Becoming a Habitat Homeowner

Habitat for Humanity of Iredell County builds affordable homes for low-income families who currently live in inadequate housing and who want to own their own home.

Habitat builds houses along with families who demonstrate the ability to pay a no-interest monthly mortgage, and also a willingness to partner with Habitat.  All applicants are required to undergo credit checks, as well as background checks. Once their application is approved, a family must work 300 to 500 hours of “sweat equity” and also attend classes that will prepare them for homeownership. Home-
owners also pay a $500 downpayment and
$500 closing costs for their home. 

Once the homeowner family completes their sweaty equity hours and the house is complete, they are considered to be official Habitat homeowners and they begin making monthly payments on their interest-free mortgage.

Habitat offers qualified families a “hand up,” not a “hand out.”

There are three main qualifications for a family to own a Habitat homeowner.

Need For Housing

Unable to obtain conventional financing
Living in substandard housing
Living in crowded conditions

Ability to Pay

Must have steady income and fall between 25% to 60% of median income
Must not have collections (non-medical) over $1000.00
Must not exceed 40% of debt to income ratio
No bankruptcy, unless it have been discharged for 2 years

Willingness to Partner

Must complete 300-500 sweat equity hours
Must make timely payments on mortgage
Must be willing to willing to work on their own home and the homes of others

To learn more, Call Ann Trent at 704-871-0409, ext 11

Applications will be accepted Thursday, October 1st. Applications will be accepted at the local Habitat office.

Download a Homeowner Application

Download the Homeowner Application Information Packet