Habitat for Humanity opens applications for the number of homes planned in a future development before construction begins.  Interested applicants can sign up on the “Interest List” to be notified when applications open. Homeowner Services staff is also available to schedule a consultation to review individual circumstances and answer questions. Contact us at info@stvrainhabitat.org to schedule a consultation.

Habitat for Humanity’s affordable homeownership program is for household’s earnings up to 80% of the area’s median income (AMI).

Income Documentation
You must submit proof of income so we may calculate your annual household income. The application checklist will explain the required documents for each type of income. Since there are several factors such as property taxes, mortgage payments, and insurance, the income limits may vary for each Habitat home.

The chart below shows the current maximum gross annual income separated by household size for Boulder County. These numbers may be different in Weld and Larimer County. These numbers typically change yearly and are set by the U.S. Department of Housing and Urban Development based on the cost of living.

We review both applicant’s and co-applicant’s credit (titleholders) to ensure that you have an established history of making on-time payments and keeping up with financial obligations. This shows us you are likely ready for the responsibility of homeownership. We do not have a minimum credit score. However, we aim to ensure that there are no significant issues in your credit report. Our credit review is very detailed, but some basic items to note are:

• A credit report will be submitted for processing during the application process. The $59.70 application fee per person, will be used to pay for the cost to run this report.
• No bankruptcies or foreclosures in the last two years. We are looking at the date of discharge for the bankruptcy.
• No more than $5,000 can be in collections or charge-offs. Judgments, or liens – no matter how small – must be cleared before you can move forward.
• We do not allow more than two late payments greater than 60 days in total in the previous 12 months.

Find out how to get your free credit report here.

Habitat’s program has a maximum debt-to-income ratio of 43%. Habitat assumes your monthly housing costs to be 27%, leaving 16% of your income that can be used toward monthly debt (student loans, credit cards, auto loans, etc.).

Calculate your debt-to-income ratio here.

All applicant(s) whose name will be on the title must show proof of legal U.S. residency and at least one applicant must show proof of permanent legal U.S. residency. Please refer to the application checklist to see which documents are acceptable.

To qualify for our homeownership program, you must be a first-time homebuyer using HUD’s definition. Generally, a first-time homebuyer is someone who meets any of the following requirements:

• An individual who has had no ownership in a residence during the three-year (3) period ending on the date of purchase of the property. This includes a spouse (if either meets the above test, they are considered first-time homebuyers).
• A single parent who has only owned with a former spouse while married.
• An individual who is a displaced homemaker and has only owned with a spouse.
• An individual who has only owned a residence not permanently affixed to a permanent foundation per applicable regulations.
• An individual who has only owned a property that was not in compliance with state, local, or model building codes, and which cannot be brought into compliance for less than the cost of constructing a permanent structure.