Post from Community: Habitat accepting applications for 2021 first-time homebuyers | Milwaukee Neighborhood News Service
Milwaukee Habitat for Humanity
February 10, 2021
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Milwaukee Habitat for Humanity is now accepting applications for first-time homebuyers interested in building their own brand new home. Habitat will begin construction of these new, affordable homes in Milwaukee’s Harambee and Midtown neighborhoods beginning in March. Habitat homeowners help build their homes, receive financial literacy and home maintenance courses, and pay an affordable mortgage.
These affordable homeownership opportunities are coming at a time when Milwaukee is steeped in an affordable housing crisis where 1 in 3 renters are spending half or more of their income on housing. Furthermore, in the four-county metro Milwaukee area, nearly three out of four Black families do not own the home they live in, while nearly three out of four white families do. It’s one of the worst racial homeownership gaps in the United States.
Milwaukee Habitat’s affordable homeownership program makes access to homeownership possible for low-to-moderate income families who often face obstacles of extremely high interest rates or large down payments from traditional lenders.
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Milwaukee Habitat’s below market rate mortgage won’t exceed 30% of a family’s income, widely recognized as the threshold for housing affordability. Typical mortgage payments will average $500-$800 per month based on family income and type of home.
To qualify for Milwaukee Habitat’s new home construction program, applicants must be first-time homebuyers in need of affordable housing. Applicants must meet credit and income guidelines and have the ability to pay the affordable mortgage.
The first step towards owning one of Milwaukee Habitat’s new homes is to attend a free, no-obligation homeowner orientation. Register and watch the orientation online here. The orientation will cover the requirements, benefits and other details about Milwaukee Habitat’s affordable homeownership program. Following the orientation, interested applicants are encouraged to complete the application (available on the website) and send it back promptly with all required documents to be considered. Homes are sold on a first-come, first-served basis.
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About Milwaukee Habitat for Humanity
Families in Milwaukee and all across the United States are paying too high a price to cover the cost of their home. 1 in 3 Milwaukee renters pay half or more of their income on housing, while others are struggling to afford critical repairs. Milwaukee Habitat for Humanity makes homeownership and critical repairs affordable for local families in need. Habitat’s affordable mortgage ensures families don’t spend more than 30% of their income on housing, allowing them to invest in nutrition, education, health care and savings. Since our founding in 1984, Milwaukee Habitat has served more than 1300 local families in need of safe, affordable housing. Together we can make the cost of home something we all can afford.