Habitat partners with families interested in homeownership, generous donors and volunteers to build decent affordable housing in our mid coast Maine service area.
To be eligible for a new Habitat home you must:
1)Earn no more than 80% of the area median income (AMI) as established by
United States Department of Housing and Urban Development (HUD) by County:
Lincoln: (80% AMI) Income Limits ($) by number of members in the family:
1 : 55,300
2 : 63200
3 : 71,100
4 : 78,950
5 : 85,300
6 : 91,600
Sagadahoc: (80% AMI) Income Limits ($) by number of members in the family:
1 : 57,800
2 : 66,050
3 : 74,300
4 : 82,550
5 : 89,200
6 : 95,800
Cumberland: (80% AMI) Income Limits ($) by number of members in the family:
1 : 61,350
2 : 70,100
3 : 78,850
4 : 87,600
5 : 94,650
6 : 101,650
2) Currently live in substandard housing (examples include structural, electrical or plumbing problems causing health and safety risks, unsafe location, very high costs, or limited space for the size of the family)
3) Be able to qualify for and pay back an affordable primary mortgage. This means the primary mortgage, property taxes, and homeowners insurance will not cost more than 30% of the homeowners gross household annual income. We cannot sell a home to someone if it costs more than 30% of the homeowners gross household annual income.
4) Be willing to partner with Habitat to build your home, including performing 200 hours of volunteer labor per adult in the household, agreeing to a zero interest silent second mortgage* held my Habitat, as well as Habitat’s right of first refusal** to buy the property
Habitat requires a minimum credit score of 640. If your score falls below 640, we encourage you to contact Coastal Enterprises, Inc which can provide information and guidance aimed at helping you raise your score. CEI is located in Brunswick and can be reached at 504-5900.
We require all applicants to take the Maine HoMEworks Course, a program created especially for first-time home buyers in Maine. We urge you to enroll in this course at your earliest convenience. The ten hour program will help you prepare for the process of buying a home, even if you decide not to apply for a Habitat home. This homeownership education course is offered by Coastal Enterprises, Inc. at various times and locations throughout the Midcoast area. You may access the schedule for this program at www.Mainehomeworks.org or by calling CEI at 504-5900.
To learn more about applying for a new home, call us at (207) 504-9332 or email adam@habitat7rivers.org.
*SILENT SECOND: The difference between appraised price (sales price) and first mortgage is the amount of the silent second mortgage held by Habitat for Humanity 7 Rivers Maine, there is zero interest on the silent second mortgage, and there are no required payments of principal on the silent second mortgage until house is transferred at which time the entire silent second mortgage note is payable to Habitat for Humanity 7 Rivers Maine.
NOTE: This policy is designed to make the home affordable, as well as to deter homeowners form flipping the home.
**RIGHT-OF-FIRST REFUSAL: The partner family/individual shall agree that in the event that (s)he desires to sell or convey the property to another party during the term of the mortgage, the family shall first offer the property to Habitat for Humanity / 7 Rivers Maine, in the following manner: Prior to listing the property for sale, the family partner shall serve notice in writing to Habitat for Humanity / 7 Rivers Maine by registered mail, return receipt requested. For a period of forty-five (45) days after the receipt of the notice Habitat for Humanity / 7 Rivers Maine shall have the right to purchase the property. The difference between the fair market value at the time of sale and the fair market value at the time of resale, determined by an independent appraisal, shall be called the Appreciation Value. Habitat for Humanity / 7 Rivers Maine shall have the right to receive a credit toward the purchase price of the property in the amount of the outstanding principal balance due under any first and second mortgage notes held by Habitat. The partner family will have the right to receive a credit toward the purchase price of the property for the value of any major improvements they have made to the property. If Habitat for Humanity / 7 Rivers Maine fails to exercise the right to purchase, the partner family may sell or convey the property on the open market. In the event Habitat timely notifies the family partner that it elects to purchase the property on the terms provided in the notice set forth in the preceding paragraph, Habitat for Humanity / 7 Rivers Maine and the family partner shall promptly, but no later than sixty (60) days after the date of notice from Habitat to family partner, execute such usual and customary documents as shall be required in order to consummate such transaction.