Qualifications for Homeownership
Qualified Raritan Valley Habitat for Humanity Applicants:
- Have a gross annual household income that is at or below maximum guidelines listed for each individual project, based on the number of people in your family. Income must also be sufficient to make monthly housing payments of mortgage, taxes, interest, and insurance using 30% of gross income or less. To determine household income for maximum limits, include everyone who would be living in your Habitat home and all sources of income (employment, alimony, child support, unemployment, pension, disability, social security, or any other source).
- Are able to pay closing costs and regular payments on an affordable mortgage.
- Have a debt-to-income ratio of less than 43% when future housing costs are added.
- Are U.S. citizens or permanent residents.
- Are out of bankruptcy for at least two years and out of foreclosure proceedings for at least two years.
- Are willing to partner with Raritan Valley Habitat for Humanity. Among other things, partnering means future homeowners act as ambassadors for Habitat and contribute “sweat equity” as part of qualifying for a home. Households with two adult homeowners contribute 400 hours and households with only one adult homeowner contribute 200 hours. Sweat equity includes work on the house build sites, workshops, and more. Reasonable accommodation will be made for future homeowners who are unable to perform recommended sweat equity tasks due to disability.
Raritan Valley Habitat does not restrict applications based on regional residency; however, depending on project, preference may be given to qualified applicants who live or work in Hunterdon, Somerset, or Middlesex Counties.
Applicant Selection Process for Franklin Township, Somerset County
All potential applicants must attend a Homeowner Orientation Meeting. These meetings are held at the beginning of each building project selection period, and include information about RV Habitat, the particular project, and the application process and deadlines.
- After orientation, the applicants must submit the preliminary application with any required documentation by the specified due dates.
- Applicants must have an unexpired mortgage pre-qualification letter from a lending institution.
- Applicants who meet income requirements based on information provided in the preliminary application package will be asked to submit additional supporting materials. Raritan Valley Habitat will conduct a credit check at this time to determine debt-to-income ratio and mortgage readiness. (*It’s a good idea to order a free credit report now to address any issues you may have in advance.)
- Income eligible applicants will be submitted to the Affordable Housing Administrative Agent for certification.
- RV Habitat Homeowner Services Committee conducts an interview, a criminal background, sex offender check, and OFAC check on household members 18 and older.
- If there are more applicants who receive certification by the Affordable Housing Administrative Agent AND meet Raritan Valley Habitat for Humanity’s program requirements than there are units available, a random lottery will determine which applicant is selected.
NOTICE: Due to the nature of Habitat’s program requirements, we cannot help families in emergency situations.
For immediate housing assistance, call 2-1-1 or visit http://www.nj211.org to connect to services through the NJ 2-1-1 Partnership.
In Somerset, you can also contact: SHIP (Samaritan Homeless Interim Program) 908-393-9545.
In Hunterdon, you can contact Hunterdon Helpline, at 908-782-4357 or 1-800-272-4630; or Family Promise at 908-782-2490.
RV Habitat commits to treating all applicants in an equal manner. We do not discriminate in the selection of potential homeowners on the basis of age, race, color, national origin, religion, ancestry, sex, familial or marital status, disability, affectional or sexual orientation, gender identity or expression, or income derived from public assistance.