Habitat for Humanity of Madison and Clark Counties - Homeownership Program

Habitat for Humanity of Madison and Clark Counties - Homeownership Program is down payment assistance for homebuyers in Richmond, Kentucky, administered by Habitat for Humanity of Madison and Clark Counties, Inc. Affordable homeownership program in which qualified low-income partner families purchase a newly built Habitat home with an affordable 20-30 year mortgage held by the affiliate. Families invest a minimum of 350 sweat-equity hours, complete homeowner education classes and one-on-one financial counseling, and are paired with a mentor. Serves Madison and Clark Counties, KY (Berea, Richmond, Winchester). Equal Housing Opportunity. Affordable Habitat-held mortgage (20-30 year term). No large down payment required (sweat equity in lieu of down payment). Homeowner education and one-on-one financial counseling.

Habitat for Humanity of Madison and Clark Counties - Homeownership Program is down payment assistance and is repaid under the terms set by Habitat for Humanity of Madison and Clark Counties, Inc.. Repayment is triggered by Standard mortgage repayment; affiliate retains a right of first refusal and owner-occupancy/resale restrictions until the mortgage is paid in full. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Habitat for Humanity of Madison and Clark Counties - Homeownership Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: Applicant must not have owned a home in the last three years. On credit, the program states: Credit score of at least 600 (or three tradelines). Collections of $5,000 automatically disqualify; medical collections accepted only if not over $2,500; collections (excluding $2,500 or less medical) must be paid in full within 90 days of conditional board approval. Bankruptcy discharged at least 36 months; foreclosures settled at least 60 months; repossessions at least 18 months old; no unresolvable liens/judgments. A homebuyer education course is required, through Habitat for Humanity of Madison and Clark Counties (in-house homeowner education classes and one-on-one financial counseling). Residency requirement: Must have lived or worked in Madison or Clark County, KY for one continuous year prior to application. Citizenship or immigration status: Proof of U.S. citizenship or legal residency required. staged from primary sources (hfhmcc.org); verify before publishing. Habitat affiliate operates as Madison & Clark Counties (NOT the New York madisoncountyhabitat.org). Mortgage rate/lien terms not published; left blank.

Habitat for Humanity of Madison and Clark Counties - Homeownership Program limits household income to 60% of the area median income, which varies by county and household size. Maximum (2025): household gross annual income must not exceed 60% of area median income for similar-size families in the county. Minimum: gross monthly income at least $2,400 and annual income at least $28,800 in the prior 12 months. Madison County max by household size: 1=$49,500; 2=$56,600; 3=$63,650; 4=$70,700; 5=$76,400; 6=$82,050; 7=$87,700; 8=$93,350. Clark County max: 1=$59,650; 2=$68,200; 3=$76,700; 4=$85,200; 5=$92,050; 6=$98,850; 7=$105,650; 8=$112,500. $28,800 floor. The limit applies to total household income, not only the borrower’s. The program lists a maximum household size of 8. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Habitat for Humanity of Madison and Clark Counties - Homeownership Program can be used for Single Family. New construction is eligible. Manufactured homes are not eligible.

Habitat for Humanity of Madison and Clark Counties - Homeownership Program serves homebuyers purchasing in Richmond, Kentucky.

Applications for Habitat for Humanity of Madison and Clark Counties - Homeownership Program go through Habitat for Humanity of Madison and Clark Counties, Inc., which publishes the current terms and the application steps on its own site. 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.