Habitat for Humanity Of New Castle County

Habitat for Humanity

Of

New Castle CountyBefore After

Providing Affordable Housing Opportunities

Delaware Housing Facts• Cost Burdened households in Delaware

36%

• Twenty four percent are paying more then 50% of their monthly income in housing cost

• Each year the number of households affected continues to rise

Living Wages

• Fair Market Rent for a 2 bedroom Apt in DE is $970.00

• The housing wage to afford a two Bedroom apt is $18.65 an hour

• A minimum wage worker in DE will need to work 103 hours per week to afford a 2 bedroom FMR

• Education – gross vs. net pay• Getting back to basics• Banking Relationships• Community Awareness

Consumer Awareness

Habitat for Humanity of NCC bridging the gap in affordable housing

HFH NCC builds affordable housing at no profit through a combination of volunteer labor, sweat equity and no-interest mortgages. We strive to develop and empower individuals and communities through the construction of simple and decent homes.

A Hand up not a Hand Out

• Counseling• Support Mentor• Hands on Construction Training• Goals• Continuing Education

Habitat Homes

Energy Star Rated = Lower Energy Bills, No Drafts,

More Energy & Cost Efficient house.

2 & 3 bedroom town homes

New Whirlpool refrigerator and stove

Dishwasher, over range microwave, washer and dryer

Storage space in crawl space area and in attic

Laminate Wood Flooring on First Floor

Wall to wall carpet on Stairs and Bedrooms

New Kitchen Cabinets

Low Maintenance Exterior, all wood is wrapped with

Aluminum.

BedroomsMaster Bedroom

Second Bedroom

What does Habitat look at?

• Credit history i.e., how much debt you have (collections, etc.)

• Lien search • Employment reference• Landlord reference

How Habitat selects families

• NEED for Adequate Shelter

• ABILITY to Pay

• WILLINGNESS to Partner

NEED for Adequate Shelter

Substandard Housing Conditions:• House in disrepair or does not meet building code• Over-crowded• 50% or more of income on rent

Housing need versus other applicant’s housing need

Turned down for conventional financing

ABILITY to Pay

Credit report (Decent credit is all that is needed) Can you realistically

pay off all your delinquent debt within 9-12 months!

Reside or Employed in Delaware (1 yr)

Employment verification (1 yr)

Gross Income within guidelines

Landlord reference

No bankruptcy for 1 year

Debt analysis (Pay debt off within 9-12 months).

Habitat Mortgage vs

Conventional Mortgage

No Interest Mortgage, 0% Best Interest Ever! HFH sells based on house size example 3 bedroom$143,000.00

Habitat House Cost over life of loan = $146,700.00

Habitat will finance settlement cost

Monthly Mortgage Payment 30 yr. Loan = $407.20 does not include escrow.

Homeowner mortgage payments used to build future HFH homes

4.0% depending on your credit

Conventional Loan on $135,000 at 4.0% for 30 yrs. $232,023.83

Closing cost required at settlement $10,000.00

Monthly payment = $644.50 does not include escrow.

Interest paid over 30 years $97,023.83

Conventional Mortgage Habitat Mortgage

Questions

Beverly Ward

Director of Family Services

652-0365 x 105

[email protected]