We are operating virtually until further notice: Read the details. Habitat homeowners: Click for support.

The Mortgage Process

TruePath Mortgage Product

  • 2.0% fixed interest rate, 2.0426% APR

  • 30 year term

  • Affordable monthly housing payment set at no more than 30% of gross income

  • No mortgage insurance

  • Maximum mortgage of 96.5% of home’s value – down payment and affordability assistance available depending on income qualification and availability.

  • Borrower contribution of $3,000 towards closings costs (not including owner’s title insurance if the homebuyer chooses to purchase)

Mortgage Criteria 

Application Requirements

  • Complete Twin Cities Habitat for Humanity’s Homeownership Program

  • Meet our income eligibility guidelines

  • Be a first-time Homebuyer (haven’t owned property in the past three years)

  • Currently live in the 7-county metro area

  • Purchase a primary residence

Homebuying Program 

Underwriting Requirements for Approval

  • Preferred credit score of 620 – Credit scores between 580-620 or invisible/no credit acceptable with alternative credit documentation

  • $6,300 in savings

  • Total monthly debt payments no more than 13% of gross monthly income

  • No outstanding liens or judgments

  • Minimum of one year at current job, two years if self-employed

  • 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.

Not sure if you qualify?

Talk To Our Team

Other Helpful Links & Resources

 View Habitat Homes For Sale

View our current home listings. These listings are updated each month to show newly-added properties and homes that have sold.

View Listings

We can help you with the mortgage process

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 advisors can help you get there.

Questions about our mortgage product?

Sample Mortgage Terms

Estimated First Mortgage $200,000
Fixed Interest Rate  2.0%
APR (Annual Percentage Rate) 2.0426% 
Monthly Principal and Interest Payment
   *Monthly payment estimates quoted reflect the principal and interest portion of the payment and do not include homeowner’s insurance, property taxes, or maintenance fund, which are also required to be paid.
Term  30 Years 
Borrower Down Payment  $0.00 
Borrower-Paid Closing Costs 
   *Borrower’s contribution to closing costs does not include the owner’s title insurance policy if the homebuyer chooses to purchase.
 Please note that our rates and terms can change at any time.