First-Time Home Buyer Programs in Richmond (Madison County), KY
Richmond, Berea, and Madison County first-time buyers: including USDA zero-down options for eligible rural addresses, local market context, and a top-rated contractor shortlist.
Available Programs
KHC Down Payment Assistance
Kentucky Housing Corporation
Assistance for down payment and closing costs for qualifying first-time homebuyers. Repayable over 15 years at 4.75%.
- ✓ Up to $12,500 in assistance
- ✓ Can be combined with other programs
USDA Rural Development Loan
USDA
Zero down payment loans for homes in eligible rural areas of Kentucky.
- ✓ No down payment required
- ✓ Competitive interest rates
FHA Loan
Federal Housing Administration
Government-backed loans with lower down payment and credit requirements.
- ✓ Only 3.5% down payment
- ✓ Lower credit score accepted
VA Home Loan
Department of Veterans Affairs
Zero down payment loans for veterans, active military, and eligible spouses.
- ✓ No down payment
- ✓ No private mortgage insurance
Welcome Home Grant
Federal Home Loan Bank of Cincinnati
Grant for down payment and closing costs. Does not need to be repaid. Income must be at or below 80% of MRB limits. Homebuyer must contribute at least $500 of own funds.
- ✓ Does not need to be repaid
- ✓ Not limited to first-time homebuyers
Habitat for Humanity Kentucky
Habitat for Humanity
Partner with Habitat to build or renovate affordable homes with sweat equity.
- ✓ 0% interest mortgage
- ✓ Build equity through sweat equity
KHC Affordable DAP
Kentucky Housing Corporation
Low-interest assistance for lower-income buyers. 1% interest rate, 10-year term.
- ✓ Only 1% interest rate
- ✓ 10-year repayment term
Conventional 97 Loan
Fannie Mae / Freddie Mac
Conventional loan option with just 3% down for first-time buyers.
- ✓ Only 3% down payment
- ✓ PMI can be removed at 20% equity
USDA Rural Eligibility in Madison County
Parts of Madison County are in USDA rural-eligible areas — eligibility is determined by the property address.
Check your address →Local Market
The median home price in Madison County is approximately $294,000.
Local Resources in Richmond
Madison County's median home sale price was about $294,000 (Redfin county-level data, last 3 months ending June 2026), a relatively balanced market; eligible rural addresses in Berea and outer Madison County may qualify for USDA zero-down financing.
Housing Counseling Agencies
HUD-approved agencies offering homebuyer education and counseling.
Official Government Resources
Top-Rated Contractors in Madison County
Ranked by a Reputation Score from third-party reviews and public records.
Thomas Quality Construction LLC
Richmond, KY
Family-owned roofing and restoration company founded in 2001 by Gary Thomas, now led by sons Mathew and Tyler. Roof repair, replacement, siding, gutters, and water/fire damage restoration across Central Kentucky.
Rating as of 2026-06-09
Pinnacle Roofing
Richmond, KY
Veteran-owned residential roofing company with offices in Richmond, Lexington, and Louisville. GAF Master Elite Contractor, GAF President's Club 2-Star Award winner, A+ BBB. Over 10 years serving Central Kentucky.
Rating as of 2026-06-09
Bluejay Construction
Richmond, KY
Veteran-owned roofing and construction company founded in 2019. Owens Corning Preferred Contractor, FORTIFIED Certified, A+ BBB. Serves Richmond, Lexington, Berea, and greater Central Kentucky.
Rating as of 2026-06-09
Frequently Asked Questions
What first-time buyer programs are available in Richmond? ▼
Richmond residents in Madison County have access to several programs including the KHC Down Payment Assistance program, FHA loans, and other state and federal options. The programs listed on this page are filtered specifically for Madison County. Eligibility depends on income, credit score, and other factors — verify directly with program administrators.
Do I need to be a first-time buyer to qualify? ▼
Some programs require first-time buyer status (generally defined as not owning a home in the past 3 years), but others like FHA and USDA loans are available to all qualifying buyers. Check each program's requirements and confirm eligibility with the program administrator.
How do I find a contractor in Madison County? ▼
The top-rated contractors section below lists contractors serving Madison County ranked by a Reputation Score derived from third-party reviews and public records. You can also browse the full contractor directory for more options.
Are these program listings guaranteed to be current? ▼
No. These listings are informational only. Program details, funding availability, and eligibility requirements change frequently. Always verify directly with the program administrator before making any financial decisions.
Want to see who offers these services locally? View local sponsors →