Chapter 2
IN THIS LESSON
About the Habitat Homeownership Program
Any family interested in affordable homeownership through Habitat for Humanity must apply to participate
Guidelines:
Income must be between 40-80% of the county’s median income (based on household size)
Must live in some sort of substandard housing (unsafe, overcrowded, cost burdened, etc)
Must be employed and have acceptable credit
Must work 300 hours of “sweat equity,” part of which can be earned by family & friends
Habitat homes are sold at fair market value with zero interest, affordable mortgages. Monthly payments do not surpass 25% of the household’s gross monthly income.
IN THIS LESSON
Rental vs. Homeownership
Average Cost of 2-bedroom rental:
$1,410/month in Delaware County
$1,425/month in Union County
You have to earn more than $22/hour working full-time to afford a 2-bedroom apartment in our area
Average Cost of 3-4 bedroom Habitat Home
No more than 25% of gross monthly income (including taxes and insurance)
Children of Homeowners are:
25% more likely to graduate from high school
116% more likely to go to college
59% more likely to be a homeowner as an adult
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To learn more about our Homebuyer program, visit habitatdelawareunion.org/homeownership
To learn more about our Critical Repair Program, visit habitatdelawareunion.org/repair