Habitat Homeownership Program
HOW IT WORKS
Habitat for Humanity Victoria provides a pathway to homeownership for hard-working families who would not normally qualify for a traditional mortgage but are ready for the challenges and responsibilities of owning a home.
No down payment required*
It can take decades to save for a down payment! Our homes don’t require one.
Affordable Mortgage
With our program, you pay a mortgage you can afford, what we call the first mortgage. Then, we provide a second mortgage to bridge the gap.
Peace of Mind
Initially, you won’t spend more than 30% of your total income on housing (shelter) costs. We want you to have more of your earnings in your pocket so you can build savings, invest in education, and more.
Eligibility requirements
Applicant or co-applicant(s) must be parent or legal guardian of at least one child 12 or under at the time of application
All household members must be Canadian citizens or Permanent Residents
Applicant or co-applicant(s) has at least 3 years of employment history in Canada.
Applicant and co-applicant(s) cannot afford to purchase a home through the conventional market
No recent bankruptcies and/or consumer proposals
Household must demonstrate reliable, stable source(s) of income to cover mortgage payments and housing costs, including future increases
HOW TO BUILD EQUITY WITH A HABITAT HOME
With a Habitat home, you will pay into your first mortgage, which is set at what you can afford. As you pay into this first mortgage you build savings. In some cases, you may start paying into your second mortgage.
Example:
Denise and Felipe have a first mortgage valued at $250,000. After 5 years, they have so far paid $32,000 into this mortgage.
Habitat Victoria provides you with an additional gain, typically set at 2% of the total value of your first mortgage.
Example:
Denise and Felipe gain 2% on their mortgage of $250,000 compounded over time. After 5 years, their gain would be $26,000.
When you decide to move, you receive all funds paid into your first mortgage + the additional gain. Habitat Victoria buys back your home and provides it to a new family.
Example:
Denise and Felipe have decided to move out. They receive all the funds from their mortgages ($32,000) plus their gain of ($26,000) for a total of $58,000.*
*For example purposes only. Individual situations will vary. Based on mortgage interest rate of 4%.Application Process
Fill out our Expression of Interest to see if you qualify.
If eligible, you’ll receive a link to a pre-application form to confirm that you meet our minimum requirements
If successful, you’ll receive a link to our virtual information session and full application form. (You may not hear from us for a couple of months as we review your application, but it’s worth the wait!)
If you’re a good fit for our program, we will connect you with our lending partner to secure your first mortgage.
Once your mortgage has been pre-approved, you will get to meet a member of our team. Your file will then be considered by a committee.
If you are selected, you will be offered a home!
Our partner families demonstrate a need for safe and affordable housing and can qualify for their mortgage payments. They are willing to partner with us as ambassadors for the program. Our families volunteer 500 hours, referred to as service hours, before moving into their home, by volunteering on the construction site to build their home or a home of another family, in our ReStores or with event and/or office support.
Complete Our Expression of Interest