Homeownership

Loveland Habitat for Humanity, an affiliate of Habitat for Humanity international, develops quality, affordable homes in partnership with qualified homebuyers, and sells those homes to homebuyers with an affordable mortgage loan. 

Habitat is committed to the Loveland community that is affordable to families and individuals – not just today, but for generations to come. Our model allows Habitat homeowners to build equity in their homes, while ensuring that the home is affordable to the next buyer. This guarantees affordable neighborhoods into the future. 

Habitat homeowner’s housing payments are kept affordable and set based on their income at the time of sale. It is typically with a term of up to 30 years.  At the time of sale, monthly mortgage payments are no more than 30% of the applicant’s household income.  This monthly amount will include the primary mortgage payment, homeowners’ insurance, homeowner association dues, and property taxes. Habitat for Humanity provides additional subsidies and/or a second mortgages to cover the difference between what the buyer can afford in a first mortgage and the sales price of the home.

Loveland Habitat for Humanity offers affordable homeownership to homebuyers that meet the following program requirements: 

• First time homebuyer or have not owned a home in the last 3 years
• Steady income and decent credit history
• Household income between 40%- 80% of the Area Median Income for Larimer County
• 2 years of steady work history for any employment income

If you are interested in the Habitat for Humanity program and have reviewed the requirements to see if you qualify, the next step is to put your name on our interested party list.  You will be notified when the next application cycle is open via email. 

Individuals are selected for Habitat’s homeownership program based on their ability to demonstrate that they meet three main criteria – an ability to repay a mortgage, a willingness to partner with our organization, and a current need for housing. In order to determine if an individual meets these criteria, an application must be completed and submitted to Habitat during an open application cycle.

The selection of homebuyers to purchase homes from Loveland Habitat is done by a Selection Committee in a way that does not discriminate because of race, color, religion, sex, handicap, familial status, sexual orientation, age, gender identity, or national origin.

We typically build two- to four-bedroom wood frame homes, with one or two bathrooms.  An electric or gas range, refrigerator, microwave, and dishwasher are provided in most homes. Sometimes, Habitat homes or remodel homes are attached and share walls. Habitat homes can be duplexes, multiplexes, or single detached dwellings. 

The location of the home is dependent upon where Habitat is building or remodeling houses. The locations available will usually be discussed during the homeownership application process. Habitat does not build custom homes. Habitat will choose the size of the home based on household size and makeup. We expect two children of the same gender to share a bedroom if they are close in age.   Homes are not built with extra bedrooms.  They are built to accommodate current family size.  

Completion dates of the homes will vary and are subject to change. The construction process is complex with many variables including fee waivers, permitting, funding sources, the construction schedule and building requirements.   Further, we rely on volunteer labor making the length of time unpredictable.   This complexity makes it difficult to calculate the length of time from pre-approval in the program to purchasing a home. 

Habitat sells houses for market value, which cannot be determined until the house is complete.  Home prices vary based on size, location, and market conditions. 

Regardless of the sales price of the house, Habitat is committed to keeping house payments affordable.  Habitat homeowners’ mortgage payments will be capped at 30% of the household income at the time of the sale. 

Habitat homes can be sold.  Like any home, there are times when it is more advantageous and times when it is less advantageous to sell.  Generally, the longer a homeowner stays in the Habitat home, the better the outcome of selling the homes. 

Habitat homes will be sold with a Right to Repurchase and Shared Appreciation Agreement. This means that the owner must offer Habitat the right to repurchase the home before it can be sold on the open market. A Shared Appreciation agreement gives Habitat shared equity in the appreciated value of the home. This agreement allows Habitat to be a faithful steward of the time and money donated to ensure that Habitat homes stay affordable.