New Homeowner: Repurchase Edition

March 21, 2024

While Habitat builds homes for people to live and grow in, life plans change, and families sometimes need to sell their homes. Habitat has no ownership of the home’s mortgage after the homebuyers close on it. However, Habitat does maintain the right to first refusal. If a homeowner wants to sell their home, Habitat first has the opportunity to repurchase it. In most cases, Habitat chooses to buy back the home.

The home is repurchased at its current market value, allowing the homeowners to take advantage of their equity as well as a portion of the appreciation of their home. Habitat then updates and resells the home, providing another qualifying family with an affordable home. Homebuyers who buy a repurchased home still complete the same requirements as our new construction homebuyers. This includes paying an affordable mortgage and putting in 275 hours of sweat equity.

This is how Chastity was able to buy her home earlier this month. A family was moving out of a Habitat home in the Fairview neighborhood in Hillsborough. Habitat repurchased the home and made the necessary repairs to sell it to a new homeowner. Chastity was initially approved for the Spring 2023 cohort for Habitat’s Homeownership Program for homes in Weavers Grove. Being from Hillsborough, she was delighted to have the option to buy a home in a location close to her family. She is now a first-time homeowner and is excited to move into her new home with her children!

Click here to learn more about Habitat’s Homeownership Program.