Become a Habitat Homeowner
Understanding Habitat Edmonton’s Current Mortgage Model
The following points demonstrate how the current mortgage model works:
- Families who partner with Habitat Edmonton pay an affordable monthly payment that 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.
- Habitat offers a portion of the mortgage at 0% interest.
- Habitat brings a banking partner to the families and through this relationship the families will acquire a credit history. 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 help families continue in the program, and will continue to do so by adjusting their payments.
Is my family eligible for the Habitat program?
Habitat for Humanity Edmonton believes that home ownership brings stability, safety, and independence. Habitat homes are sold to eligible families who qualify with our Servus Credit Union, our mortgage partner. 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 (no bankruptcy, credit card payments are up-to-date, credit score over 650).
Willingness to Partner
- Families agree to volunteer 500 hours at a Habitat build site or ReStore.
- Families agree to keep the home and yard in good condition.
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 through our 500 volunteer hours, 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 volunteer hours – 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 500 volunteer 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