Homeownership Program Criteria

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
Judgments: All judgments paid off
Savings: $6,300
- $3,000 closing costs
- One year homeowners' insurance
- Approximately $1,800 reserves
Employment: Six months at current job with two years of continuous employment history 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

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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 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.

Family Size	Minimum Yearly Gross Income	Maximum Yearly Gross Income
1	$42,000	$62,600
2	$42,000	$71,550
3	$42,000	$80,500
4	$42,000	$89,600
5	$42,000	$96,600
6	$42,000	$103,750
7	$42,000	$110,900
8	$44,253	$118,050
9	$46,935	$125,150
10	$49,617	$132,300