Homeownership -
Frequently asked questions

FAQs

    1. The first step is to take our Eligibility Questionnaire.

    2. If your family meets the preliminary criteria for a home, you will be put on our wait list for future projects. Once Habitat Victoria has purchased land and knows the configuration of homes it will be building, you will be contacted.

    3. Once you reply that you are still interested, you will then be sent a Homeownership Application.

    4. The completed application must be returned within 30 days. Your application will be reviewed and we will contact you if more information is required.

    5. You will next be sent the Supporting Documentation Checklist and asked to send copies of all relevant documents. A credit check will be completed.

    6. Your complete application with supporting documentation will be reviewed and, if approved, a home visit with the Family Selection Committee will be arranged. All family members must be available for the visit.

    7. If approved by the committee your application will be presented to the Board of Directors for final approval.

    8. Your family will meet with the Chief Executive Officer to sign a "Letter of Intent" and begin 500 hours of volunteer service.

    9. Once a home is ready and your family has completed 500 hours of volunteer service, you be sold the home at fair market value. You must qualify for a conventional (bank) mortgage for approximately 1/4 of the value of the home. Habitat Victoria will hold the second, interest free mortgage for the remainder of the value of the home.

  • The application process is thorough and can take as long as four months. Applicants who wish to be considered must submit a complete applications within the time frame specified.

    • Decent, entry level, affordable;

    • Meets all building codes and municipality requirements;

    • Built to Built Green standards;

    • Either a duplex or townhome;

    • Approximately 1200 square feet (three bedroom);

    • Has a living room, kitchen, eating area, 1.5 bathrooms and adequate bedrooms for the family size;

    • May have carpet, laminate and/or linoleum flooring;

    • Two new white appliances: refrigerator and stove; and

    • Parking stall without a garage.

  • Each project is specially designed for the size of lot purchased by Habitat Victoria to make the best use of land. Families will not have a choice in home design, but may choose to paint and change interior finishes once they own the home. Habitat Victoria uses basic home designs to ensure that construction is “volunteer friendly,” cost effective, and in keeping with Habitat’s guidelines of affordable, decent homes. Habitat Victoria homes are not custom built homes but rather homes built by the community and families cannot expect a perfect aesthetic (e.g. wall paint may not be even, baseboards may not line up perfectly, drawer handles may be loose).

    • You may continue to support Habitat Victoria through working as a volunteer and speaking positively about how Habitat Victoria has helped your family. Publicity is important because it helps bring in new volunteers and funds for more homes so more families can be helped.

    • You will make regular monthly payments on your mortgage.

    • You will disclose your income to Habitat Victoria on an annual basis.

    • You will maintain your home in good repair.

  • Our homes are part of a strata can cannot be added on to. Any interior work must first be approved by Habitat Victoria and building permits must be attained.

  • Habitat Victoria will sell the home to the family at fair market value. Families in a position to do so must place a down payment on the home, but if your family does not have available finances a down payment will not be required. Your monthly mortgage payments will be set at 25%-30% of your gross household income. Habitat Victoria partners with a conventional lender and the family will be required to qualify for an interest bearing mortgage for approximately a 1/4 of the value of the home. Habitat offers the remainder of the mortgage at 0% interest to ensure affordability. A family who falls behind in their mortgage payments could lose their home.

  • The mortgage is repaid with monthly payments that will not exceed 30% of the gross household income. Monthly mortgage payments also include property taxes. Habitat reviews the monthly mortgage payments once each year and makes adjustments as required. As your income increases, so will your mortgage payments.

    Your payments may never drop below the amount you were qualified at.

    • Your family must pay for its own legal costs when you purchase a home. We recommend setting aside $2500 for this expense.

    • Habitat Victoria builds duplexes or townhomes, which means homeowners will be part of a strata. Your family will be responsible for paying 100% of the strata, usually an extra $300 a month on top of the mortgage payment.

    • Some utility expenses may be higher. For example, in order to maintain your home warranty you must agree to follow building code requirements such as keeping your interior room temperature at no lower than 21 Celsius and having a fan run continuously, which may mean a higher electricity bill.

  • Habitat Victoria will always repurchase your home should you wish to sell.