Habitat for Humanity of Cape May County is now accepting applications to purchase a single-family home.
Extended Deadline: Friday, September, 15th
Only complete applications, which include ALL required documents, will be processed. If more applicants qualify than homes available, applicants will be selected through a random selection process.
Location:
– Family size between 3-6 people.
– I am a United States citizen or legal permanent resident.
– I have a credit score of 620 or higher.
– I can provide verification that my current housing is overcrowded, unaffordable, dangerous, unhealthy, , or otherwise substandard.
– My gross annual household income (before taxes) falls within the income guidelines listed below.
– If I’m employed, I have been employed in the same industry for at least 2 years.
– My total debt-to-income ratio is below 30%.
– I can provide proof of timely rental payments for the last 12 months.
– I plan to use this home as my primary residence for the duration of my ownership.
– I am willing to partner with Habitat for Humanity Cape May by volunteering up to 300 hours of my time working on a home build, participating in homeowner education classes, attending meetings and events, assisting in the ReStore, etc.
– Down payment assistance may be available, but I am willing to pay 3% to 5% depending on the mortgage product.
– I am able to pay a $500 acceptance fee refundable upon completion of sweat equity.
– If I have ever declared bankruptcy, it has been discharged for at least 3 years.
– I have not been foreclosed upon in the past 7 years.
– Proof of eligibility to work and reside in United States of America
– Birth certificates and social security cards for all family members planning to live in the household.
– Driver’s licenses for all family members planning to live in household over age 18.
– Rental information
– Cancelled checks, receipts, or bank statements showing last 12 months rental payments.
– Income information for all household members age 18 and older
– If Employed– most recent 3 years W2’s and signed tax returns and 4 most recent pay stubs. (If there is an adult household member that did not file a tax return, they must submit a letter from the IRS that states there was “no record” found.)
– If Self-Employed (25% or great ownership interest in a business) – the past 3 years of signed income tax returns (both individual and business as applicable) and applicable schedules.
– Other Income – Public Assistance or Social Security, provide the award or benefit letter; Child Support and other court mandated payments like alimony, provide the court order; Unemployment or worker’s compensation, provide benefits letter.
– Verification of Custody of all children not claimed on Federal Tax Returns.
– Verification of full-time student status, if over age 18.
– Financial Information
– Copies of the last 2 utility bills (gas, water, sewer, electric, cable, phone, etc.)
– Proof of 12 months child support or alimony payment, if applicable.
– Divorce Decree or Marriage Certificate, if applicable.
– Most recent 6 months of statements for all credit card and loans, showing amounts owing.
– Most recent quarterly 401(k) or 403(b), or other retirement statement, including pension.
– Most recent 6 months of bank statements for each bank account held, jointly and or sole owner.
– Bank verification of current interest rate on all accounts, including checking, savings, CD’s, IRA’s, etc. and stock/bond statements showing current values, if applicable.
– Discharge papers if you declared bankruptcy within the last 7 years.
Household Income Guidelines:
To qualify as a successful applicant for this home, your total household annual income must fall into the range below based on your household size:
| Household Size (# of Family Members) | Minimum Yearly Household Income | Maximum Yearly Household Income |
|---|---|---|
| 3 Person | $43,143 | $56,074 |
| 4 Person | $47,927 | $62,305 |
| 5 Person | $51,761 | $67,289 |
| 6 Person | $55,595 | $72,273 |
How to Apply:
– Email elizabeth.franco@habitatcapemay.org
What are the main requirements to buy this home?
– The applicant must show a need for housing, a willingness to partner with Habitat Cape May, and the ability to pay for the home.
What type of mortgage is needed?
– The borrower’s monthly mortgage payment will be no more than 30% of their gross monthly income.
Do I list someone on the application even though they are not a co-applicant?
– Yes, all people living in the home MUST be listed on the application. If they are 18 or older, their income (earned and unearned) must be listed.
Can I do sweat equity hours before I am approved, and will they carry over?
– You are welcome to volunteer with us before you are approved, but your volunteer hours will NOT carry over.
If several people apply for one property, how do you choose who gets approved?
– Applicants who meet the criteria: need for housing, ability to repay the mortgage, and willingness to partner will be placed into a random selection.
If I am not chosen, do I get on a waiting list?
– We do not have a waiting list, but you will be placed on a notification list. This means you will be notified when we begin to accept applications for future properties.
Can I resell the house to whomever?
– Habitat for Humanity houses are deed-restricted, meaning there is a maximum resale value, and they must be sold to those who are low to moderate income.