Opening Doors to Dreams:
High Demand for Habitat Homeownership
Affordable housing is a big issue in our community, with about one-third of Forsyth County families struggling due to high housing costs. Habitat for Humanity of Forsyth County helps by offering affordable homeownership to families earning less than 80% of the Area Median Income, and ensuring their mortgage doesn't exceed 30% of their annual gross income.
This summer, we held Zoom orientations to educate potential applicants about our program. When we opened the application window on September 11th, the response exceeded our expectations:
- Over 900 people signed up for program notifications.
- 663 attended our orientations.
- We distributed 725 applications, and 203 were submitted.
Our Family Services department carefully reviews each application, focusing on credit reports to assess mortgage readiness. Financial literacy is crucial, and families must set and achieve goals like saving, timely debt payments, and avoiding more debt. We offer adult education, one-on-one credit counseling, and budgeting to promote long-term financial stability.
We deny applications for various reasons, including income above or below the guidelines, high debt-to-income ratios, excessive delinquent debt over $15,000, high medical collections, and student loans over 1.5 times their annual income.
Out of 200 applicants this year, we can accept 25-35. Our program not only provides immediate relief with affordable mortgages but also sets the stage for generational wealth and stable, nurturing households for children.
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