Homeownership Qualifications

Do I Qualify?

Homeowner applicants must have lived or worked in Hillsborough County for at least one year (the last 12 months) and meet the following criteria:

Housing Need – Applicants must demonstrate a housing need such as:

• Overcrowded conditions
• Unsafe or unsanitary conditions
• Substandard housing – with a leaking roof or windows, poor heating or lacking proper plumbing
• Unaffordable rent – paying a very high percentage of income for rent (more than 30% per HUD standards)

A home visit will be performed by Homeowner Services Committee members to verify a Housing Need.

Ability to Pay – Applicants must have appropriate affordability including:

• Income must be within the income guidelines for eligibility (See income guidelines below)
• Ability to contribute $1,500 – $2,000* toward closing costs prior to closing. (* amount is based on total household income)
• Have at least one year of steady, reliable and verifiable income. (can be employment, Social Security income or Retirement income)
• Gross monthly income to support a Habitat for Humanity mortgage. How to Calculate Your Income
• Underwriting decisions are based on income, debts and credit history of the borrower(s)
• Habitat for Humanity of Hillsborough County does not consider credit score, but credit history (paying bills on time) is considered
• Non-medical collections must not total more than $1,500 to get into the program, but those will need to be paid off before a future homeowner purchases a Habitat home
• Bankruptcies must have been discharged at least 24 months and credit re-built

Willingness to Partner – Applicants must contribute “sweat equity” which includes:

• Volunteering with Habitat for Humanity of Hillsborough County to build homes, work at the Habitat ReStore, or work at Habitat events, etc.  Hours are minimum of 300 Sweat Equity hours for a One-Applicant Household and 375 Sweat Equity hours for a Two-Applicant Household

Income Limits for 2018

The income limits required to be ELIGIBLE for the Habitat Homeownership Program are based on the number of people who would be living in the home. The limits are 30% to 80% of the Area Median Income (AMI) for Hillsborough County, (the numbers are based on guidelines adjusted each year and defined by the U.S. Department of Housing and Urban Development (HUD)). These figures include many forms of income: employment, public assistance, Social Security, disability, child support, etc.