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Which Are the Main Eligibility Criteria for Homeownership?

There’s no feeling quite like being a homeowner. Not only is there certain security but we also get to exercise our creativity when it comes to organizing and decorating this home however we like. Such freedom is truly amazing. Still, becoming a homeowner is far from simple, especially when finances are concerned. This is precisely why Habitat for Humanity of Broward offers a Homeownership Opportunity Program which can help the families and individuals finally settle at their own place at incredibly affordable prices. Interested in this deal? Then let’s discuss the eligibility criteria in more detail.

The Simple Overview of Eligible Homebuyers

We at Habitat for Humanity of Broward hold great pride in the work we do. Since 1976, we have gone far and above in order to make sure that 35 million+ families and individuals alike gain comfort, stability, and security with a place to call their own. What’s more, we work together with our volunteers to build top-notch homes and make communities a better place. This is precisely why we deem the personal investment into our project highly valuable.

Among other things, our eligibility criteria for the Homeownership Opportunity Program includes the following:

There’s an Obvious Need for Better Housing

People who would want to become a part of our Homeownership Opportunity Program generally have to deal with inadequate housing at the moment, be it in terms of poor built, low health and comfort, and/or potential damages. Furthermore, the current living situation that doesn’t support a proper lifestyle of people with disabilities or mortgage/rent that’s simply out of people’s budget also makes families/individuals welcome to apply.

Frustrated Girl Calling Insurance About Water Leaks Sitting On a Couch in the Living Room at Home

Join Strengths with Habitat for Humanity of Broward

It’s very important for us that our potential homebuyers become involved in what we do and stand for. This includes volunteer work when it comes to building their own homes as well as homes for other people in a similar situation. It’s not uncommon for our homebuyers to attend classes that educate them more on various topics about being a homeowner, such as home maintenance, financing, a part of our sweat equity.

The Ability to Pay an Affordable Mortgage

Keep in mind that we’re not giving out homes for free. In that respect, a crucial factor in eligibility criteria for owning one of our homes means being able to pay an affordable mortgage. And when we say affordable, we truly mean it. This money is used to further help other people within the community.

Habitat for Humanity Income Guidelines

We are very technical about our application selection criteria. It doesn’t matter whether our potential homebuyers have families and children or live alone. One doesn’t have to be a US citizen, but they are required to possess legal residency status when applying for our Homeownership Program. The most important thing, however, is to meet Habitat for Humanity income guidelines.

  • When it comes to applicant selection criteria, we first have to look at a potential homebuyer’s annual gross income. We have our own guidelines that can be viewed on our website. Keep in mind that this particular income guideline depends on the number of family members. In that respect, an individual looking for cheap housing within our program should maintain a minimal annual gross income of $36,949 and $54,950 max. On the other hand, if we’re talking about a family of 4 people, the annual gross income should fall between $36,949 and $78,500.
  • In the case of the credit score, we generally prefer it to be 620 or higher. However, no one should let this discourage them as we also offer some options for potential homebuyers with no/invisible credit.
  • Further on the Habitat for Humanity income guidelines is the requirement to possess at least $6,300 in the savings account.
  • If the potential homebuyer has to pay a certain amount of money for their debt every month, it’s essential that this amount is no more than 13% of their monthly gross income. In the case of student loans, they count as 0.5% a month, e.g. total student loan of, let’s say $30,000 would make for $150 of monthly debt.
  • It’s very important that there are no outstanding judgements or liens.
  • Length of employment also matters; namely, one has to be at the current job for at least one whole consecutive year or two years if they’re self-employed.
  • When bankruptcy is concerned, potential homebuyers can only apply for the Homeownership Program in case it’s been two years since the bankruptcy occurred and have a re-established 24-month credit.
  • It’s required for at least three years to have passed since the last foreclosure or short sale.
  • Finally, outstanding collections have to be lower than $1,000. In the case of medical collections, the amount should be lower than $3,000.  

How to Apply for the Homeownership Program?

Mortgage Loan Agreement Application With House Shaped Keyring

If it’s absolutely certain that potential homebuyers meet the applicant selection criteria for Habitat for Humanity of Broward’s Homeownership Opportunity Program, all that’s left is to apply. In general, the entire process is rather simple. However, it’s crucial that all the necessary documentation is readily available for submission.

The first thing to do is to fill out the 3-page form. This form can be found on the Habitat for Humanity of Broward Homeownership Program web page. After completing and submitting the form, potential homebuyers should wait for a short while, just until they get an email notification that truly confirms their eligibility. If all proceeds smoothly, they’ll be referred to Homeownership Portal where they can create their own account.

It’s here where the majority of application process work will have to be done as potential homebuyers will have to submit the required documentation.

  • ID with a picture of every household member over 18 in color.
  • Tax information for the last two years for people who are self-employed or verification of employment from the workplace that includes info such as weekly hours, wage, and hiring date.
  • Past 4-month income verification for every household member over 18. Unemployed members can fill out the verification form for zero income. Provide documentation in case any member receives assistance (MFIP, SSI, SSDI, RSDI, and Disability). If there are any other types of income such as child support or alimony, for example, provide the notarized letter or the payment history for the last 6 months.
  • Fill out the rest of the information and release forms that Habitat for Humanity of Broward has provided in regards to the Homeownership Program.

Habitat for Humanity of Broward works constantly in order to bring peace, unity, and security to people across the globe. We have already assisted more than 30 million people by operating in more than 70 different countries in the world. Aside from building homes to provide affordable housing for people in need, Habitat for Humanity of Broward also deals with renovations and repairs of the existing housing, helps the areas and communities affected by natural disasters, supports fair housing policies, accepts housing material donations and resells them, and more. In case you want to join us on our mission to bring betterment where needed or apply for our Homeownership Program, don’t hesitate to check out our website and reach out to us.