Homeownership Program Criteria

To be eligible to participate in our Homeownership Program, you must meet the criteria outlined below.

General Criteria for Our Programs

• Have lived in Twin Cities seven-county metro area for the last 12 months 
• Cannot have owned a home during the past three years (waived for U.S. military members and veterans)
• Owners of manufactured homes are eligible

Homeownership Program Financial Criteria*

• Income: Maintain annual gross income within our income guidelines (see chart below) from initial intake to loan application.
• Credit score: 620+ preferred
  
  • Options available for those with invisible credit/no credit
• Debt-to-Income: Monthly debt payments equal to no more than 13% of gross monthly income
  • 0.5% of student loans in deferment or forbearance will be counted in the monthly debt payments. Ex: If you owe $40,000 in student loans, $200 will be counted in monthly debt payments. 
• Collections: Less than $1,000 in non-medical collections (medical collections do not impact eligibility)
• Judgments: All judgments paid off
• Savings: $6,300
  • $3,000 closing costs
  • One year homeowners' insurance
  • Approximately $1,800 reserves
• Employment: Minimum 24-month employment history, with at least six months at current job for full-time jobs. Two years at current position for part-time and self-employed workers.
• Bankruptcy: Minimum of two years since the bankruptcy, with two years of re-established credit and no late payments or default
• Foreclosure/Short Sale History: Minimum of three years since a foreclosure or short sale

*Habitat mortgages are provided through our nonprofit mortgage subsidiary, TCHFH Lending, Inc. Click here to learn more about the requirements that need to be met to qualify for a TCHFH Lending, Inc. mortgage. Qualifying for the Homeownership Program does not mean you will necessarily qualify for a mortgage through TCHFH Lending, Inc. If you are determined to be "mortgage-ready", you would go through a mortgage pre-approval process with TCHFH Lending, Inc.

Homeownership Program Income Guidelines 

Twin Cities Habitat for Humanity annually updates our Homeownership Program income requirements based on area market conditions. We reserve the right to revise these guidelines at any time.

*Habitat mortgages are provided through our nonprofit mortgage subsidiary, TCHFH Lending, Inc. Click here to learn more about the requirements that need to be met to qualify for a TCHFH Lending, Inc. mortgage.