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East Cooper Habitat for Humanity constructs simple, decent homes in partnership with hard-working, low income families (“Partner Families”) who are not able to qualify for conventional mortgages. Habitat provides a “hand up,” not a “hand out” to families living in substandard housing.
In return for their effort, Habitat Homeowners are provided with a 25-year interest-free mortgage. Because there is no profit made from the sale of the home, the purchase cost is far below market value. The typical Habitat mortgage payment averages roughly $465 per month, which includes principle, taxes and insurance. The mortgage is paid directly to East Cooper Habitat for Humanity and payments are "recycled" to help build more Habitat houses. If you feel you qualify for homeownership with East Cooper Habitat for Humanity, please come to our office to pick up an application packet. |
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Habitat Homeowners are selected based on three principles:
Need For Decent Housing East of the Cooper River First priority will be given to families with the greatest need (examples include overcrowded, unsafe, unsanitary, cost burden). We also require applicants to demonstrate their tie to the East Cooper community. There are five Habitat for Humanity affiliates in the tri-county region and applicants are strongly encouraged to contact their local affiliate.
Ability To Pay Habitat homes are not “given away,” they are sold to selected families with a mortgage. There must be enough consistent household income to pay the monthly mortgage, utility bills such as water and electricity, and other debts (credit cards, car payments, etc), and still have sufficient money left for family support needs such as food and clothing. Documented income needs to fall between 15 and 30 thousand dollars a year, depending on household size. East Cooper Habitat for Humanity will require documents such as bank records, tax returns and credit reports when assessing the ability to pay. An applicant's credit does not have to be perfect, but we do require families to demonstrate an effort to be responsible for their bills.
Willingness To Partner with East Cooper Habitat for Humanity by providing 350 hours of “sweat equity” on the construction of their home and other families' homes. This “sweat equity” serves as the down payment on their homes. In addition, selected families are required to participate in our Steps to Successful Homeownership Program (SSHOP). The curriculum for this program includes classes in financial budgeting, credit management, bank services, home safety and maintenance, and legal issues. |
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