Are you having trouble trying to buy a house?
Would you like to save up to $90,000 and get a brand-new home?
If you answeredyesto these questions,Habitat for Humanitymight be able to help you out.
And you have to make mortgage payments just as with any other home purchase.
I held a few of these common misconceptions about Habitat for Humanity before I started volunteering with them.
Heres what I learned about this nonprofit organization from my experience and further research.
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They also wont build homes for those who cant afford them.
This isnt a giveaway:Habitat homeownersbuytheir homes and have monthly mortgage payments.
The exact limits also depend on your family size.
The Cost of a Habitat Home
What you pay varies by your homessizeandlocation.
TheNorth Central Massachusetts affiliatestates their homes cost between $100,000 and $120,000.
But youll actually save much more than these prices suggest.
The savings can be much higher in other areas.
In addition,Habitat mortgages are interest-free.
Programs are similar in the U.S. and Canada, with mortgage loans being the norm.
In other countries, they operate in various ways.
Check Habitats international website for alist of Habitat affiliatesaround the world.
However, there is quite a bit of variation in how each Habitat for Humanity affiliate operates.
Here are some examples.
InLos Angeles, you have to contribute at least 200 sweat equity hours.
InBozeman, Montana, youll have to put in 500 hours.
InChampaign, Illinois, you only need $500.
Because the loans are at zero-interest, most programs have very affordable payments.
Your Credit Score
While the general guidelines say you needdecent credit, affiliates make their own rules.
Income Source
Again, affiliates are free to apply their own guidelines.
In general, you just need steady income.
Income from a business, child support or a retirement plan is also OK by theSeminole/Apopka, Florida affiliate.
Home Size
Most Habitat affiliates keep their homes to 1,050 square feet or less.
InWilliamsburg, Virginia, they build homes up to 1,500 square feet.
Cashing in on Your Equity
A Habitat home can really help you get ahead financially.
Gaining over $100,000 in equity when you move into your home is significant, to say the least.
But can you cash in that equity at some point?Different affiliates have different rules.
They lift this and other restrictions once you pay off the mortgage loan.
TheHuron County, Ontario, Habitat affiliate puts two mortgage loans on your home.
You make payments on the first, which covers the cost of construction.
Other affiliates have their own arrangements, so be sure to ask.
Your Turn: Have you ever had a home through Habitat for Humanity?
If so, hey tell us about your experience.
Steve Gillman is the author of 101 Weird Ways to Make Money and creator of EveryWayToMakeMoney.com.
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