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house image.png Need

hammer image.png Willingness to Partner

Ability to Pay 

ABility to pay image.png

Your total household income must be enough to cover the house payment, taxes, insurance, utilities and maintenance expenses.  But your total household income must not exceed 60% of the area median as defined annually by the federal government. Please see charts below. This will change annually. 

• Ability to pay is solely related to the applicant/co-applicant’s income, debt and credit history. Other household income is not considered under this selection criterion.
• Possess the means to repay a Habitat mortgage and other home costs, whether that ability is likely to continue for the foreseeable future (defined as at least 5 years from time of selection) and whether NWVHFH will be adequately secured by its mortgage on the property.
• Have income, combined, that is between 40%-70% AMI as determined annually by HUD.
• Debt-to-income ratio of less than 43% (including future mortgage payment). NWVHFH also defines this as having a consumer debt (credit cards & all loans, excluding future mortgage payment) of no more than 15%.  Use this debt to income calculator to figure out your DTI. 
• NWVHFH does not consider credit scores in the selection process, however, a credit report will be pulled to determine if the applicant/co-applicant’s credit history is satisfactory and in accordance with the guidelines laid out in the Income and Credit Procedures document
• In addition to pulling a credit report, we will verify your rent history with current and former landlords.
• 2 years cleared of a bankruptcy.
• The applicant/co-applicant must be legal permanent residents or citizens of the US.