Are Cape Fear Habitat houses free?
No. Approved hard-working families purchase their homes from Cape Fear Habitat through an affordable mortgage.
Is there a down payment required?
No down payment is required, although currently closing costs are $3000. Monthly payments in an amount determined by you and the Consumer Credit Counselor towards closing costs and/or debt will demonstrate your willingness to enter into a loan agreement with Habitat.
How much is the Cape Fear Habitat monthly mortgage payment?
The monthly mortgage payment varies depending on the cost of each individual home and will not exceed 30% of the borrower’s (and co-borrower’s) gross monthly income. Currently, the average monthly mortgage payment for new homebuyers is estimated between $500 and $600.
What is included in a homeowner’s monthly mortgage payments?
- Principal payment (pays down the amount owed on the home loan)
- Homeowners Insurance Premiums
- Property Taxes
- HOA dues, if any, etc…
Do the houses include appliances?
Yes. All Cape Fear Habitat for Humanity houses now include an Energy Star Whirlpool appliance package, including a new stove, hood, refrigerator and washer/dryer.
How do homeowners complete their sweat equity hours?
Approved families will partner with Cape Fear Habitat in the construction of other homes as well as their own homes. No construction experience is necessary or expected prior to entering the program. Homeowners can also complete a portion of sweat equity hours by working in one of Cape Fear Habitat’s Restores, by participating in outreach events, or by assisting in the Administrative Office. Mandatory attendance at Homeownership Classes counts for a portion of Sweat Equity, as well.
How many sweat equity hours are required?
Minimum total hours:
- 2 Adult Family = 400 hours*
- 1 Adult Family = 250 hours*
* Some of these hours can be donated by friends and family
Each adult is required to maintain an at least an average of 16 hours of completed Sweat Equity each month.