Homeownership

Overview

Affordable housing, as defined by the Department of Housing and Urban Development (HUD), means a household pays no more than 30% of their income for housing costs like rent, mortgage, and utilities. As the housing costs in Orange County rise, many residents are being forced out of the community to find housing that is affordable for them.

30%

of your income should go toward housing costs

At Orange Habitat, our goal is to support mortgage-ready residents who are looking to buy their first home. As we work to eliminate barriers to a more financially stable life, we ensure mortgages are affordable for each applicant’s income. We provide homebuyers with the coaching, education, and support to be successful throughout the homebuying journey. We foster community engagement which empowers homebuyers to be the voice to continue to strengthen the fabric of our community.

Application Information

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Financial Benefits of Homeownership

Equity Building: Mortgage payments increase ownership over time, growing your wealth.
Generational Wealth: Equity accumulated in the home can be passed down, providing a financial foundation for future generations.
Property Appreciation: Homes typically increase in value over time, offering potential profit when sold.
Financial Stability: Owning an affordable home provides stability, enabling investment in education, savings, and wealth-building for future generations.
Flexibility to Improve: You can enhance the home’s value and comfort through renovations.

Financial Benefits of Homeownership with Habitat for Humanity

In addition to the benefits listed above, Habitat for Humanity homeowners enjoy several unique financial benefits that go beyond traditional homeownership. Here are a few key financial advantages:

Affordable Mortgages: Mortgage payments are tailored to be affordable, not exceeding 30% of the homeowner’s gross monthly income for the first year of homeownership.
No Down Payment: Habitat waives the need for a down payment, removing a significant barrier to homeownership.
Reduced Closing Costs: Habitat homes usually have lower closing costs, easing the upfront financial burden.
Financial Education: Habitat provides programs to enhance financial literacy, helping homeowners achieve long-term stability.
Supportive Community: Homeowners gain access to a network of volunteers and peers, offering guidance on navigating financial challenges.
Credit Improvement: Managing a Habitat mortgage can improve credit, leading to better financial opportunities for future generations.

Looking for a Different Resource?

Orange County, NC is home to various housing organizations that service different populations and housing needs. See below to learn more about these organizations.