WHY RENT WHEN YOU CAN OWN?
Habitat for Humanity of Highland County is a partnership housing program, in the truest sense of the word. Applicants must demonstrate need for housing, qualify financially, be willing to partner with Habitat by working side by side with volunteers each week building their own home and the homes of others and committing to attending homeownership and financial training classes. In exchange, they are provided the opportunity to buy a safe, decent Habitat for Humanity home with an affordable mortgage payment. We are not a charity and we give away nothing, but opportunity.
STOP PAYING A LANDLORD AND SEE IF YOU QUALIFY TO PAY A MORTGAGE!
Below are the steps necessary to see if you may qualify: First, you must be willing to live where Habitat for Humanity of Highland County has available land or homes for rehab.
STEP 1: Do you meet the following requirements:
§ Earn a minimum monthly household income of at least 30% (but no more than 80%) of the median income per month (table below)
§ Married applicants must apply together and both must commit to all partnership and financial obligations.
§ Inability to qualify for a conventional mortgage.
§ No bankruptcy filed within the past three years – must be three years from date of discharge.
§ No felony convictions for anyone in household over age 18 within the past five years
§ No eviction within the past 12 months
§ No foreclosure within the past 3 years
§ Debt/Income ratio cannot exceed 40% of monthly income spent on estimated mortgage payment of $500 and monthly debt combined.
§ A credit report will be pulled for each applicant. An applicant will not be considered if they have over $2,000.00 in past due, uncollected debt. Each applicant must present a written payment plan with any creditor owed for any “bad” debt items that total under $2,000.00. If approved, you must provide monthly proof of payments to Habitat for any written payment plans you submit with your application.
§ All open judgments or liens must be paid and/or released before your application can be considered.
STEP 2: Do you meet our three criteria?
1) Need for Adequate Housing You must be living in substandard or inadequate housing that does not meet your needs. We will also consider those who are currently living in subsidized housing, are currently living with other families/friends, or who are homeless, and anyone whose current housing expenses exceed 30% of their income. Do not disqualify yourself because you feel you do not have a housing need. We encourage you to apply and let us determine if you meet these criteria.
2) Ability to Pay You must be able to afford an estimated monthly mortgage payment of $500 (including taxes and insurance). You must also meet our minimum income guidelines and not exceed our maximum income guidelines depending on your family size as listed below: 2016 Ohio Income Limits
3) Willingness to Partner Earning Sweat Equity .To be considered for a Habitat home you must be willing to earn “sweat equity” hours. Your help in building your home and the homes of others is called “sweat equity” and may include construction, working in the Habitat Store or other approved activities. You also will be required to attend classes covering finances, home ownership, and home maintenance. Applicant household purchasing the home must earn 300 hours of sweat equity.Do you Commit to the following partnership requirements?
§ Commit to certifying debts AND income every six months until home is purchased. Any negative change in income or if your debt to income ratio should exceed 40% up to the date that you purchase your home, could result in your de-selection from the Habitat program.
STEP 3: Request an application if you think you qualify
If you would like to learn more about our home ownership program, call us at 937-403-1257.