How does the Habitat Homeowner program work?
Our Habitat homeownership program partners with families to help build their homes, and in return, they receive an affordable mortgage. These loans are made more affordable because they are interest-free.
Selected families must complete homeowner education classes and contribute sweat equity by helping build their own home as well as the homes of others. The selection process is fair, transparent, and open to all who meet the program qualifications.
I'm interested in the Habitat Homeownership program, what should I do next?
Please visit our website to review the program requirements. If you meet all the criteria, complete the inquiry form. Once you have filled out the inquiry form, an application will be sent to you. More information will be provided in the application packet.
When the application cycle opens, you will be notified by email. At that time, you will need to submit your name and current mailing address through the application request form, and we will mail you an application packet to complete and return for consideration.
Your information states that you have expanded your program income guidelines. What does that mean?
Expanding our program income guidelines means that we are now able to serve a broader range of families. In addition to low-income households, families with moderate incomes may also qualify for the program, if you are a first-time homebuyer. This allows more people the opportunity to achieve safe, affordable homeownership while still ensuring the program remains sustainable and effective.
The upper limit of our homeowner income eligibility has increased from 50% to 80% of the Median Income in the Albuquerque area. Actual income limits vary depending on family size, and detailed qualification information is available on our website.
Where will these new homes be located, and are they currently under construction?
We are in the early planning stages for our next two neighborhoods. Both neighborhoods are currently in the design phase, collaborating with civil engineers, construction leadership, home designers, and the City of Albuquerque. Over the next several years, we expect to build a total of 20 homes in 4 separate neighborhoods.
Do Habitat families own their own home?
Yes, Habitat families do own their homes.
Habitat homeowners are like any other homebuyer. Families selected for a Habitat home must qualify for and be approved for a mortgage, with Greater Albuquerque Habitat for Humanity serving as the lender.
Homeowners are responsible for making their monthly mortgage payments on time, just like traditional homeowners. These payments are designed to be affordable.
Over time, homeowners build equity in their home, creating financial value and a foundation for the future. In addition, homeownership provides long-term stability, security, and a sense of pride that comes with having a place to call their own.
Why are your homes affordable?
Greater Albuquerque Habitat for Humanity homes are affordable because they are built with the help of volunteer labor and on land that is donated or offered at a reduced cost. In addition, homes are financed with an interest-free mortgage.
Homebuyers, also known as partner families, contribute “sweat equity” by completing 350 or more hours of labor toward building their home and supporting the program.
How long does it take to build a home?
The Habitat for Humanity homeownership process typically takes about 12 to 18 months from the time of application to move-in day. This timeline includes several important steps, such as application review and approval, homebuyer education, completion of required “sweat equity” hours, and the construction of the home.
Each phase is designed to prepare families for successful homeownership while ensuring the home is built to quality standards. Timelines may vary depending on factors such as construction schedules, weather conditions, and program requirements.
What are the requirements and benefits for Habitat homeowners once their home has been completed and they have moved in?
Habitat homeowners are just like any other homebuyer. They have a mortgage that requires a monthly payment due regularly. They pay property taxes and home insurance. They show pride in ownership by keeping their property well-maintained. They have neighbors who helped each other build their homes and a neighborhood bond to enjoy. They also know that every mortgage payment goes towards accumulating equity in their residence, while owning their home provides security and comfort for themselves and their family.
Our application cycle is currently paused, but preparations are underway to reopen it soon. If you’re interested in purchasing a home through our Homeownership Program, we encourage you to provide your contact information so we can notify you as soon as the next application cycle begins.
