From the Paducah Alliance of Neighbors:
The Paducah Alliance of Neighbors is accepting applications for its Heart of Paducah Homebuyer Program. This program allows income-qualified, mortgage-ready families to purchase newly-constructed homes at an affordable price. These homes will be built in the Walter Jetton Area, the City of Paducah’s initial Southside housing focus area.
Heart of Paducah Homebuyer Brochure
Sharon Poat, the organization’s Executive Director says, “We are excited to be among the first developers bringing new life and new energy to the Walter Jetton Area. We just transferred our first new home in this area to a first-time homebuyer, and we will be beginning two more homes by the end of the year. We can’t wait to see the changes that the next few years will bring to this neighborhood.”
Available plans are for 2- to 4-bedroom homes with 1,000 to 1,400 square feet, depending on the family’s need and budget. We have funding available now for four more homes.
To qualify for the program, applicants will need to meet several qualifications:
1. Have not owned a home in the past three years. (exceptions for divorcees who do not retain ownership rights of marital home and substandard mobile homes.)
2. Have no more than $50,000 in cash or similar assets.
3. Have a credit score above the 680 range.
4. Have a minimum household income in the $33,000 range without excessive debt to afford a mortgage of at least $75,000. Depending on home size, mortgages will be in the
$75,000 to $125,000 range.
5. Have a household income at or below 80% of the HUD Area median income for McCracken County.
The limits for various family sizes are listed in the program brochure.
More information about the program, income limits, and the process may be found in the brochure or on the Paducah Alliance of Neighbors Website.
We encourage interested households to make applications to the program by December 15, 2024. However, we will continue to accept applications after that date.
