Posted on: 06th Apr, 2007 01:31 pm
what is the habitat for humanity program, is it true that I can get a mortgage with it without having to pay any interest?
Seymour,
Habitat for Humanity builds affordable housing and is a non-profit organization. Homes are sold to families without any intention of making profits out of it with a no interest mortgage.
Those families which are selected become partners in the program and are required to contribute hours of sweat equity to Habitat.
Habitat for Humanity builds affordable housing and is a non-profit organization. Homes are sold to families without any intention of making profits out of it with a no interest mortgage.
Those families which are selected become partners in the program and are required to contribute hours of sweat equity to Habitat.
Families which are chosen for the program will be given 15 to 30 yr. mortgage at zero interest and you will be given house maintenance education and financial counseling after you move into your house.
Hi Seymour,
Welcome to Mortgagefit forum.
You will be considered for getting assistance under this program if your income is not enough to pay for better housing and your present housing is inadequate. Like for example, the total payment for expenses relating to housing is too high that you are not able to afford with your current income or building is not safe for living.
To be considered eligible for the program, you should have sufficient income so that you can pay for a Habitat home but it should be less than what would be required to get a conventional mortgage.
Colin
Welcome to Mortgagefit forum.
You will be considered for getting assistance under this program if your income is not enough to pay for better housing and your present housing is inadequate. Like for example, the total payment for expenses relating to housing is too high that you are not able to afford with your current income or building is not safe for living.
To be considered eligible for the program, you should have sufficient income so that you can pay for a Habitat home but it should be less than what would be required to get a conventional mortgage.
Colin
I would like to add one thing, about the income you should have, for most habitat programs, family income is required to be between 25 to 50% of median family income as declared in your city or town.
And total cost of real estate taxes, mortgage, insurance & utilities, called as homeownership costs for this program in most cases cannot be more than 30% of your income. You will also have to show that you will be able to afford your other family expenses along with housing payments.
And total cost of real estate taxes, mortgage, insurance & utilities, called as homeownership costs for this program in most cases cannot be more than 30% of your income. You will also have to show that you will be able to afford your other family expenses along with housing payments.
One thing other have not mentioned is that you should be willing to volunteer many hours of your time in helping Habitat for Humanity with usually 300-500 hrs. of work for each habitat family.
You can provide help by way of doing the office work, make lunches for construction workers or serve on communities.
You can provide help by way of doing the office work, make lunches for construction workers or serve on communities.