# Smart Paths to Your First Home: A Local Guide By Jeff Prow (@jeffprow) · Published 2026-09-28 Canonical: https://voce.com/@jeffprow/smart-paths-first-home-local-guide-tvqzug --- Your first home may be closer than a large down payment suggests. Depending on eligibility, [low- and no-down-payment options](https://www.northpointe.com/home-lending/loan-options/0down/chenoa) may be available, and some can be paired with state down payment assistance to help with upfront costs. I hear the same concern from first-time buyers in Louisville: saving for a large down payment feels out of reach. Once you see how the low-down and zero-down options work, and how a local lender connects you to state assistance, the path forward can start to feel more manageable. ![A modern brick home with a welcoming front porch under daylight](https://convex.voce.com/api/storage/5d20513d-4108-4a9b-a474-d42da3947dba) #### Key Takeaways - Low-down conventional programs like HomeReady® and Home Possible® offer a low-down payment with no minimum borrower contribution - Down payment assistance programs like Chenoa may help eligible buyers with upfront costs - Kentucky Housing Corporation programs may offer down payment and closing cost assistance to eligible buyers through participating lenders - A local loan officer can help you understand which programs you may be eligible for based on your income, credit, and purchase price ## What are the low-down payment options for first-time buyers? For many first-time buyers, a conventional loan with a low downpayment through the HomeReady® or Home Possible® [programs](https://www.northpointe.com/home-lending/loan-options/homeready-homepossible) offered by Northpointe Bank may be an option, with no minimum borrower contribution. These programs are designed to provide additional flexibility for eligible borrowers. HomeReady® allows a non-occupant co-borrower, often a parent, to be added to the mortgage, and both offer a path toward removing private mortgage insurance as you build equity. A homebuyer education course is required so keep that in mind. ## What zero-down options may be available? Qualified borrowers may be able to purchase with no down payment by pairing an eligible first mortgage with down payment assistance. Through Northpointe's participation in the [Chenoa Fund](https://www.northpointe.com/home-lending/loan-options/0down/chenoa), qualified borrowers may qualify to use assistance toward the purchase price, subject to program requirements. The Chenoa Fund works with FHA first lien loans, is open to first-time and repeat homebuyers, carries no income limitations, and asks for a minimum credit score of 600. A homebuyer education course will be required for borrowers with a credit score below 640. Borrowers choose between two assistance structures. The repayable option is a second mortgage that carries a monthly payment, while the forgivable option is a deferred loan with no monthly payments, forgiven after thirty-six (36) consecutive on-time payments on the first mortgage. If program requirements are met, the balance of the forgivable option may be forgiven after the required period. Either way, it is due in full if you sell, refinance, or move before the terms are satisfied. You can learn more about the program’s requirements [here](https://chenoafund.org/homebuyer/homebuyer-faq/). ## How does the VA zero-down option work? For eligible veterans, active-duty service members, and their families, a VA loan offers zero-down financing. Northpointe Bank requires a 600 minimum credit score for a VA loan. Eligibility is based on qualifying service requirements established by the VA. You will also need a Certificate of Eligibility (COE), Northpointe Bank can help you request. VA loans carry no monthly mortgage insurance, and Northpointe Bank will weigh residual income alongside your debt-to-income ratio. ## Where does the Louisville local advantage come in? Kentucky Housing Corporation (KHC) offers programs that may provide down payment and closing cost assistance to eligible buyers, and Northpointe Bank can help borrowers explore those options. KHC down payment assistance is available as a repayable second mortgage, and all KHC loans carry a statewide purchase price cap ([The Mortgage Reports](https://themortgagereports.com/90805/kentucky-first-time-home-buyer-programs-grants)). Mortgage Revenue Bond financing is subject to household income and purchase price limits established by the Kentucky Housing Corporation. Because these limits can change, check current program requirements when you are ready to explore your options. As a Louisville-based senior loan officer, I pair each buyer's program with the reality of the local market, working alongside real estate professionals as a partnering lender so your agent and I stay aligned from the first offer. Understanding your financing options early can help you focus your home search on neighborhoods and price points that fit your financial picture. ## How do you choose the right path forward? There isn't one financing path that works for every first-time buyer. Your income, savings, credit, military eligibility and home-buying goals can all help determine which programs may be worth exploring. Buying your first home can feel like a lot to navigate, but you don't have to know which program fits before you start. My job is to help you understand the options available to you and build a path forward that makes sense for your goals. **Jeff Prow** Senior Loan Officer | NMLS #52623 Northpointe Bank  Home Possible is a registered trademark of Freddie Mac. HomeReady is a registered trademark of Fannie Mae. Northpointe Bank is authorized to originate USDA, FHA and VA loans but is not an agent of, or affiliated with, the U.S. Government. All loans are subject to credit review and approval. This is not a commitment to lend. Other terms and conditions may apply.