Income Stability
An applicant must have stable, verifiable employment and/or long-term stable benefits. Applicants must have uninterrupted employment for at least two years. We review credit reports for indications of homebuyer readiness; however, applicants must also meet the following credit guidelines:
- Have a minimum credit score of 600**
- Have less than $1000 total in collections at the time of application
- Have no open judgments or liens at the time of application
- Bankruptcies must be discharged for 2 or more years
- Reasonable ratio of monthly debt payments to monthly income
- No state or federal debt owed balances
**Other relevant positive payment history will be considered in the absence of traditional credit usage.
Need for Decent, Affordable Housing
Individuals and families must be in need of better living conditions which may appear differently for everyone. This may include living in overcrowded or deteriorating conditions, living with family or friends, or paying too much to rent a sub-standard house or apartment.
Habitat for Humanity of the Chesapeake is an equal opportunity housing provider. Habitat considers applicants without regard to race, religious preference, sex, gender, gender identity, handicap, familial status or national origin.
Willingness to Partner
Homebuyers will be required to complete “sweat equity” volunteer hours while going through the Habitat Homeownership Program. An individual homebuyer must complete 250 hours of sweat equity, which is comprised of 200 individual hours (on the construction site, in our ReStores, or at qualifying community events) and 50 hours of homebuyer education. A two-adult household, when applying as co-applicants, must complete 350 hours of sweat equity, 300 hours of volunteer service and 50 hours of homebuyer education.
In this partnership, Habitat Chesapeake will work with each partner family to ensure that they maintain the credit and financial standing necessary to purchase their affordable Habitat Chesapeake home, along with the ability and commitment to make timely monthly mortgage payments.