If you have not completed an application but are interested in learning more about Habitat's homeownership program, please review the information below. If you would like to be notified the next time we are open for applications, click on the "Mailing List" tab and complete the online form to be added to our notification list.
What is the Habitat for Humanity Homeownership Program?
• Habitat for Humanity provides an opportunity to buy an affordable house… (Habitat sells houses at prices lower than market value and makes no profit)
• … with an affordable mortgage … (Habitat charges no interest on its loans)
• …from a solid, reliable partner. (Habitat has built over 500,000 homes worldwide since 1976)
Lafayette Habitat for Humanity is dedicated to eliminating substandard housing in Acadiana by partnering with our future homeowners, as well as community members and organizations to build safe, decent houses. By building homes with the aid of volunteers and the future homeowners who will be living in them, we are able to sell the homes to our future homeowners for an affordable price, and finance them with a no-interest 15-30 year mortgage, opening the opportunity for homeownership to low-to-moderate income, first-time homebuyers who would otherwise have been faced with substandard housing.
Lafayette Habitat for Humanity builds 10-15 homes per year with Acadiana residents. Our future homeowners are selected through a standard application process that looks at:
• An applicant’s level of housing need
• An applicant’s ability to repay the mortgage loan
• An applicant’s willingness to become a partner in the program
Lafayette Habitat for Humanity is an equal-opportunity housing lender, and does not consider applicant race, color, religion, sex, handicap, familial status, national origin, age, marital status, sexual orientation, or sources of income when selecting future homeowners for the Homeownership Program.
To learn more about the Homeownership Program selection criteria, please click here.
What Does a Habitat Partnership Look Like?
Once an applicant is selected into the Habitat for Humanity Homeownership Program, s/he becomes a Habitat Future Homeowner. At this point the Future Homeowner begins working on her/his partnership requirements, including completing Sweat Equity work and attending homeownership education classes. These requirements take our Future Homeowners an average of 6-12 months to complete.
Once a Future Homeowner’s requirements are complete, and the construction of her/his home is finished, Lafayette Habitat for Humanity will sell the home to the Future Homeowner for no profit (currently averaging $80,000), and finance the sale with an interest-free mortgage loan, payable over 15-30 years.
Because Habitat builds homes with affordability in mind, Habitat homeowners have more limited choices about their homes than someone buying from a traditional home builder. While Habitat homeowners are generally able to choose things like the exterior paint color of the home, the homeowner will have limited choices about things such as the location of the home or the number of bedrooms and bathrooms.
To achieve the partnership goals of our Homeownership Program and successfully build safe, decent homes, responsibilities are divided among our Future Homeowners, Lafayette Habitat for Humanity, and the sponsoring community organizations. While each partnership with Habitat has unique factors, the following are the standard expectations of our partners:
Contributions of the Homeowner:
• Pre-move-in:
o 300-450 hours of Sweat Equity work, including work on the construction site and attendance at homeownership and financial education classes
o Approximately $1,200 due at the mortgage closing (right before moving in to the home), to be applied to homeowner’s insurance and closing costs
• After move-in:
o Monthly payments on a 15-30 year interest-free mortgage
o Payment of real estate taxes, homeowners insurance, and termite bond
o Payment of all other costs association with homeownership, including:
Utility costs
Yard maintenance
Regular home maintenance
Unexpected home maintenance
o Good stewardship of the home and property
o Respect of neighbors and neighborhood
Contributions of Lafayette Habitat for Humanity:
• Pre-move-in:
o A buildable lot for construction of a new house
o Building and site plans
o A qualified future homeowner
o Financing with a 15-30 year interest-free mortgage
o All legal work for the project
o Builder’s insurance for the house and volunteers during construction
o Construction supervisors
o Homeownership and financial education for the future homeowner
• After move-in:
o Ongoing support for the homeowner during the life of the mortgage loan
o Warranty coverage for the home
Contributions of the Sponsoring Organization(s):
• Pre-move-in:
o Funds and in-kind contributions needed to build the Habitat home
o Volunteers to help build the home
If you would like to learn more about homeownership, read through the Frequently Asked Questions, Apply Online, and How to Qualify sections of this website, or call us at 337-261-5041. You can also complete the online interest form and we will contact you before we have our next Applicant Orientation meeting.
Lafayette Habitat for Humanity is pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity 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, national origin, age, marital status, sexual orientation, or sources of income.
If you would like to learn more about homeownership, call us (337) 261-5041 or complete the online interest form and we will contact you before we have our next meeting.