<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=730207053839709&amp;ev=PageView&amp;noscript=1">

Homeownership Eligibility Criteria

Below you'll see the eligibility criteria for the Homeownership Program and the Financial Coaching Program.

Twin Cities Habitat for Humanity provides qualifying households with the opportunity to purchase a home through our affordable TruePath Mortgage product offered by TCHFH Lending, Inc.

Before filling out the eligibility questionnaire, we ask that you review the eligibility criteria below for the Homeownership Program and the Financial Coaching Program.

If you do not meet the criteria for the Homeownership Program, you may still meet the eligibility criteria for our Financial Coaching Program! You'll be paired with a homeownership advisor who will assist you with creating and executing a plan to achieve the financial goals that will qualify you for homeownership with Habitat.

Note: Habitat mortgages are provided through our nonprofit mortgage subsidiary, TCHFH Lending, Inc. Qualifying for the Homeownership Program does not guarantee that you will qualify for a mortgage through TCHFH Lending, Inc.

General Criteria for Homeownership

  • Have lived in Twin Cities seven-county metro area for the last 12 months
  • Have not owned a home during the past 36 months (waived for U.S. military members and veterans)
    • Owners of manufactured homes are exempt from this requirement
  • Must be applying to purchase what will be the applicant's primary residence
Homeownership Program Financial Coaching Program
Income
Maintain annual gross income
Maintain annual gross income
Credit Score
620+ (preferred)
  • Options available for those with invisible credit/no credit
580+
  • Options available for those with invisible credit/no credit
Debt-to-Income

Monthly debt payments equal 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.

Monthly debt payments equal no more than 18% 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

Less than $2,000 in non-medical collections

  • Medical collections do not impact eligibility
Judgments
All judgments paid off
Less than $1,000 in judgments
Savings

$6,300 in savings, which includes:

  • $3,000 for closing costs
  • $1,500 for one year of homeowners' insurance
  • $1,800 for reserve savings
No minimum savings requirement
Employment

Minimum 24-month employment history, including:

  • Full-Time: 6 months at current job
  • Part-Time and Self-Employed: 24 months at current position

Minimum 24-month employment history, including:

  • Full-Time: 6 months at current job
  • Part-Time and Self-Employed: 24 months at current position
Bankruptcy

Minimum of 24 months since discharged from bankruptcy, including:

  • 24 months of re-established credit
  • No late payments or defaults

Minimum of 24 months since discharged from bankruptcy, including:

  • 12 months of re-established credit
  • No late payments or defaults
Foreclosure / Short Sale History
Minimum of 36 months since a foreclosure or short sale
Minimum of 36 months since a foreclosure or short sale

Income Criteria


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

Household Size Minimum Yearly Gross Income Maximum Yearly Gross Income
1 $53,000 $72,950
2 $53,000 $83,350
3 $53,000 $93,800
4 $53,000 $104,200
5 $53,000 $112,550
6 $53,000 $120,850
7 $53,000 $129,200
8 $53,000 $137,550
9 $54,705 $145,900
10 $57,831 $154,200

Take the Next Step Toward Homeownership