How does the Homeownership Program work?

 

It is the goal of Habitat for Humanity, The Heart of Wyoming to assist those in Natrona County in need of decent, affordable housing. Applicants to the program are evaluated on three criteria; their ability to repay an affordable mortgage, current housing need, and willingness to partner with the organization.

 

 

How long does it take to complete a home?

 

The application process can take between 1-3 months. If an applicant is accepted into the Homeownership Program, the process to build and purchase a home can take 12-18 months, depending upon available funding, construction schedules and the completion of required sweat equity.

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What is “Sweat Equity”?

 

Future homeowners are required to complete 150 hours of sweat equity as a condition of their partnership with Habitat for Humanity, The Heart of Wyoming. Sweat equity can take the form of building their home or other homes at the construction site, supporting tasks at the local Habitat for Humanity office and serving as an ambassador for the organization within the community.  

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What is the cost of a Habitat for Humanity home?

 

Habitat for Humanity homes are sold to applicants for no profit and are financed with an affordable mortgage. The cost of the homes is dependent on the number of bedrooms and current cost of building supplies.

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Do I need a good credit score to qualify for a Habitat home?

 

Although credit reports are examined, the determining factor are an individual’s amount of total debt and whether they meet the necessary income eligibility guidelines.

 

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If I have claimed bankruptcy, can I still qualify?

 

Applicants who have filed for bankruptcy in the past should demonstrate a good credit history since the bankruptcy and bankruptcies must have been discharged at least five years prior to the application for the Homeownership Program. 

 

 

Is there a down payment for a Habitat for Humanity home?

 

Future homeowners are required to submit a $500 cash down payment due before closing. This payment can be spread out across multiple months.

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How does a Habitat for Humanity mortgage work?

 

Habitat for Humanity sells homes to cover the costs of construction, materials, land, and some administrative functions. In addition, Habitat for Humanity partners with the Wyoming Community Development Authority (WCDA) to provide a 0% interest mortgage. The no-interest mortgage is significant because a loan from a commercial bank adds interest payments, which can more than double the cost of the home to the buyer over the lifetime of the loan depending on the current market interest rates. There is no penalty to the buyer for paying off the mortgage ahead of schedule – though other restrictions may remain in place for the entire original mortgage period.

 

Can the design of the house be changed?

 

Habitat for Humanity will select the design of the house based on the lot size and needs of the partner family. Structural modification can be made to accommodate the needs of homeowners or family members.

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Can you sell your Habitat for Humanity home?

 

Habitat homeowners can sell their home at any time. However, Habitat for Humanity maintains the first right of refusal to ensure the home can continue to serve local families. Furthermore, Habitat homeowners abide by a retained interest policy set forth by Habitat for Humanity, The Heart of Wyoming to encourage long-term ownership.

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What kind of homes does Habitat for Humanity build?

 

Habitat houses are typically built using insulated concrete forms for the exterior walls, gypsum board interior walls, vinyl or engineered wood siding, and asphalt shingle roofs.

 

Does Habitat for Humanity accept individuals with a criminal background?

 

Habitat for Humanity does not accept registered sex offenders. However, Habitat for Humanity can accept previously convicted felons into the Homeownership Program. Applicants and adults over the age of 18 living in the home will be asked to submit to a background check by the organization. Eligibility is determined using the affiliate's criminal background policy. It is encouraged, but not required, those individuals include a letter from their probation or parole officer with their application for additional transparency.

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