Habitat Metro Denver works to provide affordable housing options to families throughout the Metro Denver area. There are many financial benefits of buying a Habitat home, which include:
- Affordable mortgage that will be up to 30 years in length with monthly payments based 30% of your family's monthly income.
- No down payment requirement.
- Low closing cost payment of $800 (for renovated properties) or $1500-$1800 (for new construction) depending on the property qualification and selection.
In order to move successfully through the application process, there are a number of basic requirements that must be met. Below are the basic requirements for the homeownership program.
Family Composition and Marital Status Policies
Habitat Metro Denver understands that there are many types of families. Whether you are an individual applying alone, a married couple with children, a single parent, a non-married couple, or a family that includes aunts, uncles, or parents, we welcome your family to apply. Our homes can accommodate individuals and families with up to 10 members.
Habitat Metro Denver requires married and/or separated applicants to apply with his or her spouse. The only exception is for applicants that can provide documentation of a legal separation.
U.S. Citizenship Requirement
All program applicants must be U.S. Citizens or Legal Permanent Residents. A United States passport, birth certificate or Green Card is required to purchase a Habitat home.
Denver Metro Residency Requirement
Habitat Metro Denver builds homes in Adams, Arapahoe, Denver, Douglas and Jefferson counties. In order to qualify for the program, you must have lived or worked in one of these counties for the past six months. In addition, you must have at least 4 consecutive months of income from your current job(s).
Criminal Background Policy
Habitat Metro Denver believes in second chances. Applicants with felonies are welcome to apply. However, Habitat Metro Denver values the safety our employees, volunteers and the families we serve. Therefore, we conduct a sex offender check for pre-qualified applicants. Applicants that have a history of sexual offensives will not be selected for our homeownership program.
Bedroom Size Policy
Habitat Metro Denver builds and renovates homes with one, two, three, four and five bedrooms. We typically offer newly constructed homes of 2-5 bedrooms. Our renovated properties are 1-3 bedrooms. We require that no more than two people occupy a bedroom.
How Are Familes Selected for Habitat's Homeownership Program?
In order to be selected for Habitat Metro Denver's homeownership program, applicants must meet three selection criteria: "Need for Housing," "Willingness to Partner"and "Ability to Pay". More specific information for of each is detailed below:
Need for Housing
Habitat for Humanity envisions “a world where everyone has a decent place to live.” In order to achieve this goal, Habitat is committed to serving families that have a need for housing. We partner with families whose housing needs are expressed in a variety of ways. Here are some examples of need for housing:
- You are living in temporary housing or are currently unhoused.
- You are paying more than 30% of your monthly income towards rent and utilities.
- There is crime in your neighborhood that makes you feel unsafe.
- There are structural problems where you are living (example: roof or walls are deteriorating).
- There are problems with your utilities (example: heating or cooling not adequate).
- There are pests in the house (example: mice or roaches).
- The space is overcrowded (example: there are many people living in one room).
- Your current housing is not equipped for handicap needs.
If you currently own a home (including a trailer home), you are not eligible to buy a Habitat home. However, you do not need to be a first-time homebuyer to qualify for a Habitat home.
Willingness to Partner
At Habitat for Humanity, partnership is very important to us. Habitat builds homes in partnership with our communities, companies, other non-profits, local government, and homebuyers. Families that are selected for our Homeownership Program become our Partner Families. Partner families must complete sweat equity hours before they can move into their homes. Please visit the Partnership Requirements page to learn specific information about sweat equity.
Ability to Pay
Habitat Metro Denver seeks to help low income families become homeowners. We look at a family’s gross monthly income, considering everyone over the age of 18 in the household. We count income from job wages, child support, alimony, food stamps, Social Security Survival benefits, SSDI, SSI, and TANF.
In the past, applicants have applied for specific homes. Now, applicants are applying for the program in order to pre-qualify for a specific loan amount. The pre-qualified loan will be used to purchase a Habitat home.
To pre-qualify for the Habitat program, applicants must meet specific minimum and maximum income qualifications. Habitat counts the gross monthly income of the applicant and co-applicant(s) when determining if the monthly income meets the minimum income qualifications for the homeownership program. Families whose monthly income is not within the income qualification range will not qualify.
If the the applicant's income meets the minimum income qualifications, Habitat examines the income for all members of the household to determine if the total household income exceeds the maximum income qualifications for the homeownership program.
Your credit history is a good indicator of your ability to meet your financial obligations and therefore Habitat takes credit reports into account when determining an applicant’s eligibility. We do not use credit scores in our assessment of eligibility; however, we evaluate whether you are timely in paying debts. We carefully review your credit report to see if there are collections, open judgments, or recent bankruptcies/foreclosures. Bankruptcies and/or foreclosures must have been discharged for 2 years before applying. Lastly, an applicant’s debt-to-income ratio (DTI) may not exceed 43%.
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