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Home Ownership Qualifications and Requirements. Do You Qualify?
If you’d like to see if you could qualify for acceptance in the Habitat for Humanity Detroit homeownership program, read the following requirements then proceed to our application process.
Maximum Income Guidelines:
Yearly income must not exceed the following guidelines according to family size:
[htable type=”table-striped”]
[thead]
[trow]
[thcol]
Size of Family
[/thcol]
[thcol]
Yearly Income Maximum
[/thcol]
[/trow]
[/thead]
[tbody]
[trow]
[tcol]2[/tcol]
[tcol]$33,550[/tcol]
[/trow]
[trow]
[tcol]3[/tcol]
[tcol]$37,750[/tcol]
[/trow]
[trow]
[tcol]4[/tcol]
[tcol]$41,950[/tcol]
[/trow]
[trow]
[tcol]5[/tcol]
[tcol]$45,300[/tcol]
[/trow]
[trow]
[tcol]6[/tcol]
[tcol]$48,650[/tcol]
[/trow]
[trow]
[tcol]7[/tcol]
[tcol]$52,000[/tcol]
[/trow]
[trow]
[tcol]8[/tcol]
[tcol]$55,350[/tcol]
[/trow]
[/tbody]
[/htable]
Qualifications:
- No current bankruptcy or bankruptcy that has been discharged within the last 2 years.
- Meet min/max income restrictions: (Min: $22,000 per year or less than $10.60 per hour; Max: dependent upon family size).
- No outstanding judgments of $500 or more. (A judgment is a court ordered collection).
- Delinquent debt not to exceed $1,500 (excludes medical and student loans) and/or credit score less than 550.
- No outstanding foreclosures or repossessions.
- Not a current homeowner — and must not have owned a home within the last year.
- Yearly income cannot exceed the guidelines according to family size.
Applicants must meet the following requirements:
- Be willing to provide 250-350 hours towards building Habitat homes and/or other Habitat Detroit work.
- Provide down payment of $2,000. (non-refundable)
- Attend home ownership training classes prior to, during and after construction of the house.
- Be able to pay a 25-year, 0% interest mortgage..
- Complete “sweat equity” work.
I feel I qualify for home ownership after reading the Home Ownership Overview and the qualifications and requirements and wish to apply for a Habitat for Humanity home.
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