Housing is one of the most important means of wealth accumulation, especially for those with lower income because it provides equity and forced savings resulting from mortgage repayment. Partner families are selected based on their level of need, willingness to become partners in the program and ability to repay the no-profit, no-interest loan. Saucedo reiterates that Habitat is not a “giveaway” program. Homeowners invest hundreds of hours of their own labor into building their Habitat house and the homes of others.
Recipients can see monthly payments as low as $500 per month with a zero interest mortgage, because the home is financed through Habitat.
Habitat’s mortgage repayment success rate was 86 percent nationally and foreclosures were less than 3 percent per year.
For more information, please visit www.habitatcaz.org or contact us at (602) 268-9022 to schedule an appointment.