|
Attention: This
seminar is postponed until further notice
Are you serious about wanting to own your own
house? Habitat for Humanity of Horry County wants you to be
successful. Homeownership is hard work and will require a
serious amount of commitment over an extended period of time.
Even though we are not currently accepting applications, there
are things you can do right now to begin your Journey to
Success.
"So, you want to be a homeowner?" Seminar:
We are offering an 8 week seminar for residents of Horry County.
This program will offer the attendee an opportunity to create a
realistic plan toward homeownership by addressing the topics
below. Seminars will be held on Thursdays, 6:00 p.m. to
8:00 p.m. beginning on Jan 19, 2012. Registration is required prior to the first
session. Class size is limited to the first 20
registrants.
Topics to be covered:
- What do I need to purchase a house? (January 19, 2012)
- What are the obstacles / benefits of homeownership?
(January 26, 2012)
- What changes do I have to make to qualify for a home?
(February 2, 2012)
- How can I improve my credit score? (February 9,
2012)
- What are the requirements to qualify for a mortgage?
(February 16, 2012)
- Preparing a budget and spending plan? (February
23, 2012)
- How much house can I afford? (March 1, 2012)
- Is home ownership right for me? (March 8, 2012)
Guest speakers will include mortgage lenders, realtors,
and banks.
Seminars will be held at the Habitat for Humanity office,
located at 165 Co-op Road, in Socastee (directly across the
street from the Socastee Library).
There will be a nominal fee of $25, per person, to attend the
seminar. Individual financial and budget counseling will
be available at the completion of this seminar. Register
online or download the registration form and mail the completed
form, along with payment, to 165 Co-op Road, Myrtle Beach, SC
29588.
Register Online
Download Registration
Form*
What you need to know to apply for a Habitat home:
There are three basic criteria that must be met
to apply for a Habitat house:
- Income
- Need
- Willingness to Partner
Income
Your household must have sufficient income to repay a 30
year no-interest mortgage where the average house payment is
under $400 a month. Habitat uses income guidelines based on
Horry County median income adjusted for household size and
published by HUD. All income must be verifiable. That means
we won't accept any income from jobs that are "under the
table" or for which you don't pay income tax. We will consider
income that can be verified from the following sources:
- W-2 or 1099 Wages
- Social Security or SSI Income
- Child Support (court ordered and current)
We consider the income from all household occupants.
However, the primary applicant/co-applicant must provide 75%
of the total household income in most cases. Now is the time
to work on securing a steady, verifiable income. Credit
is an important part of your income verification. If you
currently have poor credit, now is the time to begin
cleaning it up. Generally, Habitat requires a minimum credit
score of 550 to qualify and a score of 620 to have your
house built. To achieve this, you must pay your bills on
time, pay off any bad debt, and refrain from borrowing money
from predatory lenders such as finance or rent-to-own
companies. You can start repairing your credit by running
your credit report for free at
www.annualcreditreport.com. We will work with you to
develop a plan to repair your credit. Employment history
is a consideration. That means length of time employed and
also the number of jobs in the previous 2 years. Need
You must have a need to have a new house built for you to
purchase and not just a want. Since need is different for
everyone it is difficult to describe. Therefore, here are
some general descriptions of need that would be considered
for a Habitat application. Keep in mind this list is not
complete and you may have a need that is very real but not
listed here:
- Overcrowded - You are living in someone else's home or
living in a place that is too small for your family
- Unsafe - Faulty electrical outlets, switches, or
lights, faulty plumbing, leaking faucets, backed up
toilets, mold, structural damage, holes in walls or floors
- Uncomfortable - No heat/air conditioning, not enough
or no insulation
- Unaffordable - Utilities too high, rent too high for
income
Willingness to Partner
Your family, if approved, will have a specific
requirement to fulfill of Sweat Equity. Sweat Equity is
defined as volunteer hours the family performs in a
Habitat related area. You will be required to perform a
specified number of volunteer hours each month from the
time your application is approved until you move into your
house. The hope is that by the time you move into your
house you will appreciate the need for Habitat volunteers
and continue to give your time as needed. Refusal to
perform Sweat Equity can result in your application be
de-selected. Disclaimer
It is important to know that following the guidelines
above does not guarantee approval of a Habitat application
but will improve your opportunities not only for Habitat's
program
but for other homeowner programs as well. Please direct
any questions about this information to (843) 650-8815 and
ask for Family Services.
*You will need
Adobe's free Acrobat
Reader to view this file. |
