Habitat for Humanity of the River Valley Homeownership Program

What is Habitat for Humanity of the River Valley Homeownership Program?

Habitat for Humanity of the River Valley Homeownership Program is down payment assistance for homebuyers in Huntsville, Alabama, administered by Habitat for Humanity of the River Valley (formerly Habitat for Humanity of Madison County).

• Habitat for Humanity of the River Valley (formerly Habitat for Humanity of Madison County) partners with families to make affordable homeownership possible through 0% interest, 30-year mortgages on homes built or renovated by Habitat. Homes are typically 3-5 bedrooms with affordable monthly payments. The journey from approval to closing takes about 18-24 months, during which families complete sweat-equity hours and homeowner education. The affiliate serves Madison and Limestone Counties.
• 30-year 0% interest mortgage.
• Affordable monthly payments.
• Habitat-built or renovated home.
• Homeowner education and financial counseling.
• Funding comes from Charitable donations, volunteer labor, ReStore proceeds (nonprofit); mortgages serviced by Pinnacle Financial Services.

Do you have to pay it back?

Habitat for Humanity of the River Valley Homeownership Program is down payment assistance and is repaid under the terms set by Habitat for Humanity of the River Valley (formerly Habitat for Humanity of Madison County).

• The assistance is recorded in First mortgage (Habitat-originated, serviced by Pinnacle Financial Services) position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Habitat for Humanity of the River Valley Homeownership Program is open to buyers who will live in the home as their primary residence.

What are the income limits?

Habitat for Humanity of the River Valley Homeownership Program sets its income limit as follows: No specific income table published. Applicants must show consistent, verifiable income sufficient to repay an affordable mortgage; employment applicants need at least 6 months continuous employment with the same employer. Housing need also a selection criterion. GAP: no numeric income floor/ceiling published.

• 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.

What kind of home can it be used for?

Habitat for Humanity of the River Valley Homeownership Program can be used for Single Family.

• New construction is eligible.

Where does it apply?

Habitat for Humanity of the River Valley Homeownership Program serves buyers purchasing in Huntsville, Alabama.

How do you apply?

Applications for Habitat for Humanity of the River Valley Homeownership Program go through Habitat for Humanity of the River Valley (formerly Habitat for Humanity of Madison County), which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through Required homeowner education classes plus a mandatory HFHRV Information Session; 275-300 sweat-equity hours (20-25 hrs/month).

2. 2

   Contact Habitat for Humanity of the River Valley (formerly Habitat for Humanity of Madison County) to reserve funds

   Funds are reserved with the provider and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.