Loan

Habitat for Humanity now offers low-interest mortgages in addition to zero-interest loans – Spring Hill Home Page


HABITAT FOR HUMANITY WILLIAMSON-MAURY

Habitat for Humanity Williamson-Maury (HFHWM) on Monday announced that it is now offering new loan options to help more families build and buy one of the organization’s award-winning, craftsman-style homes.

“In the past, we have only been able to offer affordable mortgages to families making between 30 and 60% of the area median income,” explains Housing and Community Development Director Wayne Weaver. “We will continue to offer our traditional zero-interest loan program to those who qualify, but with new diversified loan options, including the USDA 502 loan, we can assist thousands more that may qualify to buy instead of rent. For instance, a household of one to four members making a combined $59,500 a year qualifies for a low-interest mortgage option on one of our Williamson County houses under our new program guidelines.”

“People driving by will stop and ask to tour our homes and buy our house plans,” explains HFHWM Construction Site Manager Tasha Towry. “There is a great need for smaller, well-built homes in Williamson County, especially at price points for first-time homebuyers, and we are one of the only builders providing that option. We are gearing up to build a record number of homes for our nonprofit, 16 homes in 2019 in our new Willow Crest neighborhood in Fairview, and couldn’t be more excited.”

To qualify as a candidate for the homeownership program applicants must meet three basic criteria:

First, candidates must have a need for affordable housing – This could be any of several reasons, such as, structural or maintenance problems with one’s home or apartment; unhealthy or unsafe living conditions; current residence is too small for the family’s size; or the rent one pays is too much of a cost burden. This also includes anyone who might have tried to obtain a traditional mortgage, but who cannot find a home with a price for which he/she qualifies in Williamson County.

Second, candidates must have the ability to pay for a mortgage loan. HFHWM will look at a candidate’s sources of income and determine if he or she (or the family unit) can make monthly mortgage payments. HFHWM will consider the applicant’s credit history and the amount of debt, and if all these items are acceptable, the next steps will be taken.

Last, candidates must demonstrate a willingness to partner. Applicants are required to earn up to 280 hours of “sweat equity” by attending homebuyer education classes, volunteering in the community, and working side-by-side with the sponsoring volunteers to build his/her home and the homes of future neighbors.

Applicants who are selected to move on to the homeownership program will complete the HFHWM homeownership program over the next few months and build their homes in Fairview in the fall of 2019.

Anyone who doesn’t currently own his or her home and who lives or works in Williamson or Maury County may apply by completing a Partnership Questionnaire, which can be found on HFHWM’s website at www.hfhwm.org or at their office at 511 West Meade Blvd. in Franklin, TN.

For additional information on HFHWM’s Homeownership or Critical Repair Programs or to get involved as a sponsor or volunteer, please contact Habitat for Humanity Williamson-Maury at 615-690-8090 or visit www.hfhwm.org.

Habitat for Humanity Williamson-Maury has built 233 homes in Williamson and Maury Counties since becoming incorporated as an affiliate of Habitat for Humanity International on December 5, 1992. The nonprofit continues to build 12-18 new homes per year.

For more information about our homeownership program, volunteering, or sponsorship opportunities, please visit www.hfhwm.org.

Let’s block ads! (Why?)



Source link

LEAVE A COMMENT