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Mortgage Requirements

Each family that applies for a mortgage with TCHFH Lending, Inc. must meet application and underwriting requirements for approval. If you don't meet these requirements today, that's okay! Twin Cities Habitat's financial coaches can help you get there.

Benefits of Habitat's Mortgage

Application Requirements

  • Complete Twin Cities Habitat for Humanity’s Homeownership Program
  • Meet our Income Eligibility Guidelines
  • Be a first-time Homebuyer (haven’t owned a home in the past three years; owners of manufactured homes are eligible)
  • Currently live in the 7-county metro area
  • Purchase a primary residence


Underwriting Requirements for Approval

  • Preferred credit score of 620 – Credit scores between 580-620 or invisible/no credit acceptable with alternative credit documentation
  • Closing Costs & Savings Requirement:
    • $3,000 homebuyer contribution to closing costs (Habitat pays additional closing costs)
    • Savings Requirements $1,500 in savings for estimated first year insurance premiums (prepaid prior to closing)
    • $1,800 in additional savings (accessible at loan application through closing)
    • Gift funds allowed.
  • Total monthly debt payments no more than 13% of gross monthly income
  • No outstanding liens or judgments
  • 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.
  • Minimum of two years since bankruptcy, with 24 months of re-established credit
  • Minimum of three years since foreclosure or short sale
  • Maximum of $1,000 in outstanding collections ($3,000 maximum if medical collections)

Mortgage process. 1) Sign purchase agreement. 2) Mortgage application - Complete your mortgage application with our Community Loan Officer. 3) Early Disclosures Meeting - Learn about your mortgage and sign early disclosures. 4) Underwriting Process & Decision - Review of mortgage application, appraisal and completion of verifications. Once this is completed, the underwriting decision is made, which informs you whether or not you are approved. 5) Closing - Sign Mortgage! Sign mortgage documents and get keys to your house.

Are you ready to get started with the Homeownership Program?

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Want to know more about Habitat's Homeownership Program?

Learn More