Criteria for Homeownership
1. Need for Housing
You will be considered in need of housing if your present housing is not adequate and if you are unable to obtain adequate housing through other conventional means. Lack of adequate housing may be demonstrated by problems with the present structure, problems with utility services, overcrowding, or unaffordable housing. If you are living in subsidized or transitional housing, such as Section 8, you may qualify.
2. Ability to Pay
You must be able to make monthly mortgage payments. Because Habitat for Humanity offers a “hand up, not a hand out,” homeowners must be able to afford to make monthly mortgage payments on their homes. This payment includes the mortgage, real estate taxes, and insurance payments. Habitat for Humanity of Boone County will help you determine if you are able to afford a home.
You must have full-time, regular employment for at least one year.
Income can come from a variety of sources and can include non-work income such as food stamps, child support, TANF, Social Security, etc., if you can guarantee you will receive that income for the next three years. Your income should be documentable and confirmable.
You must meet credit guidelines.
All prospective homeowners will undergo a credit check, but Habitat for Humanity’s credit guidelines are not as strict as a bank’s might be. If there has been a bankruptcy in your past, it needs to be discharged for at least one year, and you must demonstrate improved credit since then. If you have a court judgment resulting in a fine or settlement that is still unpaid,
the judgment must be paid in full.
You must have a reasonable level of debt.
Medical bills will not be counted against you. Habitat for Humanity of Boone County can help you work to raise your credit score, if needed.
3. Willingness to Partner
Once you have been selected to receive a home, you will become a “partner family.” This partnership is a unique characteristic of Habitat for Humanity because it fosters cooperation and feelings of pride, ownership, and responsibility. In order to partner with Habitat, each adult family member in a household is responsible for completing 200 volunteer hours with Habitat for Humanity of Boone County. This “sweat equity” requirement can be completed during site construction on current homes, in the Habitat office, or at other local nonprofit organizations. Additionally, each partner family is expected to be cooperative and responsive when working with Habitat and to work in a spirit of understanding and open communication.
* Please note: Proof of US Citizenship or green card is required to apply.