lease payments gifted back at purchase for down payment and closing costs | No | View → |
- Type:
- Zero-Interest Loan
- Amount:
- Affordable home purchase with 0% interest mortgage
- First-time only:
- No
- Type:
- Deferred Loan
- Amount:
- Varies; portion of monthly lease payments gifted back at purchase for down payment and closing costs
- First-time only:
- No
How to Apply
Step 1: Check your eligibility. Most programs in Florence require household income at or below 80% of Area Median Income. For the NKY HOME Consortium program, income limits are approximately $56,650 for a single person and $80,900 for a four-person household in Boone County.
Step 2: Complete homebuyer education. Brighton Center, a HUD-approved housing counseling agency in Northern Kentucky, offers free homebuyer education courses including virtual workshops and a six-hour Saturday class. Contact their Financial Wellness Department at (859) 491-8303 to register.
Step 3: Get pre-approved for a mortgage. Work with a Kentucky Housing Corporation (KHC) approved lender to explore state-level DPA options alongside your local programs. A KHC-approved lender can help you access the KHC Regular Down Payment Assistance or the Welcome Home Grant simultaneously.
Step 4: Apply for the NKY HOME Consortium Homebuyer Assistance. Submit your application online through the Neighborly Software portal. Funds are reserved once you submit a fully accepted purchase contract.
Step 5: Find a home within program guidelines. The NKY HOME Consortium program covers homes in Florence and other consortium cities. Make sure the property will be your primary residence.
Step 6: Coordinate your closing. Your lender and the City of Covington Neighborhood Services Department will work together to apply your assistance at closing. The NKY HOME Consortium loan is forgiven after five years of continuous owner-occupancy.
Frequently Asked Questions
How much down payment assistance can I get in Florence?+−
Do I have to be a first-time homebuyer to qualify?+−
What is the maximum home price I can pay in Florence?+−
What homebuyer education is required?+−
What is the HONK Lease-to-Own program and does it serve Florence?+−
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