Habitat builds and sells homes, at cost, with low- or no-interest loans. We keep costs down by using donated materials and volunteer labor. Homes are sold to households who demonstrate need, ability to pay and willingness to partner with Habitat.
- Need for housing: Criteria for this include but not limited to: living in publicly or privately subsidized housing; living in overcrowded conditions; paying more than 30% of gross income to rent; substandard conditions.
- Ability to Pay: Home buyers have a stable income between 30%-80% of Area Median Income. These numbers vary depending on family size.
- Willingness to Partner: Home buyers volunteer to work on their own home and the homes of others. If you have a disability or cannot work at the job site, we will gladly find other volunteer opportunities for you.
Buying and owning a home involves decisions and expenses that are new to most of our homebuyers. Homebuyer education classes address these specific issues, including: credit and credit reporting, what makes up a mortgage payment, what is escrow, details of the loan process, and the legal documents involved in the transaction.
Habitat for Humanity of the New River Valley provides prospective home buyers with the resources they need to succeed. Financial education builds a strong foundation for long-term success as a home owner. Even if you feel like you understand personal finance, there is always more to learn. We cover topics like budgeting and banking basics here at Habitat and through partner organizations.
We can help you understand your credit report, and develop a plan to improve the score. Combined with the other education resources, credit repair can help you become mortgage-ready. Our Mortgage Readiness program focuses on preparing folks to succeed as home buyers.
Getting ready to purchase a home can present big challenges, and we want to you to be prepared!
Sweat equity is a hallmark of the Habitat home buying process. Each home buyer invests hours and energy volunteering for Habitat, on their own house or meeting another need in the organization. It’s an opportunity for the buyer and family to work alongside volunteers who give their time to bring to life a family’s dream of owning a home. Homebuyer education counts as part of that required sweat equity.
Become a Habitat NRV Home Buyer
If you are interested in becoming a Habitat home buyer, please proceed to the Home Ownership Page.