Frontier Housing - Mortgage Lending & Homeownership Program

What is Frontier Housing - Mortgage Lending & Homeownership Program?

Frontier Housing - Mortgage Lending & Homeownership Program is a first mortgage for homebuyers in Morehead, Kentucky, administered by Frontier Housing, Inc.

• Frontier Housing is a CDFI and one of the largest affordable home builders and mortgage lenders in northeastern Kentucky, serving 22 counties (founded 1974). It provides FHA/USDA/conventional and in-house CDFI mortgages, no-/low-down-payment options, self-help (sweat equity) housing, and construction. Free financial coaching and credit counseling. Military, emergency, healthcare, and education employees in the region receive a 0.25% rate reduction, up to $400 toward appraisal, and a free credit report.
• No down payment / 100% financing options.
• FHA 3.5% down (min 620).
• Free financial coaching and credit counseling.
• 0.25% rate discount for military/emergency/healthcare/education employees.
• Up to $400 appraisal assistance for qualifying professionals.
• Self-help housing program.
• Existing, modular, or manufactured homes eligible.
• Down payment and closing cost assistance available.

Do you have to pay it back?

Frontier Housing - Mortgage Lending & Homeownership Program is a first mortgage and is repaid under the terms set by Frontier Housing, Inc..

• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Frontier Housing - Mortgage Lending & Homeownership Program is open to buyers who will live in the home as their primary residence.

What are the income limits?

Frontier Housing - Mortgage Lending & Homeownership Program limits household income to 80% of the area median income, which varies by county and household size.

• HOME-funded projects require <=80% AMI; Frontier also serves 80%-120% AMI with special financing. Not limited to lower-income brackets across its 22 service counties. Specific limits by household size from Frontier directly.
• The limit applies to total household income, not only the borrower&rsquo;s.
• 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?

Frontier Housing - Mortgage Lending & Homeownership Program can be used for Single Family, Manufactured, and Modular.

• New construction is eligible.
• Manufactured homes are eligible.

Is there eligibility for specific groups?

Frontier Housing - Mortgage Lending & Homeownership Program names veterans, active-duty service members, reservists and National Guard members, educators, firefighters, and healthcare workers among the groups it serves.

• Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Where does it apply?

Frontier Housing - Mortgage Lending & Homeownership Program serves buyers purchasing in Morehead, Kentucky.

How do you apply?

Applications for Frontier Housing - Mortgage Lending & Homeownership Program go through Frontier Housing, Inc., which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program before funds are reserved.

2. 2

   Contact Frontier Housing, Inc. to reserve funds

   Funds are reserved with the provider and are subject to availability.

3. 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.