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| Apply for a Home
HOW TO APPLY FOR A HOME
- You will be considered for a Habitat for Humanity housing loan if you meet income guidelines and credit guidelines.
- You will be required to openly and fully discuss your financial situation with Habitat personnel.
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Year 2006-2007 Guidelines |
| Family Size |
Minimum Monthly Income |
Maximum Monthly Income |
| One |
$792 |
$2,533 |
| Two |
$1,084 |
$2,888 |
| Three |
$1,221 |
$3,255 |
| Four |
$1,355 |
$3,611 |
| Five |
$1,463 |
$3,900 |
| Six |
$1,571 |
$4,188 |
| Seven |
$1,340 |
$4,477 |
Ability to Pay
Since you will actually be buying your house, you must demonstrate your ability to pay the monthly mortgage payment. This payment will include not only the mortgage payment, but the payment for real estate taxes and insurance. We will help you to determine if this payment will jeopardize your ability to meet all your other family financial obligations and expenses. We can also help you if you need to develop a budget to determine your eligibility. The family will be expected to save closing costs of about 1% of the cost of the house.
Requirements:
Reasonable Assumption of sustainable income (1 year on job, Disability, SSI, pension etc.) Please note: some forms of income, we may ask for a three year commitment letter to demonstrate there is a reasonable assumption of continued income.
Good Credit History
You and your build team must provide 300 hours of sweat equity if you are a single owner household; and 500 hours if you are a two owner household before you can take ownership of your home.
Each homeowner must complete 125 individual sweat equity hours as part of the sweat equity hours total.
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Habitat for Humanity of Valencia County pledges to the letter and spirit of U.S. and N.M. policies for the achievement of equal housing. We do not eliminate applicants or discriminate because of race, color, religion, gender, sexual orientation, handicap, family status, ethnicity, national origin, or public assistance as a source of income.
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