How we make it happen
Homeownership can provide stability, safety, and comfort, but maintaining a home can also be a challenge. A critical repair like replacing a furnace, installing new windows, or fixing a roof can cost thousands – money you may not have handy. Our home preservation program is designed to help you make the repairs your home needs now, keeping you safe at home.
- We cover the first $1,000 of your repair*, then work with you to let your home pay for its own repairs up to $6,000 total. Using your home’s equity, you can cover the cost of your repair on your own time, even 20 years later – with no interest and no money out of your pocket.
- Home equity builds naturally over time as the housing market grows, averaging 3.5% per year in the U.S. That means that a home worth $100,000 today will grow, on average, to a value of more than $140,000 in 10 years. With our deferred, no-interest payment**, you can use that growth in value to cover the cost of your repair when you eventually sell your house.
- Don’t want to wait that long? If you pay off your deferred, no-interest payment with a lump sum payment within 30 months, you’ll receive a 40% discount. That turns $2,000 into $1,200 – a huge savings.
* For mobile home owners, Habitat covers the first $2,000 of a repair and the homeowner is responsible for the rest. We do not offer a deferred, no-interest payment for mobile homes.
** Our deferred, no-interest payment is made in the form of a lien. This is a financial tool that ties a debt (in this case, the cost of your repair) to collateral (your house). You do not need to pay a Habitat lien until you sell your home. You may pay off your lien at any time using a lump sum payment. We do not accept installment or monthly payments. Habitat’s goal is always to help you maintain homeownership.