Qualifications

Qualifications

All applicants must meet these qualifications:

 

  • Be a first-time homebuyer or fall within certain exceptions.
  • Be a citizen or permanent legal resident of the U.S. who has lived or worked in one of the following counties for the past year: Fulton, Cherokee, Clayton, Cobb, Dawson, DeKalb, Douglas, Fayette, Forsyth, Gwinnett, Henry, or Paulding.
  • Household size of one to eight people.
  • Meet income guidelines - based on area median income. We consider predictable sources of documented income such as, social security, self-employment, disability, and child support.
  • Meet savings requirement  (step-up option is available).
  • Meet credit guidelines-we will review your tri-merge credit report (report from all three credit bureaus Equifax, Transunion, and Experian):
    • Overall payment history is considered.
    • Credit score is not considered.
    • Medical bills are not considered unless there is a judgment.
    • A bankruptcy must be four years past discharge before applying.
    • Annual debt-to-income ratio less than 15%, and monthly debt-to-income ratio less than 41%. 
  • Total past due non-medical debts cannot exceed $800.  These debts must be paid down to below $400 before your application can proceed to the Family Selection Committee for the home visit and interview.  These debts must be paid in full before selecting a property. 

  • Be willing to live in and participate in the communities where Atlanta Habitat is building at the time your application is approved. Click here to see where we have built in prior years.

 

Income Guidelines | Effective 9/01/2017

 

Monthly Income Basis

 

Family Size

Minimum Gross Income

Maximum Gross Income

 

3 bedroom

4 bedroom

3 bedroom

4 bedroom

1 person

$2,070

$2,170

$3,255

$3,255

2 people

$2,070

$2,170

$3,720

$3,720

3 people

$2,070

$2,170

$4,185

$4,185

4 people

$2,170

$4,645

5 people

$2,370

$5,020

6 people

$2,715

$5,395

7 people

$3,060

$5,765

8 people

$3,410

$6,135

 

 

Annual Income Basis

 

Family Size

Minimum Gross Income

Maximum Gross Income

 

3 bedroom

4 bedroom

3 bedroom

4 bedroom

1 person

$24,840

$26,040

$39,050

$39,050

2 people

$24,840

$26,040

$44,600

$44,600

3 people

$24,840

$26,040

$50,220

$50,220

4 people

$26,040

$55,750

5 people

$28,440

$60,250

6 people

$32,580

$64,700

7 people

$36,730

$69,150

8 people

$40,890

$73,600

 

 

Occupancy Payments

3 bedroom houses   –   $ 620 per month

4 bedroom houses   –   $ 650 per month

 

Good Faith Deposit

$800

 


 

Learn more about the application process and to sign up for an information session.


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