Affordable home ownership for low-income families sounds too good to be true, but it isn't. Habitat offers zero-interest, 20 to 30 year mortgages with maximum payments (including taxes and insurance) of 30% of the family's gross income.

Habitat not only selects a family and builds a house in partnership with them, but also mentors the family. Mentors help each family with budgeting, monitoring sweat equity hours, and preparing for home ownership. They also give encouragement and act as resource persons. A new home may be the opportunity for partner families to change their lives economically, socially, spiritually, and educationally.

Family Selection Criteria

1. Need

1. You will be considered for a Habitat home if your present housing is not adequate, and if you are unable to obtain adequate housing through other conventional means. Lack of adequate housing may include problems with the present structure: water, electrical or sewage service systems; heating system; or failure to meet city property maintenance standards. Also taken into consideration are the number, the ages, and the gender of children compared to the number of bedrooms in your home. (The size of home that will be built with your family also depends on these factors.)
2. The percentage of your monthly income that you currently spend on housing is considered when determining need. You will be required to openly and fully discuss your financial situation with a Habitat interviewer.
3. You must have lived in the Gallatin Valley or Park County for at least one year at the time of application.
4. Your family's gross monthly income (before taxes and deductions) must be within the ranges, based on family size and location of Habitat's construction, shown below.

Gallatin County
(Area median income for family of 4 is $64,200)

Park County
(Area median income for family of 4 is $53,400)

2. Ability To Pay

Since you will actually be buying your home from Habitat, you must demonstrate your ability to pay the monthly mortgage payment. This payment will include not only the mortgage payment, but the payment for real estate taxes and insurance. There is no interest on the loan for a Habitat home.We will help you determine if this payment will jeopardize your ability to meet all your other family financial obligations and expenses. We can also help you if you need to develop a budget to determine your eligibility.

We will check your credit record and employment references to verify your credit history and current employment. Past credit problems will be considered on a case-by-case basis, as well as current payment records.

3. Participation As A Partner With Habitat

1. As part of the selection process, you must complete 8 hours of volunteer work with Habitat. Your assistance in constructing your home and the homes of others is called "sweat equity," and may include clearing the lot, painting, helping with construction, working at the Habitat ReStore, or helping with office work. As a partner family, you must complete 500 hours of sweat equity. Your family can receive credit for a percentage of the 500 hours by applying hours worked on your behalf by friends and relatives.
2. You will also earn sweat equity hours when attending required workshops on homeownership education, an overview of Habitat's work, mortgages and insurance and home maintenance.
3. You will be responsible for maintenance and repairs of your house from the time you move into your home.
4. Before and after moving into your home, the Family Support Committee will maintain an ongoing relationship with you.