Habitat for Humanity Pennyrile Region Homeownership Program

What is Habitat for Humanity Pennyrile Region Homeownership Program?

Habitat for Humanity Pennyrile Region Homeownership Program is a silent second mortgage for homebuyers in Madisonville, Kentucky, administered by Habitat for Humanity Pennyrile Region, Inc.

• Habitat for Humanity Pennyrile Region builds and sells affordable homes to qualified partner families across Hopkins, Christian, Webster and Muhlenberg counties, financed with an affordable Habitat mortgage where payments generally do not exceed 30% of gross monthly income. Families complete sweat equity and homeownership workshops.
• Affordable Habitat mortgage (payments near 30% of income).
• Homeownership/financial education.
• Sweat equity in lieu of down payment.
• Funding comes from Habitat mortgage payments, donations, ReStore, sponsors.

Do you have to pay it back?

Habitat for Humanity Pennyrile Region Homeownership Program is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

• The assistance is recorded in First position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Habitat for Humanity Pennyrile Region Homeownership Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Habitat for Humanity Pennyrile Region Homeownership Program sets its income limit as follows: Income must be steady enough to cover mortgage, utilities and upkeep (Habitat guidelines; dollar table not published).

• The limit applies to total household income, not only the borrower’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?

Habitat for Humanity Pennyrile Region Homeownership Program can be used for Single Family.

• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

Habitat for Humanity Pennyrile Region Homeownership Program serves buyers purchasing in Madisonville, Kentucky.

How do you apply?

Applications for Habitat for Humanity Pennyrile Region Homeownership Program go through Habitat for Humanity Pennyrile Region, 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, through Habitat for Humanity Pennyrile Region (homeownership workshops).

2. 2

   Contact Habitat for Humanity Pennyrile Region, Inc. to reserve funds

   Funds are reserved through Periodic application windows, 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.