At Habitat Waterloo Region we help families move into places they can call home, and build strength, stability, and self-reliance through affordable homeownership. An affordable mortgage facilitated through Habitat Waterloo Region brings homeownership within reach for an increasing number of families that are being priced out of the market.
The Habitat homeownership models helps working families realize their dream of owning a home. Families purchase their home at the fair market value, and commit volunteer hours to help build Habitat homes, and community connections. For our newest project in Cambridge, Habitat homeowners will obtain an affordable interest-bearing mortgage for less than $175,000 from our financial partner, and an interest-free second mortgage from Habitat Waterloo Region. This second interest-free mortgage from Habitat Waterloo Region is in place for 30 years. Total mortgage payments are set at 25% of the gross household income. This model provides stability for the family, and the chance to build a secure future for themselves and their children. We provide families with the coaching, education, and support to be successful first-time homeowners.
Habitat Waterloo Region has an established process for selecting families to partner with that is based on household income, fit with our homeownership model, and housing need. Qualified families partner with us to build strength, stability, and self-reliance through owning their own home.
Habitat for Humanity Waterloo Region screens applicants very carefully, to ensure families can afford, are ready for, and can manage the commitment of owning a home within a condominium complex. The application process is thorough, and will take several months.
1. Interested applicants fill out an eligibility questionnaire, telephone, email, or stop by the office. A brief initial screening occurs.
2. If your family meets the minimum requirements a Preliminary Application is provided.
3. If your family’s Preliminary Application meets our demographic requirements, and Income Thresholds your family is invited to attend an Information Session. At the Information Session you are introduced to Habitat for Humanity Waterloo Region, our history, our processes, we will outline what we build, how we build, our mortgage model, and our expectations. After this Information Session you will be asked if you and your family would like to continue with the process of becoming a Habitat Future Homeowner. At a set date, an Application for Homeownership package will be provided to each family that would like to continue with the process.
4. Submit your Application for Homeownership package by the established due date.
5. If your family’s Application for Homeownership continues to meet the established criteria your family is invited to attend a second Information Session. This second Information Session you will once again introduce Habitat for Humanity Waterloo Region and our processes, we will outline what we build, how we build, our mortgage model, and our expectations. After this second Information Session you will be asked if you and your family would like to continue with the process of becoming a Habitat Future Homeowner.
6. If your family would like to continue with the process, an Interview with your family is conducted to assess your family’s Ability to Pay an Affordable Mortgage, your Willingness to Partner with Habitat, and your Need for Affordable Housing.
7. Staff, along with the Homeowner Services Committee rejects, defers or accepts your application. If staff along with the Homeowner Services Committee accepts your application a recommendation is made to our lending partner.
8. A financial package is created, and you meet with our lending partner to obtain mortgage confirmation.
9. The Chief Executive Officer of Habitat Waterloo Region then examines the recommendation, and the mortgage confirmation, and either rejects, defers or accepts your family to become a Qualified Future Homeowner.
10. Your family will be notified in writing that you have been approved as a Qualified Future Homeowner.
Your financial support, your voice and your time will help bring strength, stability and independence to families in need of a decent place to live.
Donate Today