Interested in becoming a Habitat homeowner?
The home ownership program at Habitat Area empowers applicants to build a new life for themselves through simple, decent, affordable home ownership. Habitat builds and renovates homes with the help of the community, donors and future homeowners. These energy-efficient Habitat homes are sold to individuals and families who qualify and are approved for our program. Those who partner with Habitat are hardworking community members who are looking for the stability of home ownership. Habitat builds much more than houses – the impact of home ownership is profound and lasting. It’s a program that works!
HOW ARE APPLICANTS SELECTED?
- Applicants must complete an application for home ownership.
- Habitat uses three criteria for evaluating interested applicants: need for housing, ability to pay and willingness to partner. (see below)
- Applicants who fit under Habitat’s guidelines are considered by a committee of local volunteers who determines which applicants are most qualified. Those who best meet Habitat’s criteria will be interviewed in their current home, and the final round of applicants will be interviewed by the entire committee. The committee makes a recommendation to Habitat’s Board of Directors, and the applicants are notified of final decisions.
Selection Criteria for Habitat’s Housing Program
Need for Housing
- Applicants cannot qualify for a mortgage through conventional financing.
- Applicants’ current housing is overcrowded or too expensive.
- Applicants’ current housing presents substandard conditions regarding its structure, wiring, plumbing, accessibility, mechanical and heating.
Ability to Pay a Monthly Mortgage
- Applicants should be able to demonstrate steady income and a history of consistent, on time payments.
- Applicants’ income should be within Habitat’s income guidelines. Habitat serves households with a maximum income of 80% of the area median income (AMI)
|Family Size||Max. Income||Family Size||Max. Income|
(State of Wyoming AMI, US Department of Housing and Development, FY2016)
Willingness to Partner with Habitat. Applicants should demonstrate the desire to participate in the Habitat program. The following are the most important components of the Habitat program:
- Contribute a minimum of 500 sweat equity hours.
- Participate in a high impact marketing program.
- Maintain strong communication with a volunteer who acts as Habitat liaison and advocate.
- Work with other volunteers on the construction site.
- Attend classes and complete a home buyer program.
- U.S. Citizenship or permanent residency status.
- Four years must have passed since any bankruptcy was discharged. Liens or judgements are considered. Judgements should be able to be solved before closing on the home.
OTHER FREQUENTLY ASKED QUESTIONS
HOW MUCH DO HABITAT HOMES COST?
- The price of the home is set by the appraised value of the home, according to Habitat International pricing policy. The appraisal is performed by a certified local appraiser who considers the deed restriction on the homes. Habitat does not make a profit on the sale of the homes. Habitat in fact subsidizes the construction of Category I homes in Teton and Lincoln Counties, which means the cost of the home construction is higher than the sales price of the home.
- Because of Habitat’s efforts and the community’s support, Habitat sells the homes at an affordable price. Monthly payments include taxes, home owners’ insurance, home owners’ association dues, land lease fee and reserve fees, if required.
- The price of the homes cannot be set until the appraisal takes place.
- Habitat sells homes with a zero percent mortgage loan at 30 years.
IS THERE A DEPOSIT OR DOWN PAYMENT NEEDED?
- A $100 good-faith deposit is required once applicants become selected. This money is allocated toward the remainder of the closing cost.
- Once selected, applicants must save to cover closing costs such as title insurance, one year of home owners’ insurance and six months of property taxes. Habitat works with selected applicants, known as partner families, to design a payment plan that is affordable. Partner families are expected to make regular deposits towards this goal in order to remain in the program before buying their home.
- No down payment is needed.
WHAT ELSE DO I NEED TO KNOW?
- Habitat homeowners own their home, but not the land where the house is built on. To ensure permanent affordability, the land is held by Habitat and leased to homeowners for $1 per month for 99 years in a renewable lease.
- Rooms in the house may not be rented to persons outside of the family.
- Habitat is not a custom home builder. Although we will incorporate changes into a home design to suit special physical needs, our building decisions are based on simplicity, affordability, safety and durability.
- We select applicants for homes that will be completed during the next year; however, we cannot guarantee completion dates. The Habitat Board of Directors establishes the building schedule.
Call our office at 307.734.0828 ext 104 or email firstname.lastname@example.org for more information– the first step toward owning a home!
Habitat is an Equal Housing Lender Opportunity provider.We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin.