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.

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.

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.

Fahe My Place Mortgage is open to homebuyers who will live in the home as their primary residence. On credit, the program states: 660 minimum FICO score. A homebuyer education course is required, 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.

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.

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.

Fahe My Place Mortgage serves homebuyers purchasing in Berea, Kentucky. The program gives priority to designated target areas, so the address matters as well as the county.

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. Funds are reserved through Originated through participating correspondent lenders; loan registered with MERS and purchased by Fahe. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.