Habitat for Humanity Sarnia/Lambton builds simple, decent, affordable homes for families in Sarnia and Lambton County.
Maximum & Minimum Income Thresholds
The Canada Revenue Agency (CRA) provides very strict guidelines in terms of how we select our partner families.
Your gross annual family income must be a minimum of $22,000 to be considered as a Habitat for Humanity Sarnia/Lambton family.
HFH Sarnia/Lambton follows guidelines published by the Canada Mortgage & Housing Corporation (CMHC) and Service Ontario to determine the maximum annual gross income you can make, and still be considered for a one of our homes. These guidelines are based upon the number of bedrooms your family would need.
The guidelines state that the following should have their own bedroom:
- Opposite gender children over the age of 5
- Adult children over the age of 18 still living at home
- That there should be no more than two children sharing a bedroom
Following these guidelines, the maximum gross annual income you could earn and be considered for a Habitat Sarnia/Lambton home would be:
For a 4 or more bedroom home $51,500
For a 3 bedroom home $43,000
For a 2 bedroom home $37,500
Start by Answering These Questions...
- Have you applied for a mortgage at a bank and been turned down?
- Is your current housing unsafe, unhealthy, unaffordable, unsuitable or inaccessible?
- Do you have a stable, total gross annual income of at least $22,000?
- Is your debt-load low?
- If you have experienced a bankruptcy, has it been at least three (3) years since the bankruptcy was discharged?
- Would you be willing to partner with Habitat for Humanity Sarnia/Lambton to build and buy your own home?
If you answer "YES" most of these questions, you could be our next partner family!
How Does A Habitat Mortgage Work?
- Habitat for Humanity Sarnia/Lambton builds your home
- Once built, a professional real estate appraiser assesses the home for its Fair Market Value
- Habitat for Humanity Sarnia/Lambton sells you the house for that Fair Market Value
- A $0-down, 0%-interest, 20-year mortgage is prepared
- There is no down payment
- There is no interest chaged
- The mortgage is due 20 years from the date of sale...OR...when the family has paid off 50% of their mortgage - whichever comes first
- If the family moves out of the home before 20-years:
- Habitat for Humanity Sarnia/Lambton has first right of refusal on the buy-back of the home for its Fair Market Value, less 6%
- Any increase in the market value of the home is shared between the homeowner and Habitat for Humanity Sarnia/Lambton depending upon how long the family has lived in the home, and according to the following schedule:
|< 5 years
||0% of increased market value shared
|5 - 10 years
||25% of market value shared
|10 - 15 years
||50% of market value shared
|15 - 20 years
||75% of market value shared
||100% of market value is homeowner's
- Our partner families are required to report the gross household income of all non-student adults over the age of 18 annually
If you would like to discuss our homeownership program, please contact:
Sarah Reaume, Executive Director
Habitat for Humanity Sarnia/Lambton
519-339-7957 x 222
or apply online now!