Eligible applicants will demonstrate ability to afford the estimated monthly mortgage and household expenses by meeting the criteria below.
Income history — Habitat requires steady income history for the last two years in the United States with at least six months of history for current employment or income sources. Self-employed individuals must have at least one full year’s tax filing showing self-employment income.
Income limits — Minimum and maximum income guidelines, adjusted for household size, will be posted with the announcement of an open application period. For income limits of any open or recent application periods, please see links below. These are subject to change, and having income within these guidelines does not guarantee eligibility.
Park Preserve 2025
Credit — A minimum FICO credit score of 600 is required. If an applicant has no score, they will have the opportunity prove credit worthiness through alternative sources of credit such as rent, utility, or other bill payments. All applicants should demonstrate a positive recent rent and bill payment history. Those paying little to no rent will be asked to provide evidence of readiness for a mortgage payment through savings or other positive financial management.
Collections/Judgments — Collections and charge-off balances or other old debt balances on credit reports and any outstanding judgments must be less than $2000 at the time of application and must be capable of being resolved before the purchase of the home (approx. 6-9 months after application). An additional $2000 of medical collections may be allowed if making payments on these.
Bankruptcy — Bankruptcies must have been discharged or dismissed for two years at the time of application.
Debt Ratio — The total of all monthly loan payments, including estimates for deferred student loans and the future mortgage, must not exceed 41%.
Budget Impact — Habitat will evaluate an applicant's monthly net income to determine if it is sufficient for the future home expenses and the applicant's other expenses. We want our homeowners to be set up for success not stress!
You can order a free copy of your credit report from www.annualcreditreport.com, or by calling 1-877-322-8228.
Savings — Applicants must be able to save approximately $3,000 for closings costs within approximately 6-9 months from application. Applicants will have the opportunity to participate in an optional matched savings program provided by Pinnacle Financial Partners who will contribute up to $1,000 towards applicant's closing costs if all program guidelines are met.
