Green Mountain Habitat for Humanity has the following three criteria for becoming a homeowner:
1. Need for Adequate Shelter
Applicants must demonstrate a need for adequate shelter. You will be considered for a Habitat house if your present housing is not adequate, and if you are unable to obtain adequate housing through other conventional means.
2. Ability to Pay
Applicants need to have the resources to pay a low, monthly mortgage. Since you will be buying your house from Habitat through a 25-year, 0% interest loan, you must demonstrate your ability to afford the monthly payment. This payment will include the mortgage payment, real estate taxes and hazard insurance. You must have an income that is equivalent to 30-60% of the median income in Chittenden County. We will help you to determine if this payment will jeopardize your ability to meet all other family financial obligations and expenses.
Chittenden County Median Income Guidelines As Related to Habitat Affordability Model
State of Vermont report of Median Income Limits by County, effective date 6/2011 (+)
|Extremely Low Income (30% of median)||$17,200||$19,650||$22,100||$24,550||$28,410||$32,570|
|Very Low Income (50% of median)||$28,700||$32,800||$36,900||$40,950||$44,250||$47,550|
|Low Income (60% of median)||$34,440||$39,360||$44,280||$49,140||$53,100||$57,060|
Notes: This is one of several factors used by Green Mountain Habitat in determining a family unit’s Ability to Pay
(+) Source — US Dept of HUD State: Vermont – Full table for family size 1 to 8 * Data shown suggests approximate Income range based on family size (Low – Med) ** Med(50%): Habitat may extend to 60% of median income range when appropriate
3. Willingness to Partner
Applicants need to be willing to commit to the sweat equity requirement and be part of the Habitat family.