All you want to do is ensure that your family has a decent roof over its head. You don’t want to break the bank in the process of providing that roof, however.
Here’s where Habitat for Humanity housing can come in handy. And if you’re looking for any of the following traits from your home or they apply to your case, it’s time to give this program a closer look.
1. Your income isn’t too high nor too low
To qualify for Habitat for Humanity housing, you’ll need a steady income in most cases. This is so you can pay the mortgage on that home, as it will not be given to you for free.
Although a steady income is needed, it can’t be too low nor too high. In other words, if you are working but cannot afford that dream home mortgage, a Habitat home could be just what the doctor ordered.
Since Habitat homes and their eligibility requirements are handled on a local basis, go here to find out the specific income ranges for your area.
2. You want a house that’s sufficient, not extravagant
Are you tired of real estate agents and new homebuilders overselling you? If you’re not in the market for more of a home than you can afford, Habitat for Humanity housing may fit your needs perfectly.
Habitat homes are created with low costs and efficiency in mind. By having a home that’s of adequate size, you can keep monthly utility and maintenance costs low.
In doing so, you can meet your monthly mortgage payments with less stress.
3. You want an affordable mortgage
Having a home is nice, but that’s only if you can make the payments on it to build your credit and keep living there.
Mortgages for Habitat homes are lower than standard ones since construction costs are often more affordable. In addition, their mortgages are interest-free.
Combine those savings, and you can save a ton on monthly payments plus the overall cost of your home.
Depending on where you live, you could have a new home with a mortgage as low as $500. As for the down payment, that also varies by location, but you could qualify by just putting $500 down.
4. You want to build equity in your home – fast
Since Habitat for Humanity housing is constructed at such low costs, you could gain instant equity as soon as you move in.
For example, let’s say your Habitat home in Virginia costs only $100,000 to build. As soon as it goes on the market, you could be looking at a home worth $200,000, giving you instant $100,000 in equity.
Can you cash in on this equity immediately? That’s doubtful, as each Habitat affiliate has its own rules.
Still, it’s nice to know that such an affordable home can make your financial future look much more favorable.
5. You want more than a home – you want to feel like you’re part of a community
If you’re eligible for Habitat for Humanity housing, you will be expected to help build your home with other volunteers.
This “sweat equity” is a staple of the program, and it’s what helps communities come together globally to help families move into safe, affordable homes.
By helping to build your home with your own two hands, you’ll feel a sense of pride and accomplishment. You’ll also feel closer to those who helped you do it.