FAQs
1
WHERE DOES HABITAT FOR SUMNER COUNTY, TENNESSEE INC. (HFHSC) GET THE MONEY TO BUILD ITS HOMES?
Habitat homeowners are responsible for qualifying and paying an affordable, reasonable mortgage for their home. We work with volunteers and financial sponsors to build affordable homes for individuals and families in need. Other sources of funding include profits generated by our ReStore retail operation and grants for affordable housing such as the Federal Home Loan Bank of Cincinnati’s Affordable Housing Program and the Tennessee Housing Development Agency’s Housing Trust Fund.
2
WHAT ARE THE HOUSES LIKE?
Our homes are modest 1, 2 or 3 bedroom homes with 1 or 2 bathrooms depending on floor plan. All homes have central heat and air conditioning; a refrigerator, range, microwave and dishwasher in the kitchen; vinyl plank flooring; and a concrete, covered front porch. Our homes meet or exceed energy standards. Our goal is to build our homes in the most efficient, cost effective, and environmentally responsible method possible.
3
HOW MUCH ARE THE MORTGAGE PAYMENTS?
Homeowners make monthly mortgage payments, including escrow, not to exceed 30 percent of the borrower’s gross income. Terms can be up to 30 years. Property taxes and homeowners’ insurance payments are escrowed and added to monthly principal payments. Mortgage payments are used to help build more Habitat homes.
4
IS THERE A DOWN PAYMENT FOR A HFHSC HABITAT HOME?
Home buyers are required to save for a one-time payment of $2,500 for a down payment. The $2,500 cannot be borrowed.
5
HOW DO HOMEOWNERS COMPLETE THEIR SWEAT EQUITY HOURS?
A Partner Family must earn its required number of “sweat equity” hours by attending mandatory home buyer education classes, by volunteering at the ReStore or on the job site. Some hours can be earned by friends and family members.
6
DO HOMEOWNERS ACTUALLY OWN THEIR HOMES?
Yes. Habitat for Humanity is a homeownership program, not a rental program. HFHSC is the general contractor and the mortgage lender. Homeowners sign a promissory note, a deed of trust, and a warranty deed. As long as the payments are made on time and the homeowner pays the debt for the house, it will belong to the homeowner. HFHSC has the first right of refusal to repurchase the home in the event the homeowner elects to sell their home. A Habitat home cannot be rented or used to house a business.
7
WHERE ARE HABITAT HOMES LOCATED IN SUMNER COUNTY?
Habitat for Humanity of Sumner County (HFHSC) has built more than 79 homes in different neighborhoods throughout Sumner County including Hendersonville, Gallatin, Portland and Westmoreland. We are always looking for large tracts of land to build new neighborhoods or single lots in established neighborhoods.
8
IS THERE A SUPPORT NETWORK FOR PARTNER FAMILIES?
Yes! Habitat for Humanity of Sumner County, Tennessee Inc. provides financial management classes, home maintenance classes, and other educational classes to help families learn how to be successful homeowners. The staff, expert volunteers, volunteer mentors, and budget coaches will guide each family through the process.