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Fahe My Place Mortgage

Federation of Appalachian Housing Enterprises, Inc. (Fahe) - a CDFI · Berea, Kentucky

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See what you qualify forOfficial program site →
Assistance

4%

Of the purchase price, as the program sets it

Income limit

140% AMI

Of area median income; varies by county and household size

Repayment

Repayable

Repaid on the terms set by Federation of Appalachian Housing Enterprises, Inc. (Fahe) - a CDFI

What is Fahe My Place Mortgage?

Fahe My Place Mortgage is a second mortgage for homebuyers in Berea, Kentucky, administered by Federation of Appalachian Housing Enterprises, Inc. (Fahe) - a CDFI.

  • My Place Mortgage is Fahe's down payment and closing-cost assistance program delivered as a 30-year interest-only second mortgage equal to up to 4% of the lesser of purchase price or appraised value, with no dollar cap. The second mortgage rate matches the first mortgage rate, proceeds can cover up to 100% of cash to close, and it pairs with HomeReady, Home Possible, or conventional first mortgages. Fahe is a Kentucky-based CDFI and the program is offered through participating correspondent lenders to borrowers at or below 140% AMI.
  • Up to 4% of purchase price with no dollar cap.
  • Covers up to 100% of cash to close.
  • No minimum borrower contribution.
  • Interest-only payments keep costs low.
  • Pairs with conventional, HomeReady, and Home Possible.
  • Generous 140% AMI income limit.
  • Funding comes from Fahe (CDFI) - loans funded by lender then purchased by Fahe.

How much assistance does it provide?

Fahe My Place Mortgage provides assistance worth 4% of the purchase price, as set by the program.

  • Amounts are the program's published maximums, not an offer — Federation of Appalachian Housing Enterprises, Inc. (Fahe) - a CDFI determines any individual award.

Do you have to pay it back?

Fahe My Place Mortgage is a second mortgage and is repaid under the terms set by Federation of Appalachian Housing Enterprises, Inc. (Fahe) - a CDFI.

  • Repayment is triggered by Interest-only second mortgage; principal due upon sale, refinance, transfer, maturity, or early payoff of the first mortgage. Not forgivable.
  • The assistance is recorded in Second position.
  • Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Fahe My Place Mortgage is open to buyers who will live in the home as their primary residence.

The program requires

  • The home is occupied as a primary residence
  • On credit: 660 minimum FICO score.
  • A completed homebuyer education course, through Approved homebuyer education required (Framework; DU/FNMA HomeView or LPA/FHLMC CreditSmart).
  • GAP: dpa_interest_rate equals the first mortgage rate (variable). GAP: new construction eligibility and county-specific eligible-area matrix not captured (see State Matrix on fahe.org/myplacemortgage). Program guide reviewed is June 2024 edition; confirm current term sheet. Eligible products: Fannie Mae HomeReady, Freddie Mac Home Possible, conventional.

The program excludes

  • Manufactured homes
  • Households above 140% of area median income

These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.

What are the income limits?

Fahe My Place Mortgage limits household income to 140% of the area median income, which varies by county and household size.

  • Household income at or below 140% of AMI per Fannie Mae's income lookup tool (80% AMI cap if using HomeReady/Home Possible with no first-time-buyer requirement).
  • Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Fahe My Place Mortgage caps the purchase price as follows: No fixed maximum; second mortgage is up to 4% of the lesser of purchase price or appraised value with no dollar cap.

  • Eligible property types include Single Family, Condo, PUD, and Townhouse.
  • Manufactured homes are not eligible.

Where does it apply?

Fahe My Place Mortgage serves buyers purchasing in Berea, Kentucky.

  • The program gives priority to designated target areas, so the address matters as well as the county.

How do you apply?

Applications for Fahe My Place Mortgage go through Federation of Appalachian Housing Enterprises, Inc. (Fahe) - a CDFI, which publishes the current terms and the application steps on its own site.

  1. Take a homebuyer education course

    Required by the program, through Approved homebuyer education required (Framework; DU/FNMA HomeView or LPA/FHLMC CreditSmart)..

  2. Contact Federation of Appalachian Housing Enterprises, Inc. (Fahe) - a CDFI to reserve funds

    Funds are reserved through Originated through participating correspondent lenders; loan registered with MERS and purchased by Fahe., and are subject to availability.

  3. Work with a lender who handles the program

    Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.

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