The current average cost for a Habitat home is $90,000. Habitat homes are sold to partner families for no profit and are financed with an affordable mortgage. The cost of the homes may be different depending on the number of bedrooms and construction phase.
Monthly mortgage payments vary depending on the length of the mortgage, but will not be more than 20-30% of a homeowner’s monthly income. Monthly mortgage payments include an escrow for homeowners insurance and taxes.
Habitat requires a pre-payment to be made at the mortgage closing (right before a homeowner moves into her/his home). The pre-payment is approximately $3,000. It is applied toward the closing costs plus homeowners insurance and taxes for the first year.