HOMEBUYER EDUCATION APPLICATION

PRINT THE APPLICATION
Click on the link above to download/print the Homebuyer Education Application.

HOMEBUYER EDUCATION OVERVIEW

The Homebuyer Education Program is for people interested in future homeownership, but potentially unprepared for a mortgage loan at this time. Our Homebuyer Education Program builds knowledge and skills necessary to prepare for a successful home loan application, homebuyer process, and homeownership including hands-on experience.

Space is limited in this program. If space is unavailable, applicants will be referred to other community providers.

HOMEBUYER EDUCATION CLASSES

Every participant completes homeowner education classes over a 6-month period. You will learn about homeownership, money management, debt management, credit and underwriting, the homebuying process, home maintenance and repair, and more.

Our Homebuyer Education Program offers additional support through monthly one-on-one financial mentoring. Financial Mentoring is designed to ensure participants understand money management principles and are applying them correctly within their own spending plan.

HOMEBUYER EDUCATION QUALIFICATIONS

Habitat works with individuals within the household income limits established by USDA Rural Development 502 Direct Loan Program.

APPLYING FOR HOMEBUYER EDUCATION

The application process includes a written application and supporting documents (including tax returns, verifications of income, creditworthiness, employment, rent, etc.). The application allows us to fully assess your current mortgage readiness and identify specific participant goals.

You may access the application by selecting the “Print the Program Application” or by calling us at (865)982-8717. Please be prepared to provide your name, phone number and mailing address.

LOAN PACKAGING APPLICATION

PRINT THE APPLICATION
Click on the link above to download/print the Loan Packaging Application.

LOAN PACKAGING OVERVIEW

The Loan Packaging Program is for eligible buyers interested in purchasing a home on the open market. As loan packagers, we work closely with eligible applicants and USDA Rural Development to successfully complete the 502 Direct Loan application process. Habitat will work with you to determine loan eligibility, collect and correctly complete required USDA paperwork, package and submit your application to USDA Rural Development, and act as a go between for you with USDA. You are not required to work with a certified packager to apply for the USDA Rural Development 502 Direct Loan.

Habitat does charge a loan packaging fee of no more than $1,750. This fee is only due if USDA Rural Development approves you for a loan and you close on the loan. This means if you do not purchase a home with the USDA Rural Development 502 Direct loan, then you do not pay this fee. Additionally, we will assist you in finding means to cover this fee including the possibility of financing the fee in your loan.

LOAN PACKAGING QUALIFICATIONS

As a Certified Loan Packager, Blount County Habitat for Humanity works with interested homebuyers to determine their likely eligibility for the USDA Rural Development 502 Direct Loan Program and submit loan application packages. This eligibility determination includes calculating applicant and household income, assessing the applicant’s ability and willingness to meet their debt obligations, determining repayment ability, and determining if the applicant meets the program’s other borrower eligibility requirements.

Applicant requirements include but are not limited to:

  • Have an adjusted income at or below the income limit for the area where you wish to buy a house. USDA Income Limits Map
  • Be without decent, safe and sanitary housing
  • Agree the property will be your primary residence
  • Have the legal capacity to incur a loan obligation
  • Meet citizenship or eligible noncitizen requirements
  • Not be suspended or debarred from participation in federal programs

APPLYING FOR THE LOAN PACKAGING PROGRAM

The application process includes a written application and supporting documents (including tax returns, verifications of income, creditworthiness, employment, rent, etc.), and payment of a $25 credit report fee. The application allows us to assess your eligibility and complete the required USDA Rural Development 502 Direct Loan paperwork.

You may access the application by selecting the “Print the Program Application” or by calling us at (865)982-8717. Please be prepared to provide your name, phone number and mailing address.

USDA RURAL DEVELOPMENT 502 DIRECT LOAN PROGRAM GENERAL INFORMATION

USDA Rural Development 502 Direct Loan Program offers affordable mortgage loans with 33-year or 38-year terms, fixed interest rates, and payment assistance if/when needed.

The loan term is determined by the applicant’s income and loan amount.

Borrowers utilizing payment assistance may be required to repay all or a portion of the assistance received over the life of the loan when the title to the property transfers or the borrower is no longer living in the home.

Property requirements include but are not limited to:

HOME REPAIR PROGRAM

Home repair is a large part of Habitat’s vision of a world where everyone has a decent place to live. The home repair program makes safety and health based repairs and modifications to existing homes. We utilize affordable loans, grants and donations to fund this program.

HOME REPAIR APPLICATION

PRINT THE APPLICATION
Click on the link above to download/print the Home Repair Application.

REPAIR & MODIFICATION PROJECTS

Repair & Modification Projects Can Include:

  1. Roofing
  2. Heating & Air
  3. Bathroom Modifications
  4. Ramps
  5. Trip Hazards (Interior & Exterior)
  6. Electrical Systems
  7. Plumbing Systems & Leaks

PROGRAM QUALIFICATIONS

In order to qualify for the Habitat Home Repair Program you must submit an application establishing:

  • Need for Home repair in order to make your home safe and healthy for occupancy
  • A willingness to partner with Habitat through Sweat Equity and Program Compliance
  • Ability to pay by qualifying for one of the available financial products
  • Additional qualifications:

PROGRAM REQUIREMENTS

Program Requirements Include:

8 hours of sweat equity required. Please note special accommodation will be made for persons with disabilities.

REPAIR FINANCING

Repair Financing: Habitat utilizes loans, grants and donated services to make home repairs affordable.  We use the following financial products:

  • USDA 504 Loan
  • USDA 504 Grant
  • THDA Emergency Repair Grant
  • FHLB Carol M. Peterson Housing Fund

Click here to download the home repair flyer for more information about these products.

APPLY FOR THE HOME REPAIR PROGRAM

Program applications are accepted and processed on a first-qualified, first-served basis. Habitat will accept applications while funds are available. We will not process incomplete applications, so please call with questions, (865)982-8717.

  • Download an application here or request one be sent by mail, contact us by email reception@blounthabitat.org or by phone (865)982-8717
  • We will review your complete application, then call to discuss your financial options and schedule a home inspection
  • A home inspection will be completed by our Home Repair Project Manager
  • A scope of work is agreed to and a financial product application is submitted if required (varies by product) *
  • Once you have financial approval a contract is executed and work begins**
  • A final inspection is performed by the Home Repair Project Manager when work is complete***

*There is no guarantee you will qualify for the financial product, or that all the work you request will be completed.

**Work may be performed by licensed 3rdparty professionals OR by Habitat and affiliated volunteers.

***A 3rdparty inspection may also be required. This varies by financial product.

HOMEOWNERSHIP PROGRAM

Habitat has reached Homeownership Program capacity for our fiscal year ending June 30, 2021 and therefore has suspended Homeownership Program applications. This means that we have accepted all the applicants into the Homeownership Program that we have the financial ability and manpower to construct homes for within a reasonable period of time. Homeownership Program applications will be unavailable until further notice. We are happy to add your name and contact information to our Homeownership Program interest list and notify you by mail if this changes. Please contact our office directly for questions or for our interest list: (865)982-8717.

For individuals interested in homeownership opportunities, Blount County Habitat for Humanity is currently processing applications for the Loan Packaging Program and the Homebuyer Education Program.

We are glad that you chose to download the application! First we would like to get some of your information for our records.

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