Homeownership
Habitat for Humanity - Coosa Valley builds houses in partnership with families who demonstrate a need for housing, the ability to pay and also a willingness to partner. These homes are sold, not given, to approved homeowner applicants. Moving into and owning a Habitat home improves the quality of life for its residents, not only in their physical surroundings but also by instilling a sense of pride and responsibility which comes with homeownership.
Qualifications for Homeownership
To apply for homeownership with Habitat for Humanity - Coosa Valley:
You must be a US Citizen or permanent legal resident
You must be a first-time home-buyer
You must live or work in Chattooga, Floyd or Polk County for at least one year
You must have lived independently for at least one year
Your household income must fall between 40% - 70% of the area median income (Income guidelines are based on HUD’s housing income and are subject to change.)
Selection Process
Homeowners are selected on three criteria:
Need
You are unable to obtain a conventional mortgage
Your rent is too high compared to your income
Your current residence has maintenance issues that are not being addressed by the landlord
Your current residence is too small for your family
Willingness to Partner
You agree to complete 250 - 300 hours of sweat equity. Sweat equity hours are earned by helping to build your home alongside volunteers and doing community service.
You agree to complete all assigned homeowner education.
You plan to fulfill your partnership with Habitat after purchasing the home by:
Paying your mortgage on time
Maintaining your home and lawn
Observing all county and city ordinances
Being a good neighbor
Being a good representative of Habitat Coosa Valley
Ability to Pay
Your income is enough to pay the monthly mortgage, including taxes and homeowner’s insurance, in addition to your other bills
Your income and work history is stable and verifiable
You demonstrate financial responsibility
Your income falls with Habitat’s income guidelines