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Habitat for Humanity Habitat is an ecumenical Christian housing ministry dedicated to selling affordable houses to qualifying

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Habitat for Humanity. Habitat is an ecumenical Christian housing ministry dedicated to selling affordable houses to qualifying partner families. Habitat for Humanity. Home Ownership is filled with • Joys • Responsibilities. Brookings Area Habitat for Humanity. You can buy a home! - PowerPoint PPT Presentation

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Habitat for Humanity

Habitat is an ecumenical Christian housing ministry dedicated to selling affordable houses to qualifying partner families

Habitat for Humanity

Home Ownership is filled with

• Joys• Responsibilities

Brookings Area Habitat for Humanity

You can buy a home!Affordable– Habitat does not make a profit

Habitat charges NO INTEREST

Solid, reliable program – building homes

since 1995

Affordable housing is our priority

House Selling Price will be approximately:3 Bedroom $55,000 (approximately $325/mo)

4 Bedroom $60,000 (approximately $375/mo) including property taxes and homeowner’s insurance

Partnership is key to successHabitat will:

• Build a house with you

• Sell you the house with a no interest loan

• Provide opportunities for you to learn the skills you will need to own a home

How does Habitat for Humanity work? • Meet Eligibility Requirements• Pay $700 deposit for down payment and closing

costs

• Attend Workshops• Build a Home -- Sweat Equity• Make House Payments• Fund for Humanity• Building Equity• Second Mortgage

How does Habitat for Humanity work?

• Specific House Design Criteria modest size, simple design, sale price includes cost of all materials including in-kind donations. Most of the labor is donated.

• Application Process – documents and a home visit

• 3 Selection Criteria– Need– Ability to Pay– Willingness to Partner

• Sweat Equity• Attend Workshops

Eligibility Criteria• Income Guidelines

• Application

• Home Visits

• Notification

• Number of families selected

based on greatest need and Habitat’s construction capacity

Need Criteria

• Below Upper Income Limit (less than 70% of average

median income)

• Overcrowded Living Conditions

• Substandard Living Conditions

• Cost Burdened

Ability to Pay• Minimum Income Guideline

• Debt to Income Ratio

• No Liens or Judgments

• Consistent Payment History

• Able to Save for Closing Costs

Sweat Equity -- 300 to 500 hours

Assist with Construction Attend Workshops:Homebuyer Express/CCCSOthers as available

Perform Other Sweat Equity TasksAttend budget counselDevelop budget for homeownership

Willingness to Partner

Habitat for Humanity House Design

• Habitat is not a custom home builder

• Square footage: 925 to 1100 square feet

• No garages or car ports

• One bathroom

• No dishwasher or central air

• You may not have a choice about the location

• You may not have a choice about floorplan

• No basement unless necessary

After the closing

• Set goals for improvements/additions

• Prioritize their level of need• Save carefully and wisely• Improve your home as you can

afford it• Enjoy this beautiful home of your

own!

You may be asking yourself…How many hours a week will I commit

to working with Habitat?

Who might help?

Am I willing/able to wait 10 to 18

months to move into my home?

Home Ownership and Habitat

Payments

Down Payment $700 in advance

Mortgage Payments $$250 - $300(including taxes and insurance)

Mortgage length depends on your ability to pay at time of closing — 15 to 30 years

Prepare formoving costs including utility hook-ups,lawn mower, lawn/garden tools, household items.

You may be asking yourself…

Am I willing and able to save

$75-100 a month now to pay

the required deposit on time?

Mandatory Workshops/Meetings• Partnership Agreement and Basic House Description

• Budgeting and financial management

• What it means to be a homeowner

• How to maintain your home

• Frequent meetings with your sponsor and Building

Committee

• Preparing for the Closing and Understanding Your

Mortgage

Home Ownership and Habitat

Building a Home

With friends and family

With community volunteers

With lots of instruction and help

Home Ownership and Habitat

Hear What HabitatHomeowners

have to say . . .

Debt-to-income Ratio How much money do I owe?

• School loans• Car loans• Credit cards• Other misc. bills

• Department store cards

• Medical bills

Compare Debt to Income Level

Example:Monthly net income (after taxes, ins., etc.) = $900Debt payments per month = $ 95Mortgage Payment (max 28%) = $250Debt to income ratio = 38%

Acceptable ratio is 40%

How to Apply

• Complete application today• Provide all documentation in

one week• Expect home visit in two to

three weeks• Notification of acceptance in six

weeks

Please Know that…

Some families apply 3 or 4 times before they become eligible.

We WANT to work with you. If you are not accepted the first time, please come back!!

Next Steps

Make sure:

• Your name is on the sign-in sheet.

• You fill out an application.

• The application and ALL paperwork is in the Habitat office by June 21.

• We can reach you by telephone!

Next Steps • You should hear from us within 4-6

weeks after we get your COMPLETED application.

• Call 692-5601 if you have questions.• Monday through Thursday office hours.

Brookings Area Habitat for Humanity

Thanks you for your time !