Homebuying Program

Learning about Memphis Habitat's homebuying program is the first step toward buying a home!

• When: Tuesday, June 6, 2023 | 12:00 - 1:00 p.m.
  Where: Benjamin L. Hooks Central Library - Memphis Public Library | 3030 Poplar Ave, Memphis, TN 38111
  (In the meeting rooms just to the left when you enter the main entrance of the library.)
  
  
• When: Saturday, June 10, 2023 | 12:00 - 1:00 p.m.
  Where: Habitat for Humanity of Greater Memphis' classroom | 7136 Winchester Road, Memphis, TN 38125
  
  
• When: Monday, July 10, 2023 | 12:00 - 1:00 p.m.
  Where: Benjamin L. Hooks Central Library - Memphis Public Library | 3030 Poplar Ave, Memphis, TN 38111
  (In the meeting rooms just to the left when you enter the main entrance of the library.)
  
  
• When: Saturday, June 10, 2023 | 12:00 - 1:00 p.m.
  Where: Habitat for Humanity of Greater Memphis' classroom | 7136 Winchester Road, Memphis, TN 38125

ALL applicants must attend an in-person orientation session BEFORE beginning the application process. For your convenience, we also have provided orientation information via PDF DOWNLOAD.

If you are in need of translation services, please notify our Mortgage Services team, and we will be glad to arrange a one-on-one session with a qualified translator.

QUALIFY to buy a Habitat home

Individuals and families who are interested in applying for the Habitat homebuying program must meet a number of requirements, which fall into three categories - QUALIFY, PARTNER and PAY.

Just like a traditional mortgage, applicants must meet various qualifications for Habitat’s program, including having a need for a homebuying opportunity through Habitat. Memphis Habitat looks at four living situations to determine a need for our services:

• Substandard Conditions
  (structural problems, mold, pests, etc)
• Overcrowding
  (too many people in one bedroom, using non-bedrooms as bedrooms)
• Temporary housing
  (living with friends, relatives, coworkers, etc)
• Cost-Burden
  (spending more than 30% of income on rent)

Other Qualifications Include:

• Either never owned a home or haven't owned a home in the past 3 years
• Have not had a home in foreclosure in the past 4 years
• Be unable to qualify for a conventional loan due to income level
• Be able to prove ability to afford the monthly payment and household expenses
• Have fair or passable credit and no judgments or liens
• Have not declared Chapter 13 bankruptcy in the past 12 months or Chapter 7 in the past 2 years
• Must have re-established credit from any previously declared bankruptcies

PARTNER with Habitat

• Complete 350 hours of “sweat equity” by working on their house and other Habitat houses, at the Habitat ReStore and at other area nonprofit organizations. Children can even earn sweat equity hours to help their parents by getting good grades on their report card! Only 30 percent of sweat equity hours can be “donated” by family and friends.
• Contribute at least $2,000 toward closing costs (can be paid in increments)
• Build a $1,000 emergency fund
• Complete the multi-week Habitat Homebuyer Education Course
• Maintain or decrease your “debt-to-income” ratio while in the Habitat program

Check out the virtual tour of what a completed Habitat home looks like!

(Once you press play, click the expand icon in the bottom right corner of the window to adjust the screen size.)

PAY the mortgage note

Families must have stable, verifiable income sufficient to support a monthly mortgage payment and other expenses and must meet the income guidelines listed below. Habitat serves families earning less than 80% of area median income for Shelby County. Having income within these guidelines does not guarantee eligibility.

Questions?

Please contact a member of our Mortgage Services team with your questions about Memphis Habitat’s Homebuying program.

Liz Miller, Senior Manager, Mortgage Loans
lmiller@memphishabitat.com | 901.322.3519

Eula Jackson, Senior Manager, Mortgage Services
ejackson@memphishabitat.com | 901.322.3503

Shasta Blue, Mortgage Loan Specialist
sblue@memphishabitat.com | 901.322.3520

Myia Nealy Allen, Mortgage Loan Coordinator
mallen@memphishabitat.com | 901.322.3536