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Habitat for Humanity

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!

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Habitat for Humanity

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  1. Habitat for Humanity Habitat is an ecumenical Christian housing ministry dedicated to selling affordable houses to qualifying partner families

  2. Habitat for Humanity Home Ownership is filled with • Joys • Responsibilities

  3. 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

  4. 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

  5. Partnership is key to success Habitat 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

  6. 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

  7. 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

  8. Eligibility Criteria • Income Guidelines • Application • Home Visits • Notification • Number of families selected based on greatest need and Habitat’s construction capacity

  9. Need Criteria • Below Upper Income Limit (less than 70% of average median income) • Overcrowded Living Conditions • Substandard Living Conditions • Cost Burdened

  10. Ability to Pay • Minimum Income Guideline • Debt to Income Ratio • No Liens or Judgments • Consistent Payment History • Able to Save for Closing Costs

  11. Willingness to Partner Sweat Equity -- 300 to 500 hours Assist with Construction Attend Workshops: Homebuyer Express/CCCS Others as available Perform Other Sweat Equity Tasks Attend budget counsel Develop budget for homeownership

  12. 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

  13. 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!

  14. 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?

  15. 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.

  16. Am I willing and able to save $75-100 a month now to pay the required deposit on time? You may be asking yourself…

  17. 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

  18. Home Ownership and Habitat Building a Home With friends and family With community volunteers With lots of instruction and help

  19. Home Ownership and Habitat Hear What Habitat Homeowners have to say . . .

  20. How much money do I owe? School loans Car loans Credit cards Other misc. bills Department store cards Medical bills Debt-to-income Ratio Compare Debt to Income Level Example: Monthly net income (after taxes, ins., etc.) = $900 Debt payments per month = $ 95 Mortgage Payment (max 28%) = $250 Debt to income ratio = 38% Acceptable ratio is 40%

  21. 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

  22. 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!!

  23. 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!

  24. 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 !

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