How long is the program and what am I required to do?
You set the pace! Expect to be in the program for 6-18 months to complete all the requirements.
• Attend homeownership classes on topics like budgeting, home safety and maintenance.
• Volunteer 350-450 hours of ‘sweat equity’.
• Contribute $1000 toward closing costs.
What will my monthly payments include?
Payments include the principal cost of the home (paid over 30 to 40 years with no interest) and escrow for Thomas County property taxes and homeowner insurance.
What makes a Habitat home affordable?
A few things: Habitat homes are sold at no profit and are financed with a 0% interest, 30 to 40-year mortgage. We are able to do this because the homes are funded by local corporations and partners in the community. Plus, they are built by skilled staff volunteers working with future homeowners.
What’s the impact of a 0% interest mortgage?
Take a look at the charts below. The traditional 30 year mortgage has a 5% interest rate. As the chart indicates, for a $175,000 mortgage a homeowner will pay an estimated $163,197.62 in interest payments alone over the term of the loan for a total loan amount of $338,197.62! Habitat homeowners receive a 0% interest loan (right), which saves $163,000 in interest payments over the life of the loan and makes the monthly payments affordable.
Do I have to have children to apply?
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the nation. We encourage any qualified applicant to apply and there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status or national origin.
Do I qualify?
Let’s find out. There are a few criteria. You must:
• …fit a specific income range.
• …have a housing need. (Are your current conditions: overcrowded, substandard, unsafe?)
• …require a very high percentage of your income for rent (is your more than 30% of your monthly income?)
• …have lived or worked in Thomasville or Thomas County for at least one year
• …have one year of steady, reliable income
• …have never owned a home before
• …have good credit. We don’t require perfect credit, but we consider families who demonstrate the ability to make regular payments on their bills.