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.
- Partner Families must have a need for housing because of overcrowded or unsafe living conditions -or
- Have housing costs that are too high for the family’s total income
- 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
- 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.