Earning sweat equity
Sweat equity is an exciting cornerstone to the Habitat program. Hours can be earned by volunteering on our construction sites, in the Habitat office, and at Habitat’s ReStore.
How long does the program take?
The length of time it takes to complete the program varies and is really dependent on how quickly you can meet your requirements. On average, homeowner candidates take one year to complete our program. Some candidates have done it in half that time, and others have taken two or more years. To keep you on track, you are required to put in a minimum number of hours each month and attend at least two classes each quarter.
How much will my mortgage payments be?
The cost of your mortgage payments will depend on the value of the land and the size of the home. This cost includes property taxes and homeowners’ insurance.
What makes a Thomasville Habitat home affordable?
Because of volunteer labor and donations from organizations and individuals, Habitat homes are sold to homeowners at no profit. Also, they are financed with a zero-interest, 25- to 35-year mortgage.
What’s the impact of a 0% interest mortgage?
The traditional 30 year mortgage (left) has a 5% interest rate. For a $175,000 mortgage a homeowner will pay an estimated $163,197.62 in interest payments alone over the term of the loan for a total loan amount of $338,197.62! Habitat homeowners receive a 0% interest loan which saves $163,000 in interest payments over the life of the loan and makes the monthly payments affordable. Take a look at the chart below to see the difference in a zero-interest loan.