Program Qualifications

 

BCHfH’s homeownership program has 3 primary criteria:
1. A Need for Housing
Need for housing is considered in four ways: rental cost burden, condition of current housing, homelessness and overcrowding. The Blount County Habitat for Humanity Homeowner Selection Committee works with the Programs Manager to determine if a qualifying need for housing exists.
2. The Ability to Repay an Affordable Mortgage
Ability to repay an affordable mortgage is determined by the Programs Director. This includes the review of an applicant’s credit report, debt owed, household income, employment verification, rent verification, etc. The Programs Director considers loan requirements outlined by approved lenders when making the determination. BCHfH knows it takes work to get ready for this loan application. We have 6 months of financial and credit work built into the beginning of the program. The homeownership program is designed to work with each buyer to prepare for this process.
3. A Willingness to Partner
Willingness to partner simply means a buyer completes the requirements of the program. All buyers must earn sweat equity. This is hours awarded for the time spent in homebuyer education, money management and financial mentoring, work at the ReStore, work on construction and work with a credit counselor if needed. All 1 adult households must earn a minimum of 200 hours of sweat equity. Multiple adult households must earn a minimum of 400 hours of sweat equity. Additionally all buyers must save a buyer contribution that will pay for the first year of homeowner’s insurance and property taxes.
Additional Qualifications
All applicants must:
1. Currently have 12 months of residency in Blount County
2. Be a legal resident of the United States
3. Household income at or below 60% area median income determined by HUD (See “Income Limits” Page)
4. No ownership interest in a home for the last 3 years
5. No member of a household may be required by any jurisdiction to register as a sex offender
6. No 18 year old or older member of a household may be convicted of certain drug or violent criminal offenses (subject to review)