HOW TO BECOME A HABITAT FOR HUMANITY BRAMPTON HOME OWNER
Habitat for Humanity homeowners take a big step when they become a partner. They make a commitment to maintain their home, repay a mortgage to the organization and they find their lives and their families are transformed as a result. Families who will own and occupy a habitat house are a part of a complex selection process that is designed to be objective and non-discriminatory.
We select families based on three specific criteria's:
Habitat homeowners are chosen based on their level of need. This includes but is not limited to inadequate living conditions such as poor structure, cost, safety, size and a high ratio of shelter expense to total income.
Facts for consideration:
- The household does not qualify for homeownership through conventional financing
- The household must fall within Habitat for Humanity Brampton's criteria's.
- AND at least one of the following need-related factors must also be true:
- The household is extremely “cost-burdened” (defined as spending 30% or more of the income for housing)
- The current house has defective physical conditions
- The current housing is overcrowded
ABILITY TO PAY
A Habitat homeowners must be able to take on an interest free mortgage to repay the original market value of the home. The mortgage represents the independently appraised fair market value of the home at the time of sale. If your family income increases or decreases, so will your monthly mortgage payment. Based on an annual review the payments then go into a revolving building fund which allows Habitat for Humanity Brampton to recycle the money to build additional simple, decent homes for other families in our community.
Acceptable Sources of income that are considered in the review include (verification of amount claimed will be required):
- Employment income
- Spousal and child support
- Disability payments (ODSP)
- Employment insurance and social assistance payments will not be considered for income calculations
Facts for consideration:
- There is a reliable source of income
- The annual income meets the minimum income requirements to own and maintain a home, and does not exceed the maximum requirements.
- The annual income is adequate to make the monthly principal and property tax payments while also meet in their debt expenses. This is defined as debt that does not exceed Habitat’s criteria (Habitat housing cost plus debt repayment)
- A credit history is shown to be free of liens and judgments that would prohibit the ability to sign a mortgage and have demonstrated history of making payments on time.
WILLINGNESS TO PARTNER
Habitat homeowners must be willing to partner with Habitat for Humanity Brampton. You would be required to complete 500 hours of “sweat equity”. The term “sweat equity” refers to actual hands-on involvement of partner families in the construction of their own home, as well as participation in other Habitat Brampton community activities.
Facts for consideration:
- The family is committed to being a full partner in the construction of their home
- The family understands Habitat’s “sweat equity” requirement and is willing to fulfill it
- The family agrees to participate in education sessions focused on various aspects of homeownership.
STEPS TO BECOMING A HABITAT PARTNER FAMILY
- Attend a Family Home Ownership Information Session
- Submit pre-application form
- Pre-qualify potential families
- Submit comprehensive application form
- Identify potential family
- Home visit and interview
- Create family partnership
|Attend a Family Home Ownership Information Session|
To reserve a seat, please call 905-455-0883 ext 601
|For Information Session Dates and times; go to 'Get Involved' and then 'Training & Events Calendar'. Look for Family Relations Information Session on the Calendar|
|Submit pre-application form|
|At the information session you will receive a preliminary application form. You must submit that application at the session. You will be informed within 3 weeks if you qualify for the next step.|
|Pre-qualify potential families|
|Should your families application qualify for this step you will be required to complete a "Comprehensive Applicaton".|
|Once the Comprehensive Application is returned to us it will be screened for any missing information and then reviewed. Once we have a complete Application applicants should hear from us within 4 weeks.|
|Home visit and interview|
|We will arrange a home visit and interview potential families who have been selected. All family members must attend the in-home interview.|
|We make a decision, based on Habitat for Humanity Brampton criteria to defer or continue the selection process.|
|Possible family partnership|
|If your family qualifies for a possible partnership with Habitat for Humanity Brampton, we book a meeting to sign a Partnership Agreement, which indicates that you are accepted into the program. This agreement includes the commitment that your family will begin working on sweat equity hours.|
HABITAT HOME OWNERS ARE SUPPORTED IN MANY WAYS
- Home ownership training
- Financial training
- Regular visits – before and after you move into your home