Faith Community Housing Foundation   

                                                          Homeownership Program

General Information
May 2007

Faith Community Housing is seeking candidates interested in becoming a homeowner.  You can contact Ron Ide at 859-685-2163.   The FCHF office is located at 1451 N. Broadway in the Community Ventures Corp complex.

What is the purpose of Faith Community Housing Foundation program?
To provide affordable homeownership opportunities for qualified low-income Lexington/Fayette residents.    This program encourages families to become rooted and personally invested in the community.  This program also, provides for qualified special needs families.  The first step will be to get you through pre-purchase counseling phase.  REACH who we partner with provides this service.

Faith Community Housing Experience Level

FCHF, Central Bank, and REACH are partnering together to provide the expertise required to get you qualified for home ownership.  REACH is certified by the National Development Council as a housing development finance professional and who has completed several financial literacy train-the-trainer programs.   REACH provides all the pre-purchase home ownership counseling for FCHF.

How does this program work?

FCHF is beginning a single family housing production program to build modest, affordable homes and make them available for purchase by low-income Lexington/Fayette residents, including qualified families who reside in our rental to homeownership units.

What style/size homes are available?

Our standard home is a two-story, three-bedroom home of 1,300 square footage, all-electric and extremely energy efficient (average utilities of $120 per month). We can also build a two-bedroom home (for fixed-income elderly households), or a four-bedroom home for larger families.

 How does a family/individual become eligible for this program?
Interested families/individuals will receive a thoroughly checked to determine homeownership readiness through our partnership with REACH.  All participating households will be assisted with budgeting and credit counseling and must be pre-approved for their first mortgage loan (and sign a purchase contract) prior to the start of construction.

 What are the income guidelines for an applicant to be considered further?
The proposed financial structure will enable FCHF to make new, energy-efficient 2-, 3-, or 4-bedroom homes available to qualified buyers who have incomes as low as the 50% of average median income level.

PERSONAL FINANCE PROGRAM

REACH is currently providing financial literacy classes, using a combination of the HUD, KHC, Fannie Mae and REAP formats. Classes will include household budgeting, banking basics, becoming bankable, obtaining and understanding credit report, correcting credit inaccuracies, addressing delinquencies/write-offs etc. that contribute to poor credit, understanding the loan application and home buying process, and homeownership maintenance counseling.

How does the financial record of the applicant affect the selection?
A standard credit and reference check will be conducted on all applicants. A positive credit history will be a plus in considering someone for homeownership.

What are the obligations of the potential Homebuyer?

Homebuyers will contribute $500 and 20 hours of sweat equity each, and participate in mandatory financial literacy, budgeting, homebuyer counseling and home maintenance classes offered by FCHF at our office. Buyers must maximize debt capacity via the first mortgage loan, and only the amount of subsidy necessary to meet the acquisition gap will be provided.

What’s the role of FCHF program?

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© 2005 Faith Community Housing Foundation, Inc. All rights reserved.
Last updated December 2005