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; less than $3,000 if all collections are medical
• Savings: $6,300
  • $3,000 closing costs
  • One year homeowners' insurance
  • Approximately $1,800 reserves
• Employment: Minimum of one year at current job, two years if self-employed
• 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

Ready to take the first step?

If you're ready to take the first step toward homeownership with Habitat, please complete our form. 

Not ready yet?

Consider our Financial Coaching Program to get mortgage ready, or work with one of our referral partners to prepare for Habitat homeownership!

Click here to view our Financial Coaching Program Criteria.