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: 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

Not eligible yet? See if our Financial Coaching Program is right for you >>

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