Mythbuster Monday: Habitat homes
(WSLS 10) - Monday morning we're getting ready to kick off our "WSLS 10 & Habitat for Humanity Home for the Holidays project."
We're busting a common myth about habitat homes.
The myth: Habitat homes are free to families who move in.
WSLS 10 spoke with Development Director Jenny Lee for more details.
"The homeowners have a lot of obligations to fulfill for Habitat before they can move into their home. Part of what they do is sweat equity, hours of sweat equity where they are building homes others and their own homes. And then once they move in they are paying a mortgage just like anybody else, 25 to 30 year mortgage. However, it is a very low rate to keep it affordable and it is also free of any interest," said Lee.
The mortgage payments are set up to be no more than 25 percent of the family income. Since the Roanoke affiliate started in 1986, nearly 30 years ago, only four percent of families who have helped have been unable to succeed at homeownership.
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