Your current housing is not adequate:
- Unsafe conditions
- Non functioning heat, plumbing or electrical due to lack of repair
- Structural issues such as leaky roof, rotten floor boards, broken windows, etc.
- Overcrowded—not enough bedrooms for family size or living with another family
- Too expensive—you pay more than 30% of your gross income for your current housing
- Must live or work in our 5 county service area of Chippewa, Kandiyohi, Renville, Swift, Meeker & the city of Cokato for at least the past 12 months.
- Must agree to submit to a criminal background check.
- Must agree to submit to a sex offender registry check.
Ability to Pay
- Must have a minimum annual income of $25,000, and not exceed maximum income guidelines as detailed below.
- Must have had (and still have) a stable source of income for the past 24 months, including a current employer you have been with for a minimum of the past 12 months.
- Must have enough income to pay monthly mortgage payments, property taxes, and insurance.
- Must have enough income to pay other bills such as electric, phone, and other reoccurring debts you may have (credit card, car payment, etc.)
- A credit report will be conducted on the final candidates. Perfect credit is not required, but an established, consistent record of payments is.
- No Judgements & Liens in the last 2 years, and all beyond then are paid in full.
- Any Chapter 7 Bankruptcies must be 3 years from discharge date with no delinquencies in last 2 years.
- Any Chapter 13 Bankruptcies must be 1 year from discharge date, no delinquencies.
- Applicants must be US Citizens or have Permanent Residency Status.
Willingness to Partner
Willingness to Partner includes but is not limited to being willing to:
- Submit forms promptly during both the application period and loan application period.
- Participate in a home visit conducted by members of Habitat’s family selection committee.
- Sign the Partnership Agreement with Habitat, and agree to meet certain benchmarks and requirements during the “partnership period” and until loan closing.
- Attend and participate in “Homeowner Classes” that teach financial management, home maintenance, and other homeownership topics that will help lead to a successful homeownership experience.
- Willing to fulfill complete determined volunteer hours by working to build your home, work on other homes and in the ReStore.
- Save up for closing costs.