Habitat for Humanity of Portage County - Home Ownership Program

What is Habitat for Humanity of Portage County - Home Ownership Program?

Habitat for Humanity of Portage County - Home Ownership Program is a first mortgage for homebuyers in Ravenna, Ohio, administered by Habitat for Humanity of Portage County.

• Habitat for Humanity of Portage County's Home Ownership program sells newly built homes to income-qualified partner families with an interest-free mortgage covering principal, taxes, and insurance. Eligible households earn between 40% and 80% of Portage County median family income. Partner families complete 500 sweat-equity hours (two-adult families) or 250 hours (single-adult families).
• Interest-free mortgage.
• Affordable monthly payment including taxes and insurance.
• Published income guidelines by family size.
• Sweat-equity builds equity.
• Budget counseling support provided.
• Funding comes from Donations, volunteer labor, grants, and homebuyer mortgage payments.

Do you have to pay it back?

Habitat for Humanity of Portage County - Home Ownership Program is a first mortgage and is repaid under the terms set by Habitat for Humanity of Portage County.

• The assistance is recorded in First 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 Portage County - Home Ownership Program is open to buyers who will live in the home as their primary residence.

What are the income limits?

Habitat for Humanity of Portage County - Home Ownership Program limits household income to 80% of the area median income, which varies by county and household size.

• Total household income must be at least 40% and not over 80% of Portage County median family income. 4-person range: $40,125 (min) to $80,250 (max). Ranges from $56,200 (1-person max) to $105,950 (8-person max).
• The limit applies to total household income, not only the borrower’s.
• The program lists a maximum household size of 8.
• 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 Portage County - Home Ownership Program can be used for Single Family.

• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

Habitat for Humanity of Portage County - Home Ownership Program serves buyers purchasing in Ravenna, Ohio.

How do you apply?

Applications for Habitat for Humanity of Portage County - Home Ownership Program go through Habitat for Humanity of Portage County, which publishes the current terms and the application steps on its own site.

1. 1

   Contact Habitat for Humanity of Portage County to reserve funds

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

2. 2

   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.