Characteristics of a "Buyer-ready Habitat Family"

Criterion 1: Need

  • the family does not qualify for homeownership through conventional financing or any other special-purpose loan program;
  • the family’s annual income is not more than 60 percent of the median income for their geographical area;
  • the family is extremely “cost-burdened” (defined as spending 50 percent or more of their income for housing) and does not have the down payment for a home;
  • their current housing has defective physical conditions;
  • their current housing is overcrowded;
  • the family is living in temporary housing about which one or more of the following statements are true:
  • the family is in a tentative living arrangement with relatives or friends;
    • the family is living in a transitional housing facility or motel;
    • the family is living in housing that is being condemned, sold or moved; -
    • the family is losing its lease, certificate or voucher due to uncontrollable circumstances;
    • the family is living in a car, tent or similar “quasi-homeless” situation.

Criterion 2: Ability to Pay

  • the family has a reliable source of income;
  • the family’s annual income is not less than 30 percent of the annual median income for their geographical area;
  • the family’s income is adequate to make the monthly principle, tax and insurance payments while also meeting their other debt and living expenses. For Habitat, this is defined as debt that does not exceed 40 percent of their income;
  • the family has a credit history free of liens and judgments that would prohibit their ability to sign a mortgage and they have a demonstrated history of making payments on time.

Criterion 3: Willingness to Partner

  • the family is committed to being a full partner in the construction of their home;
  • the family understands Habitat’s “sweat-equity” requirement and is willing to fulfill it;
  • the family agrees to participate in counseling sessions focused on home maintenance and financial management.

Monthly Income Level Guidelines for Mid-Columbia Area Applicants Based On Number Of Persons In Family

$ 971 - $1,940
$1,108 - $2.220
$1,246 - $2,495
$1,383 - $2,770
$1,496 - $2,995
$1,608 - $3,215
$1,717 - $3,435
$1,829 - $3,660