Apply to purchase a safe, affordable Cape Fear Habitat home.
There are several areas that qualify a future Habitat homeowner:
There must be a demonstrated need for adequate housing, which include one or more of the following:
- Displaced by Hurricane Florence, or otherwise impacted
- Housing expenses greater that 30% of income
- Unable to get a home loan from any other source
- Overcrowded or unsafe conditions
- Subsidized Housing
- Substandard housing or nonpermanent residence, homeless
Ability to Pay
Households with income from 30% to 80% of the Area Median Income (AMI). (See income ranges in chart below). Income amounts including wages, Social Security, Social Security disability, child support, other forms of reported income, and all debt will be considered. These numbers are effective April 6, 2020, and change every year.
We will look at your debts in relation to your income to make sure you have enough left over to pay a Habitat mortgage without being cost-burdened. This includes credit card payments, car loans, and any other loans or obligations.
We are not looking for a particular credit score. We pull your credit to view your payment history. If you don’t have a Credit Report, you will be asked to submit utility bills to demonstrate your payment history.
Willingness to Partner
Partnership Hours (or “Sweat Equity”):
Most are familiar with the term “Sweat Equity” to mean that one’s labor on their own home will increase its value while keeping costs low. The philosophy of “Sweat Equity” at Habitat is to promote Partnership, Pride in Homeownership, and Development of Skills and Knowledge. Partnership Hours are performed in various ways, but most significantly on the build sites. No construction experience is required!
Prior to closing, a family with 2 adults must work 400 Partnership Hours & a family with 1 adult must work 250 Partnership Hours. The average time you can expect spent performing Partnership Hours will be 2 to 3 shifts per month, over a period of approximately 18 months. Other opportunities are available at our Restores, fundraisers, and community events. Friends and Family may help with a portion of your hours. Those with physical and other disabilities may have a custom Sweat Equity plan designed, if necessary, with doctor’s input.
Attendance is mandatory for all classes prior to closing. A portion of these classes are completed online. Accommodations are made to those without access to internet.
Monthly Payments towards closing costs prior to closing:
By submitting affordable monthly payments towards closing costs while in our program, you will demonstrate your willingness to pay a monthly mortgage on time in the future. Realistic monthly goals will be discussed between the Future Homeowner and the Credit and Mortgage Counselor upon examination of monthly budget.
Monthly Financial Meetings:
By attending regular monthly meetings with the Credit & Mortgage Counselor prior to closing, you will demonstrate a commitment to strengthening your financial readiness for home ownership.
Willingness to live where we have land:
You will be shown land options to choose from during the application process and prior to approval. You will be offered construction-ready property that is in our land-inventory, and that you are eligible for (county/number of bedrooms/affordability/loan type). Land options typically range from inside the city limits of Wilmington to northern New Hanover County. In Pender County, we anticipate building in Burgaw and Rocky Point. In Duplin County, we will be building in Wallace and Rose Hill.
Our partner families support the community as a representative of Habitat. You will also be asked to share your story to volunteers, donors, and other potential homeowners so that they may choose to either support our mission or pursue a path to homeownership after seeing your example.
Habitat homeowners hold the same responsibilities as other homeowners. They are committed to paying their mortgage on time after closing, and they are responsible for keeping their home maintained and repaired as needed. Monthly mortgage payments include principal payment, homeowner’s insurance premiums, property taxes, and other applicable items such as HOA dues, termite agreement, etc. This monthly payment will be affordable, not to exceed 30% of your gross monthly income. Your mortgage payments go towards building more houses in partnership with families in need of affordable homeownership opportunities!
· The buyer of the house must be a citizen or permanent resident of the U.S.
· The buyer of the house must have lived or worked in the Cape Fear Region for at least 1 year.
· Our service areas are New Hanover, Pender and Duplin Counties.
We are an Equal Housing Opportunity Provider: Those who apply to purchase homes from Cape Fear Habitat for Humanity will be approved by the Board of Directors in a way that does not discriminate on the basis of race, color, religion, sex, handicap, familial status, national origin, or because all or part of the applicant’s income is derived from public assistance programs.