All buyers apply for mortgage loans with Habitat’s assistance (we partner with affordable loan programs like the USDA Rural Development 502 Direct program). Buyers purchase their home with the affordable mortgage loan they are eventually approved for. Habitat cannot sell a home to anyone who does not qualify for an affordable home loan.
BCHfH uses a combination of affordable 3rd party mortgages, grants and Habitat subordinate loans to make each home as affordable as possible. BCHfH defines affordable as 21-25% of the buyer’s gross monthly income.