Habitat for Humanity Of New Castle County Before After Providing Affordable Housing Opportunities.
14
Habitat for Humanity Of New Castle County Before After Providing Affordable Housing Opportunities
-
Upload
essence-wingrove -
Category
Documents
-
view
220 -
download
0
Transcript of Habitat for Humanity Of New Castle County Before After Providing Affordable Housing Opportunities.
Habitat for Humanity
Of
New Castle County
Before After
Providing Affordable Housing Opportunities
Delaware Housing Facts
• Cost Burdened households in Delaware 36%
• Twenty four percent are paying more then 50% of their monthly income in housing cost
• Each year the number of households affected continues to rise
Living Wages
• Fair Market Rent for a 2 bedroom Apt in DE is $970.00
• The housing wage to afford a two Bedroom apt is $18.65 an hour
• A minimum wage worker in DE will need to work 103 hours per week to afford a 2 bedroom FMR
• Education – gross vs. net pay• Getting back to basics• Banking Relationships• Community Awareness
Consumer Awareness
Habitat for Humanity of NCC bridging the gap in affordable housing
HFH NCC builds affordable housing at no profit through a combination of volunteer labor, sweat equity and no-interest mortgages. We strive to develop and empower individuals and communities through the construction of simple and decent homes.
A Hand up not a Hand Out
• Counseling• Support Mentor• Hands on Construction Training• Goals• Continuing Education
Habitat Homes
Energy Star Rated = Lower Energy Bills, No Drafts,
More Energy & Cost Efficient house.
2 & 3 bedroom town homes
New Whirlpool refrigerator and stove
Dishwasher, over range microwave, washer and dryer
Storage space in crawl space area and in attic
Laminate Wood Flooring on First Floor
Wall to wall carpet on Stairs and Bedrooms
New Kitchen Cabinets
Low Maintenance Exterior, all wood is wrapped with
Aluminum.
Bedrooms
Master Bedroom
Second Bedroom
What does Habitat look at?
• Credit history i.e., how much debt you have (collections, etc.)
• Lien search • Employment reference• Landlord reference
How Habitat selects families
• NEED for Adequate Shelter
• ABILITY to Pay
• WILLINGNESS to Partner
NEED for Adequate Shelter
Substandard Housing Conditions:• House in disrepair or does not meet building code• Over-crowded• 50% or more of income on rent
Housing need versus other applicant’s housing need
Turned down for conventional financing
ABILITY to Pay
Credit report (Decent credit is all that is needed) Can you realistically
pay off all your delinquent debt within 9-12 months!
Reside or Employed in Delaware (1 yr)
Employment verification (1 yr)
Gross Income within guidelines
Landlord reference
No bankruptcy for 1 year
Debt analysis (Pay debt off within 9-12 months).
Habitat Mortgage vs
Conventional Mortgage
No Interest Mortgage, 0% Best Interest Ever! HFH sells based on house size example 3 bedroom$143,000.00
Habitat House Cost over life of loan = $146,700.00
Habitat will finance settlement cost
Monthly Mortgage Payment 30 yr. Loan = $407.20 does not include escrow.
Homeowner mortgage payments used to build future HFH homes
4.0% depending on your credit
Conventional Loan on $135,000 at 4.0% for 30 yrs. $232,023.83
Closing cost required at settlement $10,000.00
Monthly payment = $644.50 does not include escrow.
Interest paid over 30 years $97,023.83
Conventional Mortgage Habitat Mortgage
