Become a Habitat Homeowner
*Please check back in July for more home ownership opportunities in Edmonton*
Understanding Habitat Edmonton’s Current Mortgage Model The current mortgage model was set in place to ensure improved benefits for families, and to ensure that Habitat can continue to serve families in a sustainable and effective manner. The following points demonstrate how the current mortgage model works:
- Families who partner with Habitat Edmonton continue to pay no more than 30% of their household income on their housing costs – as they have always done. Between 23% – 27% of their monthly payment goes directly towards their mortgage and the remainder covers:
- Condo/Program Fees
- There is no down payment required to purchase a Habitat home. To demonstrate their willingness to partner with Habitat, future homeowners agree to volunteering 500 hours on build sites, in ReStores, Habitat offices, Habitat events, or affiliated charities.
- The current mortgage model provides families with access to capped market appreciation on the equity in their home. This benefit was not available in previous mortgage models and potentially allows families to exit the Habitat program with more equity than they would have under previous mortgage models.
- Habitat offers a portion of the mortgage at 0% interest to ensure affordability.
- Habitat brings a banking partner to the families and through this relationship the families will acquire a credit history. Previously, this was not a benefit that Habitat could provide. Families then pay a below market interest rate on this portion of their mortgage.
- Habitat has always worked with families who are working through financial hardships. We ensure that they can continue in the program, and will continue to do so by adjusting their payments.
Habitat for Humanity Edmonton believes that home ownership brings stability, safety, and independence. Habitat homes are built by volunteers and donors and sold to qualified families. If you are a hard-working family who would like to own your own home, the Habitat program may be for you. We help families who meet the following criteria:
- Families must have children under age 18 living at home.
- They must be Canadian citizens or Permanent Residents of Canada.
Ability to Pay
- Gross family income between $35,000 and $65,000* annually in order to carry the mortgage. *Range may vary in different communities.
- At least one adult employed full-time.
- Good credit rating.
- Balance between debt and income.
Willingness to Partner
- Families agree to volunteer 500 hours at a Habitat build site or ReStore.
- They agree to keep home and yard in good condition.
- They agree to follow all Habitat for Humanity Edmonton policies.
The Application Process
The below process is for Edmonton ONLY. Please click here for home ownership opportunities OUTSIDE of the City of Edmonton.
Proud to be partnering with Habitat!
“Habitat for Humanity answered my prayers. My family now has a bright future which not only includes a beautiful safe home but education and retirement funds both of which were just a dream until Habitat because now I am building equity with each payment. Habitat sets you up to succeed being a home owner with all of their workshops. They really stand beside you because your success is their success. I am proud to partner with Habitat and all of the amazing people who work and volunteer with them. I have been blessed beyond measure.” ~ Pam
“Without Habitat for Humanity, we never thought we would be able to give our children a home. And doing the sweat equity, we learned new skills – and made new friends! Habitat has changed our life. Because of Habitat for Humanity, today we are home owners and we can see the bright future of children.” ~ Tsehaye and Birhanawit
“It was a lot of work doing the 500 hours of sweat equity – but it was worth it! What a great difference for our family to take on the responsibility of owning our own home, rather than just renting!” ~ Jason and Erin
Building community with my neighbours
“I was so ecstatic upon the news of being approved for Habitat for Humanity. To me this means a safe home for my children; a place they can grow up with community. While I was working towards my sweat equity hours I got to know some really amazing people and, what was even better, was that I got to work with my neighbors and get to know my community even better. A wonderful program with wonderful people. Truly blessed. Thank you Habitat! ~ Destiny
Dreams come true!
“One of my dreams as a little girl was to own my own home when I got older and to have a family of my own. Habitat for Humanity has helped me and my family bring that dream to pass and to carry on a legacy for the future our kids! ~ Lisa
“We will be forever thankful for this program and to the Habitat for Humanity people. Habitat for Humanity forever changed our lives! Not only did Habitat give us a home, but they also gave us peace of mind, financial freedom, and a brighter future for our kids!” ~ Jay & Vey
Hard work brings a sense of accomplishment
“Habitat for Humanity has proved to me that there is hope for us all – becoming a homeowner is a great accomplishment! With hard work by Habitat and partner families homeownership becomes a reality! Thanks for providing us with a lifetime of memories.” ~ Shelly