Gadsden-Etowah Habitat for Humanity Homeownership Program

Gadsden-Etowah Habitat for Humanity Homeownership Program is down payment assistance for homebuyers in Gadsden, Alabama, administered by Gadsden-Etowah Habitat for Humanity. Gadsden-Etowah Habitat for Humanity is a nonprofit Christian housing organization building simple, decent, affordable homes in Etowah County since 1996. Through volunteer labor and donations it builds homes alongside partner families and sells them at no profit, financed with a 0% interest, 20-year mortgage. Homeowner payments fund a revolving Fund for Humanity. Families are selected on need, willingness to partner, and ability to repay. Newly built home sold at no profit. 0% interest 20-year mortgage. Average cost ~$70,000, ~$375/month incl. taxes/insurance. Homebuyer education and financial coaching. Funding comes from Volunteer labor, donations of money/materials, grant funds, and homeowner payments into a revolving Fund for Humanity.

Gadsden-Etowah Habitat for Humanity Homeownership Program is down payment assistance and is repaid under the terms set by Gadsden-Etowah Habitat for Humanity. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Gadsden-Etowah Habitat for Humanity Homeownership Program is open to homebuyers who will live in the home as their primary residence. A homebuyer education course is required, through Partnership Classes and Family Focus meetings (finances, budgeting, credit, home/lawn maintenance) within a minimum 300 sweat-equity hours. Residency requirement: Must have resided in Etowah County for at least one year. Verified on the affiliate's official site. Habitat 0% 20-year mortgage model (no fixed DPA dollar amount). Requires need, willingness to partner (minimum 300 sweat-equity hours incl. education), and ability to repay. Income 30%-75% of Etowah County median. Housing ratio cap 30% / total-debt cap 43%.

Gadsden-Etowah Habitat for Humanity Homeownership Program sets its income limit as follows: Household income between 30% and 75% of Etowah County median family income (for families larger than 4, a higher amount allowed but not exceeding 60% of county AMI). Ability-to-pay: projected mortgage cannot exceed 30% of gross income; mortgage plus long-term debt cannot exceed 43%. All steady income counted. The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Gadsden-Etowah Habitat for Humanity Homeownership Program can be used for Single Family. New construction is eligible.

Gadsden-Etowah Habitat for Humanity Homeownership Program serves homebuyers purchasing in Gadsden, Alabama.

Applications for Gadsden-Etowah Habitat for Humanity Homeownership Program go through Gadsden-Etowah Habitat for Humanity, which publishes the current terms and the application steps on its own site. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.