Homeownership
Habitat for Humanity believes that all hard-working individuals
and families should have access to the benefits and stability
of homeownership. In this belief, we are committed to
partnering with families to build safe, healthy, and
affordable homes.
Our average cost to build each home is $100,000 and is made
possible by the generous support of our community. In addition
to grants, large donations of materials and volunteer labor
make it possible for us to sell homes to our
partner families with a 0% interest mortgage.
Habitat is a Partnership - Not a Charity
Habitat provides a "hand up, not a handout," which promotes an atmosphere of partnership with among Habitat, volunteers, and homeowners.
No-profit, No-interest
Habitat homes are not sold for profit. Each family's no-interest mortgage payment goes into our revolving fund to help future families.
Homeowner Selection
We do not discriminate on the basis of religion, race, or ethnic background. All applicable federal and state laws regarding mortgage lending are followed. Our selection criteria are:
- Income is 30-60% of the median income for Montgomery County with adjustments for family size
- Ability to repay with verifiable income. Debt-to-income ratio cannot exceed 40%
- Employment with at least 6 months on the job, or other approved form of stable income
- Currently living in substandard housing
- Willingness to partner through sweat equity
Sweat Equity
We require 275 sweat equity hours for a single-adult family and 550 hours for a two-adult family. A family earns sweat equity by building their own home, as well as the homes of other families.
Education for Homeownership
In order to further prepare our homeowners to succeed, Habitat provides classes in the areas of money skills, home maintenance, community resources, consumer credit counseling, legal issues, community involvement, nutrition, and insurance. These classes provide the knowledge and skills necessary for each family to become self-sufficient, active participants in their community.
