WHY RENT WHEN YOU CAN OWN?
Habitat for Humanity of Greater Cincinnati is a partnership housing program in the truest sense of the word. Applicants must demonstrate a need for housing, ability to pay back a mortgage estimated at $550 per month (including taxes and insurance) and be willing to partner with Habitat in the building and buying of their home.
Habitat homebuyers work side by side with volunteers each week building their own home and the homes of others, attend homeownership and Financial Peace University classes, and are positive ambassadors for HFHGC throughout every step of the process. In exchange, Habitat homebuyers are provided the opportunity to build and buy a home with Habitat for Humanity with an affordable mortgage payment. We are not a charity and we give away nothing, but opportunity.
STOP PAYING A LANDLORD & SEE IF YOU QUALIFY TO BUY YOUR OWN HOME!
STEP 1: DON’T PUT OFF APPLYING!
Many Habitat homeowners said they took months, to even years, to finally apply to build and buy a home with Habitat for Humanity. If you are concerned, or unsure if you qualify, please do not assume you are not qualified. Even if you apply, and your application is denied, you will be provided with the reason(s) for the denial so you can, possibly, reapply in the future. You will never know if you are eligible unless you apply.
STEP 2: REVIEW HABITAT’S 3 CRITERIA FOR QUALIFYING
1) Must have Need for Adequate Housing: Must be living in substandard or inadequate housing that does not meet your needs, living in subsidized housing or current housing expenses exceeds 30% of monthly income. We encourage you to apply and let us determine if you meet this criterion.
2) Must have Ability to Pay Estimated Monthly Mortgage of $550.00: This estimated mortgage amount includes closing costs, taxes, and insurance. The ability to pay criteria are listed as part of Step 4.
3) Must be Willing to Partner: This is a public partnership with many responsibilities and expectations for each Habitat for Humanity homebuyer. At Habitat, we often say we give away nothing to homebuyers, but an opportunity. To be considered to build and purchase a Habitat for Humanity home, you must be willing to invest “sweat equity” hours. You earn sweat equity hours by working to help in building your home and the homes of others, attending homeownership classes, working in the Habitat ReStores or other approved activities.
HOW MANY HOURS MUST BE EARNED?
250 Sweat Equity Hours- One Applicant Households where only one person is officially purchasing the home must earn 250 hours of sweat equity.
500 Sweat Equity Hours- Two applicants (applicant and co-applicant) households must earn 500 hours of sweat equity.
NOTE: Must be comfortable with friends and family knowing you are purchasing a home with Habitat. This is a public partnership that can involve news coverage, social media coverage and information about homebuyers and build sites are shared on the Habitat website.
STEP 3: CONFIRM YOUR HOUSEHOLD MEETS THESE INCOME REQUIREMENTS
|Family Size||Minimum Monthly Gross Income||Maximum Monthly Gross Income (80% of median income)|
STEP 4: CONFIRM YOU MEET THE FOLLOWING REQUIREMENTS
1) No bankruptcy within the past three years (must be three years from date of discharge)
2) No evictions within the past 12 months
3) Must be a first-time homebuyer an individual, or family, who has not owned a home during the three-year period prior to purchase of a Habitat home, some exceptions apply.
4) No felony convictions for anyone in household, over age 18, within past five years
5) No open judgments or liens.
6) Debt/Income ratio cannot exceed 40% of monthly income spent on estimated monthly mortgage payment of $550 and monthly debt combined.
7) No more than $2,000 in uncollected past due, bad debt. Example: If a credit card has a $3,000 balance and payments are current, this is not considered a “bad” debt. However, if the credit card is in default and is in collection that would be considered a “bad” debt.
8) You can check your credit by visiting www.annualcreditreport.com. You are entitled to receive one free copy from each of the three credit reporting agencies one time per year by visiting this website.
NOTE: Married applicants can apply individually, but spouse must be listed on application as member of household, provide all income and asset information, consent to a background check and agree to sign a release of dower rights at time of home purchase. The spouse, who is not an applicant, will not have their income or debts counted when determining if the applicant meets the ability to pay criteria, but their income and assets will be considered to determine if the household income is within Habitat’s guidelines.
STEP 5: DETERMINE IF YOU ARE WILLING TO BUILD WHERE HFHGC IS CURRENTLY BUILDING.
IMPORTANT: If you would like to be considered for any of the currently listed build sites, then your completed application, with ALL requested documentation for each household member (listed on Page 10 of the application), must be received by MONDAY, MAY 10, 2021.
If you are not interested in any of the above build sites, then you are encouraged to keep checking back by visiting our website at www.habitatcincinnati.org the 10th of each month. If there are any changes to our build site list, they will be posted the 10th of any month.
WHAT IF UNABLE TO SUBMIT APPLICATION BY MAY 10TH AND THE BUILD SITE LIST HAS NOT BEEN UPDATED? If the application deadline date is still listed as May 10th, and it is if, after May 10th, it is too late to apply to be considered for these build sites.
However, please continue to check the website the 10th of each month to see if new build sites have been listed. As soon as the website is updated with a new list of build sites with a site(s) listed that you would like to be considered, please apply at that time.
NOTE: Tour of homes, review of building plans, or additional specifics on these build sites, etc. are not available until an applicant has completed the application process and HFHGC has determined you are eligible for our program. At that time, Habitat will host a meeting with all qualified applicants to review in detail the list of available build sites, answer any questions and provide an overview of next steps in the homebuyer selection process.
STEP 6: GATHER REQUIRED DOCUMENTATION AND COMPLETE YOUR APPLICATION.
COMPLETED APPLICATIONS MUST BE RECEIVED BY MAY 10TH.
ALTHOUGH WE DO SEND INCOMPLETE NOTICES, WE CAN’T GUARANTEE THAT YOU WILL HAVE ENOUGH TIME TO RESPOND TO AN INCOMPLETE NOTICE BY THE MAY 10TH DEADLINE, SO PLEASE MAKE SURE TO SEND IN ALL REQUIRED DOCUMENTATION WITH YOUR APPLICATION.
Note: Please review the list of required documentation on Page 9 of the application and turn in all information that applies to your household. If you do not submit ANY item of the documentation listed that does apply to your household, your application may be considered Incomplete and be denied. The list of documents required is on Page 9 of the application.
STEP 7: TURN IN YOUR APPLICATION AND DOCUMENTATION
APPLICATIONS ARE NOT ACCEPTED BY EMAIL OR FAX.
You must submit the completed application and all required documentation by mail to determine if you qualify.
**Habitat will respond within 30 days of the receipt of your application.
Please mail completed applications and all required documents to:
Habitat for Humanity of Greater Cincinnati
4910 Para Drive
Cincinnati, OH 45237