Home Ownership (How)
Home Ownership Program:
Families selected for a Habitat home are required to complete a minimum 300 hours (per adult living in the home) of “sweat equity”, working on Habitat Home construction sites. The families purchase their homes and are required to pay a mortgage. Habitat underwrites a 0% interest mortgage for the life of the loan, basing the monthly payment at approximately 30% of the family’s monthly income. Families pay closing costs of approximately 1.5% of the appraised value (about $2500) and also pay (in-full) the first year’s Homeowners Insurance (about $500) With in-kind donations of materials and the volunteer labor of members of our community, these factors work together to make housing affordable for our families.
Family Selection Criteria:
Families are selected based on their need for adequate housing, their ability to pay back a 0% interest loan and their willingness to partner with Habitat for Humanity Las Vegas.
Minimum Requirements:
- Applicants must be a legal permanent resident of the United States
- Must have lived in Clark County for the past 12 months
- May not have a discharged bankruptcy in the past 2 years
- May not have any outstanding liens or judgments
- Your debt can not exceed 55% of your monthly income
- Minimum total household income must be at least $23,000 per year (gross)
Maximum Allowable Total Income for 2011-2012:
| Family of 1 | $36,500 |
| Family of 2 | $41,700 |
| Family of 3 | $46,900 |
| Family of 4 | $52,100 |
| Family of 5 | $56,300 |
| Family of 6 | $60,450 |
| Family of 7 | $64,650 |
| Family of 8 | $68,800 |
How To Get Started:
| Step 1: | Attend the homeownership orientation. For the next orientation, visit our “Events” page. |
| Step 2: | Complete 25 hours of volunteer work with Habitat. |
| Step 3: | Submit an application for homeownership. |
Are you struggling to pay for quality child care?
The Las Vegas Urban League can help.
Click here for more information.
