Housing

Does Habitat for Humanity of Benton County, Inc. give homes away?

No. This is a common misconception. Habitat for Humanity homeowners help build their own homes alongside volunteers and pay an affordable home mortgage.

Where does Habitat for Humanity of Benton County, Inc. build?

Habitat for Humanity of Benton County, Inc., builds homes throughout Benton county. We are limited in many areas due to the increasing cost of suitable lots in which to build houses.

What is Sweat Equity?

Sweat Equity is the actual physical labor that future homeowner’s work building Habitat for Humanity homes or volunteering in the Habitat for Humanity of Benton County, Inc., ReStore or Habitat for Humanity of Benton County, Inc., administrative offices. There is no monetary value to Sweat Equity. The future homeowner will be required to complete 400 hours of Sweat Equity before the mortgage on the home can be completed. Sweat Equity does not qualify as a down payment. Sweat Equity is intended to contribute to three fundamental goals in the Habitat for Humanity program: Partnership, Pride of ownership , and Development of skills and knowledge.

How long will it take to work through the Housing Program?

The Housing Program process may take 12 to 18 months from the initial application to purchasing a home.

Financial

Are there income requirements?

Yes. The income guidelines below are current through June 1, 2019. Our requirements are based on HUD income guidelines for the State of Arkansas’ medium income levels for Northwest Arkansas. Gross household income is based on all means of income generated by each adult in the household. This includes children 18 or over who are living in the home. 

 

Family Size

Minimum

Maximum

 

Family Size

Minimum

Maximum

1

$16,500

$27,480

 

2

$18,840

$31,440

3

$21,180

$35,340

 

4

$23,520

$39,240

5

$25,440

$42,420

 

6

$27,300

$45,540

7

29,220

$48,660

 

8

$31,080

$51,840

How do I calculate my income?

Pay Frequency

How to Determine Annual

Income

Example

To Find Monthly Income

Divide by 12

Annually

Annual gross pay

$30,000

$30,000/12 = $2,500

Monthly

Use monthly gross pay

Amount x 12

$2,500 x 12 = $30,000

Use monthly gross pay

Twice Monthly or Semi-Monthly

(1st and 15th)

Gross pay for one

pay period x 24 pay periods

$1,200 x 24 = $28,800

$28,800/12 = $2,400

Biweekly (every 2 weeks)

Biweekly gross pay x 26 pay periods

$1,200 x 26 = $31,200

$31,200/12 = $2,600

Weekly

Weekly gross pay x 52 pay periods

$600 x 52 = $31,200

$31,200/12 = $2,600

Hourly, Full Time

Hourly gross pay x 2,080 hours (40 hours /week x 52 weeks)

$15.00 x 2080 = $31,200

$31,200/12 – $2,600

Hourly, Less than Full-time

(Average # of hours worked per week x 52 weeks) x hourly gross pay

(37.5 x 52) = 1950 hrs. x $14.50 = $28,275

$28,275/12 = $2,356.25

Does Habitat for Humanity of Benton County, Inc., require a down payment?

No. No down payment is required. However, future homeowners are required to pay closing costs and work Sweat Equity, which is each future homeowner’s investment into their property. The closing costs are paid in advance of closing and are refundable, if the future homeowner fails to meet the requirements of the partnership-housing program.

Is perfect credit a requirement?

No, but a decent or repairable credit is important. Habitat for Humanity of Benton County, Inc., examines the credit history, as well as, the credit score. All collections must be paid off prior to closing. No bankruptcies within the last 3 years.

What expenses does Habitat for Humanity of Benton County, Inc., consider in the Ability to Pay?

Habitat for Humanity of Benton County, Inc., considers what shows up on the credit report: revolving credit (credit cards), car loans, student loans, deferred student loans, installment loans with more than 9 months left to pay on the loan, etc.

Application

Does an applicant have to have children to be eligible for the Habitat for Humanity Homeownership Program?

No! Habitat for Humanity of Benton County, Inc., is an Equal Housing Opportunity lender. Habitat for Humanity of Benton County, Inc., considers the following areas for eligible applicants:

  1. Need for adequate housing
  2. Ability to pay
  3. Willingness to Partner with Habitat for Humanity
  4. Must live or work in Benton County for one year.
How can someone apply for the Habitat for Humanity Homeownership Program?

The Habitat for Humanity of Benton County, Inc. Homeownership Program is closed at this time and will not be accepting applications until July 1, 2019.