Buyer Qualifications
Buyer Qualifications
Habitat-NYC homes are available to first-time homebuyers who meet all income and credit guidelines. We strongly urge all potential homebuyers to attend a regularly scheduled information session.
Priority is given to families living in substandard or overcrowded housing, or paying more than 50% of their household income on rent.
Families must meet our income guidelines, which are subject to change without notice.*
Applicants must have a FICO Score of 620 or higher. There must be no accounts in collection, charge-offs or unsatisfied public records, and no bankruptcies within the last three years. Upon qualification, applicants must have $2,500 for a good-faith deposit and a willingness to establish a savings account with Habitat–NYC to cover closing costs.
Homebuyers will work alongside Habitat-NYC staff and volunteers to develop their homes. Habitat-NYC requires 200 hours of “sweat equity” from household members over age 16, up to a maximum of 400 hours per household.
| Household Size | Minimum Income | Maximum Income |
|---|---|---|
| 2 | $34,400 | $55,000 |
| 3 | $38,700 | $61,850 |
| 4 | $42,950 | $68,700 |
| 5 | $46,400 | $74,200 |
| 6 | $49,850 | $79,700 |
* Income range for homebuyers is based on 2013 HUD Income Guidelines.
