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Building homes. Building hope.

To Qualify as a Partner Family

Housing Need

“Need” means living in substandard housing, including one or more of the following:

  • Living in overcrowded conditions or unsafe environments
  • Living with relatives, friends or in other temporary housing
  • Having high monthly housing expenses with respect to Income Guidelines
  • Needing accessibility features for a household member. Unable to qualify for conventional mortgages on a market value house.

YOUR NEED FOR HOUSING WILL BE ASSESSED RELATIVE TO OTHER APPLICANTS

Family Commitment

Sweat Equity: need to work at last 300 hours at construction site (includes relatives and friends). Tasks will be matched to individual capabilities such as volunteer sign-up, carrying supplies, assisting skilled tradesman by getting tools, painting, clean-up, etc.

Coaching: to learn necessary home ownership skills and to achieve financial responsibility.

  • Home maintenance
  • Personal finance & budgeting

Background check and interviews

To Qualify for Habitat Mortgage

Income Guidelines

  • Total family income must not exceed 60% of the Area Median Family income reported by the US Department for Housing and Urban Development (HUD)
  • Housing Size (Persons: Total Annual Income)
    1: $34,320, 2: $39,180, 3: $44,100, 4: $48,960, 5: $52,920, 6: $56,820
  • A down payment of $1,000

Our MHFH loan originator will be contacting the selected partner family to evaluate the family’s ability to meet their monthly mortgage payments.

Habitat Mortgage

  • Habitat mortgage is based on the total development costs incurred plus a 10% admin fee on the total development costs.
  • Grants and/or donations received towards the construction of the home will reduce the total development costs.
  • Mortgages are generally written for a period of 30 years.
  • Mortgages are interest free.
  • Monthly obligations for payments include principal, property taxes, and insurance.
  • Habitat mortgage is serviced through a local bank and will escrow property taxes and insurance and make the payments to the city and insurance provider.
  • Mortgage payments are subject to late fees for delay in payments after the grace period.
  • Monthly mortgage payments will go up for increases in property taxes and/or insurance. However, your payments toward the principal will not change.
  • A silent mortgage, for the difference between the appraised value and the actual mortgage, will be executed by MHFH and the partner family. Partner family is not expected to make any payments on this silent mortgage. The value of silent mortgage becomes payable if the property is sold before 10 years or if the property goes into foreclosure (for non-payment) at any time during the life of the mortgage.
  • Foreclosure may be an option for payment default beyond 90 days.

Qualified and Approved

Partner Families are able to buy a new home from Monadnock Habitat for Humanity (MHFH) with an affordable no-interest mortgage (typically over thirty years), which MHFH funds through ongoing fundraising efforts.

The selection of a Partner Family who will collaborate with MHFH will be done in a way that does not discriminate on the basis of race, color, religion, sex, sexual orientation, national origin, ancestry, age, physical or mental disability, or familial status.

Each applicant for Monadnock Habitat for Humanity housing is individually reviewed by the Family Selection committee (a volunteer committee of MHFH) based on the criteria listed below. The criteria are guidelines established by Habitat for Humanity International, our parent organization, and are not considered absolute.

How Do You Get Chosen for a Habitat House?

To qualify for a Habitat house all candidates are screened using the following program criteria:

  • Housing Need (currently in sub-standard, unsafe and/or temporary housing
  • Ability to Afford Homeownership (see income guidelines below)
  • Willingness to and Evidence of Ability to Collaborate with MHFH (coaching to learn necessary Home Ownership Skills and to achieve Financial Responsibility)
  • Ability to invest at least 300 hours of “sweat equity” in the home build

Housing Need Guidelines

To qualify for a Habitat house all candidates are screened using the following program criteria:

  • Living in overcrowded conditions or unsafe environments
  • Living with relatives, friends or in other temporary housing
  • Having high monthly housing expenses with respect to income guidelines
  • Needing accessibility features for a household member
  • Unable to qualify for conventional mortgages on a market rate house
Be aware that your need for housing will be assessed relative to other applicants.

Income Guidelines

Total family income does not exceed 60% of the Area Median Family Income as reported by HUD (U.S. Department of Housing and Urban Development). Current Area Income Limits are:

  • Housing Size (Persons: Total Annual Income) 1: $34,320, 2: $39,180, 3: $44,100, 4: $48,960, 5: $52,920, 6: $56,820
  • Monthly mortgage payments (including principal, property taxes, and insurance) do not exceed 30% of total family income.
  • A down payment of $1,000 is required.

“Sweat Equity”

Sweat equity means that the partner family, including relatives and friends, need to work at least 300 hours at the work site. This includes tasks within the individual’s capability, such as volunteer sign-ins, carrying supplies, assisting skilled tradesmen by holding work or getting tools, painting, and cleaning up.

Program Request and Review Process – Overview

Preliminary Eligibility:

If you have read the qualifications above and you think you meet these basic criteria, an initial phone screening by our Licensed Mortgage Originator (LMO) will determine if you meet our income criteria guidelines and demonstrate an ability to afford homeownership with MHFH.

Application Form

(Available by request via e-mail or telephone)

The Family Selection Committee will review your completed application using our program criteria to determine eligibility for participation with the MHFH program.

Once all application forms and related documents have been completed the review process will begin (the process may take 3 to 6 months). An incomplete application form or missing documents may delay the review process.

Final decisions are made by the Monadnock Habitat for Humanity Board of Directors

P.O. Box 21
Keene, NH 03431
Phone: (603) 357-8474
MonadnockHabitat@gmail.com

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Contact

PO Box 21
Keene, NH 03431
603-357-8474

Monadnock Habitat for Humanity does not discriminate because of race, color, religion, sex, handicap, familial status, sexual orientation, age, gender identity, or national origin. © 2023 Monadnock Habitat for Humanity – All Rights Reserved. MHFH is a tax-exempt 501(c)(3) non-profit organization. Tax ID Number 02-0446677

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