Interested in Homeownership?
Habitat for Humanity of the Greater Teton Area partners with families and individuals in a homeownership program to build simple, decent, and affordable housing in Jackson WY and the surrounding areas. Once accepted into the program, the future homeowner will build their home in partnership with Habitat supporters and volunteers, participate in a homeowner education program, save towards closing costs, and pay an affordable mortgage. Future homeowners are supported by Habitat staff and a volunteer advocate throughout the entire process to ensure the successful completion of the program.
Selection Criteria
Need for Housing
Applications will be assessed by need for housing. Need for housing includes but is not limited to: structural, health or safety issues; overcrowding; unaffordable rent (paying more than 30% of monthly income in rent); unpredictable housing, inadequate medical or handicapped accessibility; and, commutes on average 30hr/week to Jackson annually for work. Applicants must also earn a steady income of no more than 80% of the area median income, AMI, (see table below).
*Income limits and asset limits will change annually as reported by the Department of Housing and Urban Development (HUD).
Ability to Pay
The applicants must be able to make monthly mortgage payments of no more than 30% of their earnings and still continue to pay other debts they might have. If selected, applicants must be able to save for closing costs. Applicants should be able to demonstrate a steady income and a history of consistent, on time payments. Credit reports, employer and landlord reference checks will be conducted for verification. If selected, a volunteer advocate will help applicants establish a plan for savings and sweat equity monthly goals.
Willingness to Partner
Applicants must demonstrate a willingness to partner with Habitat for Humanity in its homeownership program. This includes the acceptance of a 500-hour sweat equity requirement and a high publicity program, demonstrate progress on monthly savings, complete Habitat’s homebuyer education program, and take responsibility for the care of their own home. Sweat equity goals are divided as follows: single household (250 personal/300 friends and family hours); dual household (300 personal/200 friends and family hours).
Step by Step Process
WATCH INFORMATION SESSION
Other programs that might help you:
Need to Improve your Credit?
Wyoming Housing Network, Inc.
307-472-5843
https://whninc.org/housing-counseling/
Need more resources or homebuyer education?
https://handsonbanking.org/
Other Affordable Housing Organizations:
Jackson Hole Community Housing Trust
https://www.housingtrustjh.org/
307-739-0665
Jackson/Teton County Affordable Housing
http://www.jhaffordablehousing.org/156/Affordable-Housing
307-732-0867
COMPLETE THE HABITAT HOMEOWNERSHIP PROGRAM APPLICATION
For this application you will provide applicant information (co-applicant if applicable), dependents, present housing conditions, employment information, household monthly income and expenses, and asset/debt information. The Homeownership Program Application is the first step in the intake process. Once completed the Homeowner Services Manager will be in touch, once there is a home available for purchase through Habitat, you will be contacted in order to submit income verification documents.
Assess Your Mortgage Readiness
Upon submitting your Program Application, do a self-evaluation of your credit, debt/expenses, income to assess your mortgage readiness. If you are selected to purchase a Habitat home you will be responsible to make on-time mortgage payments, so this is the perfect time to assess how a mortgage would affect your income and current expenses. If you have more questions feel free to connect with the Homeowner Services Manager.
COMPLETE THE HABITAT HOMEOWNERSHIP PROGRAM APPLICATION
Obstacles Identified
While assessing your mortgage readiness, if there are obstacles you find (i.e. collection accounts, medical debt, high credit card debt, etc.) meet with your local bank to discuss ways to improve your credit or lower debt. Tap into local resources that can help guide your progress towards mortgage readiness.
One22: https://www.one22jh.org
COMPLETE THE HABITAT HOMEOWNERSHIP PROGRAM APPLICATION
Create Action Plan & Budget
Come up with a plan that will help you work through any obstacles identified and save for
homeownership!
Use Hands on Banking as a resource! https://handsonbanking.org/
Topics:
- Credit and Loans
- Debt
- Money Management
- Preparing for the Future
*If you need some help coming up with an action plan and budget reach out to our
Homeowner Services Manager.
SUBMIT VERIFICATION DOCUMENTS
When a Habitat home is available to purchase, people who have submitted a program application will be notified. If you are interested in the home that is available for purchase, you will submit income verification. Be mindful that while staff is assessing income/debt you may have to provide follow up documentation and be available to answer any questions.
Verification documents that will be requested:
- Proof of residency: Either copy of birth certificate, passport, or permanent resident card
- Copy of three recent paystub(s) for ALL current employment (Must include Year-To-Date Income Information, Must include Year-To-Date Income Information)
- Copy of most recent personal and business bank statements (Must include account holder name, address, and bank information, Must include all pages and cover 60-day period)
- Copy of last three years filed personal tax (Must include all pages, schedules, W-2 and attachments, For self-employed: complete business returns with K-1’s (if applicable)
- IF APPLICABLE: Copy of Proof of Child Support (Paid or Received)
- Must include all dependents and amounts
- Must include how long you will continue to receive or pay this financial support
SELECTION COMMITTEE
After the applicants turn in their complete application and we have seen that they fit under Habitat’s income guidelines, a committee of local volunteers determines which applicants are most qualified. Those who best meet Habitat’s criteria will be interviewed in their current home by the committee.
BUYING A HABITAT HOME
Partnership
If selected for Habitat homeownership you will embark on a journey with Habitat towards the purchase of your home! The time and effort that you will contribute in partnership with our volunteers and donors will result in a home that you have helped build. The house will belong to you, but the work is shared by all of us.
Our partnership consists of:
- Sweat Equity
- Homebuyer Education
- Saving for Closing Costs
BUYING A HABITAT HOME
Begin Sweat Equity
Savings and budgeting are a HUGE part of homeownership! Not only do you have to be financially ready to pay a mortgage on time each month, but you have to pay for the upfront fees and expenses when you close on your home.
Closing costs include title fees, appraisal fee, credit report fee, flood certification fee, recording fees, homeowner’s insurance annual premium, among others. Closing costs range from $3,000- $3,500.
If selected for homeownership, you will have to save for closing costs for the purchase of your Habitat home. You will be required to come up with a savings plan to meet your closing cost goal.
BUYING A HABITAT HOME
Homebuyer Education
During your time in partnership, you will be participating in homebuyer education. Classes are designed to provide knowledge and tools necessary to become successful first-time homebuyers.
Some topics include:
- Credit
- Budgeting
- Homeowner’s Insurance
- Homeowner’s Association
- Understanding Closing Documents
BUYING A HABITAT HOME
Closing Costs
Savings and budgeting are a HUGE part of homeownership! Not only do you have to be financially ready to pay a mortgage on time each month, but you have to pay for the upfront fees and expenses when you close on your home.
Closing costs can run 3-5% of the loan amount and include costs like: title insurance, appraisals, document recording fees, taxes and more.
If selected for homeownership, you will have to save for closing costs for the purchase of your Habitat home. You will be required to come up with a savings plan to meet your closing cost goal.
HOMEOWNERSHIP
Once all the partnership requirements have been met, applicants will close on their home! The journey of a first-time homebuyer requires hard work and dedication, but we know you can do it! Best of all, our support doesn’t end here. Teton Habitat provides continuing education and resources to new homeowners.
FAQs
No. Rental of any rooms or space is not permitted and is considered a violation of our Ground Lease and/or Deed Restrictions.
Each Unit shall be entitled to maximum of one (1) dog and one other Household Pet (the term Household pet means generally recognized Household Pets other than a dog, such as cats, fish, birds, rodents, and non-poisonous reptiles), except that only one (1) of the Household Pets may be a dog and so long as such pets are not kept for any commercial purpose, do not cause an unreasonable amount of noise, odor or do not otherwise become a nuisance to other Owners.
No. The following items are prohibited from being attached, stored, and/or erected in any manner by an Owner on or within the Common Elements: sunshades, bicycles or any recreational device (including kayaks, ski equipment or playground equipment and toys) trash containers, or any similar items, and paint, highly flammable materials, food products and any items that attracts vermin or produces odor. Bikes are solely permitted for storage within Common Elements Bike Racks.
Income verification for eligibility is only considered at time of application. However a negative change in household income, prior to closing on the home, could disqualify participants from the program.
In short, yes. Both incomes will be considered for qualification. You will need to decide between the two whether to place both names on the note and whether one income could afford the mortgage.
In short, yes. Both incomes will be considered for qualification. You will need to decide between the two whether to place both names on the note and whether one income could afford the mortgage.
Habitat shall have the right to exercise its Right of First Purchase of the Improvements. The “Sale Price” shall be derived from the “Base Price” of the Improvements on the Property. The “Base Price” is equal to the purchase price paid by you at the time of closing.
Children under the age of sixteen may not contribute hours toward sweat equity. However, they are encouraged to help with Meal Prep for the build site, as well as hanging flyers or other marketing materials.
Two-applicant households are expected to complete 300 of the 500 hours themselves, regardless of construction skills. Single-applicant households must complete 250 of the 500 hours themselves. The remaining hours may be completed by Friends and Family.
Yes, our mission is to ensure that our homeowners obtain an affordable mortgage. We calculate mortgage amounts using a third party appraiser to determine the home sale price and by calculating 30% of the household’s income. If 30% of the household’s income is not enough to pay the full sale price of the home, then a second mortgage will be assigned at 0% interest and payable in full only in the event of sale, default under the first mortgage, transfer of title, maturity of the mortgage note or refinancing of the first mortgage by a third-party lender.
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