Homeownership FAQs
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Where will my home be?
Lexington Habitat for Humanity builds or remodels houses wherever we can find lots or houses that are affordable for us to purchase and pass on to you at an affordable price. We most frequently work in the Northside of Lexington.
How many bedrooms will my house have?
The number of bedrooms will be based on your household size. Houses are designed with 3, 4, or 5 bedrooms. We assign house size based on the household composition. Households with special needs due to physical limitation, disability or other health concerns will receive separate consideration about specific needs.
How long does it take before I could move in?
This can vary with each individual household depending on a variety of issues, but currently the entire process, from completed application to closing, averages 2 years.
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How much will my house cost?
Your monthly mortgage payment will be affordable and is based on your income. Currently mortgage payments are calculated at approximately 25% of total gross monthly income. Mortgage terms currently range from 15-30 years. The appraised value of our houses currently range from $150,000-$200,000, though each house value will vary based on size and location. Keep in mind utilities are not included and you will be responsible for your utility accounts.
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Can I customize my house?
Floor plans and basic construction cannot be customized and will be determined by our construction department based on the lot size and shape. Habitat builds one-story houses whenever possible, but we cannot guarantee whether a house will be one or two stories. It is our mission to build decent, simple and affordable homes – we are not a custom builder. We do not build houses with garages or brick or other “extras” unless neighborhood covenants or restrictions require those. Homebuyers get to choose the color of the following items based on the samples our suppliers provide: siding, shutters, carpet, vinyl flooring, and kitchen countertop.
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What is Sweat Equity?
Sweat equity refers to the actual hands-on involvement of future homebuyers. It is the Homebuyer’s physical investment in Habitat's work. We look at the hours you invest in your home as a “down payment” of sorts and require all hours be completed before closing.
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How many Sweat Equity hours are required and how do I earn them?
Homebuyer households with one adult in the household must complete a total of 250 sweat equity hours. 100 of those hours must be construction. Homebuyer households with more than one adult must complete a total of 500 sweat equity hours. 150 of those hours must be construction. Also, friends who help on your build may count for an additional 50 or 100 of your required hours. Attending Homebuyer classes, budgeting sessions, volunteering in our ReStore and hands-on work on job sites earn these hours. You will be given a book to log all your hours.
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What are Homebuyer classes?
Habitat requires that Homebuyers attend weekly Homebuyer classes for approximately 20 weeks. The classes are an opportunity to understand Habitat’s policies, learn about homeownership, and ask questions. These classes cover topics like budgeting, savings, insurance, home maintenance, and safety.
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What can my kids do to help earn Sweat Equity?
Household members who are 16-years-old or older are allowed to come to classes or work on construction sites with you and will earn Sweat Equity for their time if they remain involved. Children ages 14-15 may work with you at the ReStore. Children or household members of any age may come to Habitat sponsored events in the community. When you start building your house, they can help you clean your job site at times when no construction activity is taking place.
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Do I have to pay any closing costs?
Yes, Habitat requires you contribute $1,500 towards your loan closing costs. This money will be prepaid on a monthly basis during partnership with Habitat. Any prepaid closing costs are fully refundable if a person does not end up buying a house from Habitat.
