No, we work with future homeowners to identify affordable housing options and provide financial literacy training as necessary.

Habitat La Plata’s affordable homeownership program is for households earning between 30-80% of the area median income. The area median income is determined by the U.S. Department of Housing and Urban Development and is typically updated annually.

We will be trying to determine whether you have the ability to afford a mortgage payment on top of your existing financial responsibilities. Specifically, we will be confirming no foreclosures or bankruptcies in the last three years.

Habitat’s program allows a maximum debt-to-income ratio of 43% and assumes your monthly housing costs to be 30%.

To qualify for our homeownership program, you must be a first-time homebuyer using HUD’s definition. Generally, a first-time homebuyer is someone who meets any of the following requirements:

• An individual who has had no ownership in a residence during the 3-year period ending on the date of purchase of the property. This includes a spouse (if either meets the above test, they are considered first-time homebuyers).

• A single parent who has only owned with a former spouse while married.

• An individual who is a displaced homemaker and has only owned with a spouse.

• An individual who has only owned a residence not permanently affixed to a permanent foundation in accordance with applicable regulations.

• An individual who has only owned a property that was not in compliance with state, local, or model building codes and which cannot be brought into compliance for less than the cost of constructing a permanent structure.

Habitat’s program is intended to support improvements to a family’s housing situation. Some examples of “need for housing” may include:

• high cost burden for rent

• homelessness

• unsafe or unstable conditions

• inadequate space for size of family

Sweat equity is the Habitat for Humanity term for partnering with us to help build your home and further Habitat’s mission. Each future homeowner is asked to complete 250 hours of sweat equity per adult. At least 100 of these hours must be related to construction/work at an active jobsite. Friends and family may volunteer their own time on your behalf for up to 175 of these hours.

Shared appreciation is a model used to cover up to 49% of the sale price in the event the sale price is beyond affordability for the homeowner.