Stable Income Types: salary or hourly pay, self-employment income, bonuses, investment income, child support, SSI, SSDI, & TANF, provided they are consistent and expected to continue.

Employment: Minimum of 24-month employment history.

Full-time: 12 months at current job

Part-Time and Self-employment: 24 months at current position

Income Guidelines:

Greater Albuquerque Habitat for Humanity updates its Homeownership Program income requirements each year based on 50% to 80% of the Area Median Income (AMI) for Bernalillo County.

Eligibility is determined by total household income and household size.

Debt-to-Income Ratio 

Your debt-to-income ratio compares the amount of your debt to your income. The ratio is best figured monthly.

For example: if your monthly gross pay is $2,000 and you pay $400 per month in debt payment(s) for loans and credit cards, medical bills and/or student loans, your debt-to-income ratio is:

$400 divided by $2,000 = 0.20 or 20%. We want your DTI Ratio around 13% to 15%.

To determine your debt, include all monthly obligations for both the applicant and co-applicant, such as credit card payments, student loan payments, vehicle loan payments, other loan payments, and any court-ordered obligations, including child support and/or alimony. Do not include rent, utilities, groceries, or other miscellaneous expenses.

Deferred Student loans: We will estimate a monthly loan payment at .5% of the total deferred loan amount. Example: If you owe $40,000 in student loans, $200 will be counted towards your monthly debt.