Program Requirements

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Applicants Must Demonstrate the Following:

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1. Substantial need for housing. Your housing must present one or more of the following issues:

• Substandard – problems with heat, water, electricity, structure

• Insufficient space – lacking enough bedrooms for the number of people in the household

• Dangerous – located in unsafe or unsanitary living conditions

• Inadequate – not suited for a family member who has a limitation

• Subsidized for an extended period of time

 

2. Ability to Pay

• Your income source(s) are consistent and show an ability to pay an affordable mortgage, utilities and home maintenance costs

• Your income will allow you to pre-pay $1,500 towards loan closing costs

• Your credit report and current debts are satisfactory

 

3. Willingness to partner with LHFH

• Completing the application on time with all the requested information

• Be willing to move to a new location within Lexington

• Agree to complete sweat equity hours

• Show that the homebuyer is ready for the responsibilities of owning and maintaining a home and yard

Requirements to Purchase a Lexington Habitat Home:

• U.S. Residency – You must provide proof of U.S. citizenship or legal residency through a birth certificate, passport,  permanent resident card, I-94 card, or other documentation provided by the U.S. government.

• Local Residency/ Work History – You must have lived or worked in Fayette County, KY for one continuous year prior to application.

• Monthly Income – Your gross monthly income must be at least $2,400 per month. Annual income from current sources must have been at least $28,800 for the 12 months prior to application. You must have been at the same job/had same income source for one year or had consistent income for two years prior to application.

• Satisfactory Credit – Your credit report and current debt must be satisfactory. We will obtain your credit report and review it with you to see if you are eligible to proceed. Bankruptcy filings must have been discharged a minimum of three years prior to your application. Any foreclosures must have been settled at least 5 years prior to your application. Collection and charge off debt cannot exceed $2,000.

• Have a total household income which does not exceed 60% of the median income for similar size families in Fayette County

• Household Size/Maximum Income (Updated June 2023):

Household of 1: $37,560

Household of 2: $42,900

Household of 3: $48,240

Household of 4: $53,580

Household of 5: $57,900

Household of 6: $62,160

Household of 7: $66,480

Household of 8: $70,740