Homebuyer
Qualifications
To become a homeowner in the Habitat for Humanity Homeowner Program, you must meet the homebuyer qualifications. Check it out below!
Residency
Home buyer qualifications
include...
1. Residency
Every Habitat homeowner program applicant must ...
be U.S. Citizens or Permanent Residents.
have live or worked in the Anchorage area for at least one year.
have not owned a house in the last three years.
2.Financial requirements
Every Habitat homeowner program applicant must ...
have at least one year of on-time rental history
do not own a mobile home and/or land, or if you do, are willing to sell it.
have less than $10,000 liquid assets
Can pay a monthly mortgage payment
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Stable sources of income
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Good or repairable credit
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Out of bankruptcy at least two years with good credit history during that time frame
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Adequate income to pay mortgage, insurance and property tax, other monthly payments and still be able to meet family needs
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Meet income guidelines –see the chart below
FY 2024 Income Limits Summery
*Specific income guidelines will be discussed once a family or individual has submitted an application. Habitat does not discourage anyone from applying for our homeownership program. However, please note that in addition to meeting Habitat's monthly income and debt requirements, an applicant must not have filed bankruptcy or had property foreclosed on within the past three years. All court fees, fines, time served, community service, etc.
must be fully satisfied and any civil judgment or tax lien paid in full or satisfied prior to being accepted into the homeownership program.
3.Need for housing
Every Habitat homeowner program applicant must ...
report a need for housing
Examples of housing need
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Unsafe/Unsanitary conditions
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Lack of accessibility needed by the homeowner
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Not enough room for all family members
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Too far from work, school, and/or other important places
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Hostile/Unfriendly community or neighbors
4.Willingness to partner
Habitat homebuyers help build their own homes alongside volunteers and pay an affordable mortgage.
Every Habitat homeowner program applicant must ...
be a partner with us and makes our program possible
perform between 250-600 hours of “sweat equity”
Attend Dave Ramsey Financial Class, AK Housing first time homebuyer class, and HOA classes etc.,
work side-by-side with volunteers
.... and MUST attend our homeowner information session.
Every once year, we host a series of Information Sessions where potential homebuyers learn about our program and apply for homeownership. All Information Sessions are free to attend and you will have a chance to see what homes are available for purchase.
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Information sessions are scheduled either in person or online.
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We will hand out Homeowner Program applications after the Information session. Please make sure to attend to the end of the session.
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Families must attend this session as part of their application. Accommodations can be made with enough advance notice and will be evaluated on a case-by-case basis.
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Dates for each round of Information Sessions will be announced on our Facebook page and by email to anyone who has already expressed interest in the program.
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Information Sessions are currently only offered in English. If you need interpretation services, contact the office staff.
Next homeowner
information session
TBD
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunities throughout the nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin.