If you lose a job, get a new job, or experience any change in income, it is important to let your Homeowner Advocate and/or the Habitat office know as soon as possible.
Also let us know if you are considering a major purchase. Going into debt for a car or appliance, etc. will affect your credit, debt-to-income ratio, and may impact your eligibility for Habitat’s Home Ownership.
Let us know if you are facing significant medical expenses. Habitat considers medical debt more leniently than consumer debt. We will do our best to help you keep your eligibility for Habitat financing if someone in your family is facing a health crisis.
It is important for Partner Home Buyers to pay all their bills on time and avoid increasing their debt or doing anything that might significantly damage their credit rating. Habitat will check your credit when:
- You first apply to become a homeowner
- When your Sweat Equity is half complete
- Before you close on your home
If your credit no longer meets our standards, your eligibility will be re-evaluated.