Habitat’s homeownership program — called HomeWorks — seeks to prepare each family for the responisibities that go along with becoming a first-time home buyer.
In addition to helping build their own home and their neighbors’ homes, all future Habitat homeowners must successfully complete more than 20 hours of sustainable homeownership and financial literacy classes. Classes are taught by community volunteers who are experts on their subjects, and include such topics as budgeting, insurance, organization, safety, home maintenance and landscaping.
All families also complete Dave Ramsey’s Financial Peace University.
Habitat seeks to promote dignity and hope to families served in order to meet needs in a sustainable and transformational way.
Every family who partners with Habitat must complete up to 300 hours of sweat equity, working on the construction site and at the Habitat ReStore, and successfully pass HomeWorks home buyer education and financial literacy classes before building their home.
Future homeowners repay an interest-free mortgage back to Habitat. Thanks in part to partner family sweat equity and volunteer labor, the cost of a standard three-bedroom home is kept affordable, with typical monthly mortgage payments around $500 including taxes and insurance.
The revolving fund created by mortgage payments received allows Habitat to reinvest into the community through additional housing opportunities, creating a lasting and sustainable investment for years to come.
Habitat looks at every applicant’s need for housing on a case-by-case basis. Some housing need criteria includes showing financial need and living in unsafe conditions.
Applicants must be able to provide financial proof they will be able to sustainably pay a mortgage back to Habitat.
All applicants must be willing to complete up to 300 hours of sweat equity working on the construction site, at the ReStore and by completing all HomeWorks homebuyer education and financial literacy classes.