Home Ownership: Becoming a Partner Family

A Partner Family is selected to work with volunteers from Quincy Area Habitat for Humanity to build their own home. There are basic requirements including a stable income, willingness to work 150 hours per adult in “sweat equity,” ability to save for a down-payment of $1,000 and $500 for homeowner’s insurance. Families will then pay their interest-free, no-profit 20 year mortgage.  Your mortgage payments will go back into Quincy Habitat to fund the next round of low-cost housing for another area family!

All families are evaluated with the same criteria: need for housing, ability to pay a low-cost no-interest mortgage and willingness to partner with Habitat to build their home.

Requirements:

1. Partner Families must have a need for housing because of overcrowded or unsafe living conditions -or
2. Have housing costs that are too high for the family’s total income
3.  Families are unable to qualify for home-ownership through a traditional bank loan.

Once a Homebuyer is approved, requirements include:

• 150 Hours of “Sweat Equity” work per able-bodied adult in the household
• Free home maintenance classes
• Up to 30% of “Sweat Equity” hours performed by friends and family
• Families must take and pass the Dave Ramsey Financial Planning course, which is provided at no charge through Habitat for Humanity

Ability to Pay:

• Families must save for a $1,000 down-payment on your new home plus $500 for your first year’s homeowner’s insurance. Going forward, insurance and property taxes will be included in your new mortgage payment
• Moving expenses such as utility change or setup fees, lease cancellation fees and address change charges
• Must be able to afford payments on our affordable, no-interest, no-profit 20-year mortgage on the new home
• Must have a steady income
• Must have a safe debt to income ratio for the proposed mortgage costs
• Must have been out of bankruptcy for 2 years or more and have reestablished credit
• Income must fall within an acceptable AMI range

Other Considerations:

• Families must agree to be interviewed by media and/or photographed for publicity and fundraising purposes.

If you or someone you know would like to learn more about getting qualified for a Habitat for Humanity home, please fill out the form below.