Answer the following questions to help determine if you are ready for Homeownership
Are you and your family ready, willing and able to:
- Make a commitment to live in the same home for 30 years? (It’s easy to move when you rent, but when you own a house, moving is much more complicated!)
- Mail my mortgage payment to the mortgage company every month? (All mortgage companies, including Habitat for Humanity will foreclose on homeowners that become delinquent in their payments).
- Save $3,000 for closing costs and other start-up expenses relating to homeownership?
- Budget for ALL expenses of homeownership, including but not limited to water, heat, electricity, garbage, property tax, homeowner’s insurance, etc.
- Pay monthly association fees if your home is in an association?
- Fix a broken toilet myself or spend money to hire a plumber when it breaks?
- Spend hours of my “free time” keeping the house in good condition (painting, doing repairs, yard work, cleaning, etc.), instead of doing other things I enjoy?
- Learn the skills necessary to do maintenance on my home?
- Keep the lawn mowed in the summer (including maintaining a lawnmower) and the sidewalk clear of snow and ice all winter long?
- Spend time getting to know my neighbors, since good relationships with neighbors are the start of healthy, strong communities?
If you answered "yes" to all of these questions, you may be ready to become a homeowner.
If you answered "no" to any of these questions, you may not be ready to be a homeowner at this time. That’s okay! It’s better to know you will not be happy as a homeowner before you own a home.
When the time is NOT right to apply for Habitat:
If you need a “quick fix” for housing or things aren’t quite stable in your life
If you’re in the foreclosure process. Before applying for Habitat the foreclosure needs to be final and you’re no longer in that home. Foreclosure does not necessarily hurt your chances of being selected for Habitat, but the process needs to be complete.
If you’re in the divorce process. The divorce process needs to be final before being considered for Habitat. In Minnesota a spouse has the legal right to the asset of a home and could potentially create debt based on that asset.
* Including the costs of housing, the debt to income ratio of potential homebuyers must be under 50%.
NOTE: Homebuyers who purchase a home through Western Lake Superior Habitat for Humanity, Habitat becomes your mortgage company, not your landlord. The house and any problems or damage that occurs after they have moved in are the Homebuyers responsibility.