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1) You must have lived/worked in Sarasota County for 12 months (or longer) prior to applying for a home. We're looking for families committed to our community. Our homeowners come from many occupations; police officers, nurses, teachers, shop owners, plus more.
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2) You must have NEED for help with housing. This means you are not able to get financing to purchase through conventional means (bank loans, etc.) and/or your present housing must be inadequate, substandard, or exceed our debt-to-income ratio guidelines. Generally, this means the housing is too small for the number of people living there; there are significant maintenance problems (pests, plumbing, leaking roof, etc.), or the rent is substantially too high for current income levels.
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3) Your family income must be at least $18,600 per year. Income must be verifiable and include all sources (including Social Security, Child Support, Disability, Alimony, Wages, etc.). Income maximums are determined by family size and are adjusted annually. You must exhibit job stability, with at least 6 months on the same job.
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4) Your credit will be reviewed. Bankruptcies must be at least 2 years old. Repossessions or collections must be resolved or have an active payment plan in place to take care of them. Excessive credit debt is a negative factor. Credit is checked during the application process and again just before you move into your home.
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5) You must be able to pay $550-$800 per month for your mortgage. Your mortgage payment amount will include your property tax and property insurance, and will likely go up each year, depending on taxes and insurance. =
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6) If you are accepted into the Habitat program, you must begin to make payments toward your closing costs. Currently that deposit is $1,650. You will be expected to make monthly payments until the amount is paid in full.
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7) You must work at the building site to earn "sweat equity" hours toward your home purchase. Your sweat equity is considered a part of your down payment and must be completed before you live in your house. If you are a single adult, you will need a total of 300 hours (500 hours for a two-adult family). You may bring two volunteers with you each time you work and their hours will count toward your total.
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8) In order to be assigned to a lot (where your home will be constructed), you need to have completed 100 hours of your sweat equity and have $600 on deposit. You will be offered a lot, not a particular house.
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9) Attendance at the Consumer Credit Counseling First-Time Home Buyers class is required. Attendance is also required at the Habitat-sponsored series of new homeowner classes. Class attendance totals 29 hours and those hours do count toward sweat equity totals. Call 800-741-7040 (Option 4) and tell them you are applying for a Habitat House.
The standard 3-bedroom 2-bath home is about 1,200 square feet and the purchase price to qualified applicants is currently $98,500 to $137,900.
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10) Each home is covered by two mortgages: one covering the purchase price, and one to protect the volunteer hours and material donations in the home. Mortgage term is normally 30 years.
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Habitat of Humanity of Sarasota will help you through the pre-application process providing assistance with helping to cure credit and other problems you may have to qualify. We have houses available for qualified families and want to help you achieve your dream.
