Laura loves browsing on Zillow, dreaming of one day owning her own home. Little did she know she could qualify to become a homeowner through Richmond Habitat! She has been renting her apartment in Richmond and paying more than 30% of her income on housing-related expenses (rent, utilities, etc.).
As a teacher, Laura makes $58,000 annually. With a household size of one individual, not including her beloved pet iguana, she fits into the income guidelines for a Richmond Habitat homeowner. The next step is for Laura to attend a Homeowner Orientation class and then apply!
(While Laura is a fictional character, you are not! Learn more about qualifications for the Homeownership program below.)
How do you qualify for our Homeownership program?
You may be eligible for the Richmond Metropolitan Habitat for Humanity Homeownership Program if
you meet the three guidelines: need, ability to pay, and willingness to partner.
- Need:
What this need looks like will vary, but applicants may be dealing with substandard housing that is poorly built, damaged or inadequate; rent or mortgage that’s greater than 30% of their gross monthly income; unhealthy living conditions such as homes with mold; or a home that is inaccessible for them. - Ability to Pay:
Your projected mortgage payment will not exceed 30% of your gross income. You will need to qualify for a mortgage loan, be within our income guidelines, and meet additional criteria listed here. Mortgage payments are cycled back into the community to help build additional Habitat houses. - Willingness to Partner:
Homebuyers must partner with Habitat throughout the process. Each homebuyer will contribute volunteer hours (also known as “sweat equity”) helping to build their home and other Habitat homes, working in our ReStores, and attending classes and one-on-one budgeting meetings.
What is Area Median Income?
Area Median Income (AMI) is the midpoint income for a specific geographic area, calculated annually by the U.S. Department of Housing and Urban Development (HUD) for different household sizes. Half of the households in a given area earn less than the AMI, and half earn more. This metric is vital for determining eligibility for affordable housing programs, with programs often setting income limits at specific percentages.
Richmond Metropolitan Habitat for Humanity serves households at 80% of the area median income and below. See the AMI chart on our Homeownership page for income guidelines based on the FY25 HUD Income Guidelines (subject to change).
Our next Homeownership Orientation will be virtual on November 5th! Sign up for our Homeowner Interest emails to get the registration link that will be emailed out on October 29th!
