Benefits
Habitat homeowners, who would not otherwise qualify for a traditional mortgage, have the opportunity to purchase a home.
Habitat homeowners pay an interest free mortgage, saving an average of $25,000 over the life time of their mortgage.
Habitat homeowners have their mortgage payments adjusted annually to reflect 25% of their income.
Habitat homeowners eventually own their home and can make choices based on their ownership of a substantial financial asset.
Habitat homeowners have a safe, decent, affordable place to raise their families. Research shows that living in a stable physical environment leads to better physical and mental health; better grades for students; better attendance and performance at work, and better community participation.
Habitat homeowners get a great education in homeownership from move-in preparation, to household budgeting, protecting their assets, and home maintenance.
Habitat homeowners help to build their own homes.
Expectations
Habitat homeowners demonstrate their commitment to the partnership with Habitat for Humanity London through 500 hours of sweat equity. All 500 hours must be completed before a family can move into a HFH home.
Homeowners begin their sweat equity within weeks of signing their agreement to partner. Opportunities are varied and flexible. Slow and steady progress must be demonstrated. It is the family’s responsibility to track and report on their hours.
Attendance at all educational workshops offered by HFHL are mandatory for all families.
Regular open communication. Successful partnering is based on working together.
