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There are four main qualifications to be a Habitat for Humanity Home Buying Partner:
1. You must have a housing need. Your current home is unsafe or inadequate. You're unable to own a home through any other means; a large part of your income is spent on rent. You need a minimum income of at least $17,000 per year and must fall in between 50-60% median income (see table below) for you or your family size.
2. You must have the ability to pay. You need to be able to commit to a long-term, interest-free loan payment of approximately $400-$500 (principal/insurance/taxes) per month in order to buy a Habitat home. If qualified for a Habitat home, $1500 will be required as an earnest deposit which will be applied towards the cost of the home. You will have some time to save this money before closing, and we will work with home buying partners to meet earnest deposit payments prior to closing.
3. You must have the ability and willingness to partner. If qualified for a Habitat home, all adult members (18 years and older) in the immediate family are required to help work on the required 500 hours of sweat equity. Friends, relatives or co-workers can help you complete the 250 sweat equity hours. Your 500 sweat equity hours must be completed before your loan can be closed and you move into your home. If you qualify for a Habitat home, you're required to attend programs to learn and practice budgeting, home maintenance and repair, and first time home buying.
4. You must be a US Citizen who has lived in Taos County for at least 12 months.
In addition to these four main qualifications:
5. You're required to verify employment and other income, verify checking and savings account balances, provide a statement from your current and previous landlords, provide a current credit report and credit references. Additionally, you will be asked to provide tax returns, utility bills, paycheck stubs and cancelled rent checks or rental agreement. There will also be a background check which includes legal issues.
6. You're willing and able to move your family to a different neighborhood to receive a Habitat home.
7. The qualification of home buying partners who purchase a home from Habitat for Humanity of Taos will be done by the Family Selection Committee in a way that does not discriminate on the basis of race, sex, color, age, handicap, sexuality, religion, marital status or because all or part of the applicant’s income is derived from public assistance programs.
8. Applicants not qualified during a current year are encouraged to re-apply annually.
If you would like to learn more about homeownership, call us (575) 758-7827 or complete the online interest form and we will contact you before we have our next meeting.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, national origin, age, marital status, sexual orientation, or sources of income.