We select our partner families through an application process. Each applicant’s personal financial situation, income, and monthly budget is carefully reviewed and evaluated in order to determine ability to make an affordable mortgage payment every month.
The applicant must earn a steady household income to cover mortgage, insurance, taxes, and living expenses, as well as have a satisfactory credit report. All judgments must be paid in full. Families may not apply within (2) years of the discharge date on bankruptcy and within (5) years of foreclosure or deed in lieu of foreclosure.
Applicants must disclose the income of ALL household members on the application. Gross yearly household income must fall between the following:
|1 person||$26,250 – $42,000|
|2 persons||$30,000 – $48,000|
|3 persons||$33,750 – $54,000|
|4 persons||$37,500 – $60,000|
|5 persons||$40,500 – $64,800|
|6 persons||$43,500- $69,600|
|7 persons||$46,500 – $74,400|
|8 persons||$49,500 – $79,200|
In addition to demonstrating an ability to pay for a zero-net interest Habitat mortgage, an applicant family must also demonstrate a need for adequate shelter and a willingness to partner with Habitat for Humanity of South Hampton Roads. Partner families will complete 200 volunteer hours of “sweat equity” before purchasing their home, which also includes comprehensive financial literacy training. Applicants also must have resided in the Habitat SHR service area for at least one year prior to applying.
If you are ready to complete the full application for homeownership, click here. You may also find applications at our administrative office—located at 900 Tidewater Dr in Norfolk—or at any of our ReStore locations.
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