Housing Authority of Paducah

Homeownership Program

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What is the Homeownership Program?

The First-Time Homeownership Program is designed to remove the barriers that have historically kept low-to-moderate income individuals and families from owning their own homes. The program targets families who have never owned a home. Potential homeowners are provided access to below market, fixed interest rate loans, down payment and closing cost assistance, and homeownership training and counseling. Using this approach, HAP is able to assist many more families in purchasing new or existing homes and enhancing their financial stability. With assistance from federal, state, and private industry partners, the program can encompass a wide range of income levels, and potentially reduce the buyer’s out-of-pocket expenses.

Who Qualifies?

Eligible participants are current residents of the Housing Authority, families who are receiving assistance through the Housing Choice Voucher Program (Section 8), residents of Scattered Site Public Housing Programs, and income qualified families from the general public. Eligibility to participate in the program is based on the following criteria:

Participants must be first-time homebuyers who have not had an ownership interest in a home during the three (3) preceding years before commencement of the homeownership request.
Be at least 18 years of age.
Meet normal mortgage requirements which demonstrate credit worthiness.
Must occupy the purchased home as their principal residence.
Must enroll in and complete Home-Buyer Education and Counseling sessions.
Must meet other Housing Authority of Paducah residency requirements.
Income must be at or below 80% of the area median family income

Income Limits

Annual household income may not exceed the following median family income limits for McCracken County adjusted by family size:

1 PERSON	2 PEOPLE	3 PEOPLE	4 PEOPLE	5 PEOPLE	6 PEOPLE
$28,350	$32,400	$36,450	$40,500	$43,700	$46,950

Home Buyer Education

Home-Buyer Education and Counseling is a certificate program consisting of courses that prepare individuals and families for homeownership. Each class provides an array of topics to help individuals and families gain confidence in pursuing homeownership. Topics covered include:

Setting homeownership goals;
Developing a budget;
Credit counseling;
The mortgage loan process;
Loan closing procedure and foreclosure prevention;
Basic home maintenance.

The Home-Buyer Education and Counseling Program is open to all individuals and families who desire to purchase their own home; improve money management skills; gain tips on how to improve credit risk level for home financing; gain knowledge on how to seek home financing from lenders, or learn how to safeguard their home.

The Housing Authority of Paducah’s Homeownership Program requires successful completion of a homebuyer education and counseling course to be eligible for down payment/closing cost assistance and, in some instances, first mortgage loan qualifying.

How to Apply

For more information or to request an application, call the Housing Authority of Paducah Homeownership Coordinator at (270) 450-4226. Email requests for more information or an application to: jackie@paducahhousing.com.

“MAKING THE DREAM OF AFFORDABLE HOMEOWNERSHIP A REALITY”