About_Home Ownership

Home Ownership

OUR CRITERIA FOR DETERMINING NEED:

Familiy must not be able to qualify for home ownership through conventional financing or any other special loan program.

Family's annual income must be less than 80% of the median income for intended geograpical area.

Family must be experiencing one of the following:

Living in inadequate housing (overcrowded, physically defective, or temporary)
Extremely cost burdened (more than 50% of income spent on housing).
Relying on temporary, non-sustainable financial support for current housing.

Home Ownership

Habitat chooses to partner with families based on three criteria:

1) Need

2) Ability to repay a low-cost, no profit mortgage loan

3) Willingness to provide "sweat equity"

We call our process a partnership, because it involves time and commitment from both parties. For example, it involves training in financial management, home maintenance and other topics. It's not unusual for this process to take a year as a family moves through the process to home ownership.

Please consult the chart below for qualifying income levels.

QUALIFYING INCOME LEVELS
# IN FAMILY	MONTHLY INCOME
1	$1,250 - 2,416
2	$ 1,250 - 2,762
3	$1,250 - 3,108
4	$1,250 - 3,454
5	$1,250 - 3,729
6	$1,250 - 4,004
7	$1,270 - 4,283
8	$1,366 - 4,558


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