FOLSOM, Calif. — The city of Folsom notified the community via social media Thursday of a first-time homebuyer opportunity in the Historic District.
Habitat for Humanity of Greater Sacramento, a housing nonprofit, announced last week applications are open to buy one of 10 single-family homes along the 300 block of Persifer Street. The project is the nonprofit's first time in its 38-year history developing in Folsom, according to Leah Miller, the president and CEO of Habitat for Humanity Greater Sacramento.
"At a time when our state, our region and the city of Folsom need affordable housing, especially equity building (and) starter homes like the ones Habitat is building, we are enthusiastically looking forward to making a positive impact in creating greatly needed housing solutions," Miller said.
Five of the homes are 1,268 square feet and offer:
- Four bedrooms.
- Two-bathrooms.
- Two stories.
- A one-car garage.
Five of the homes are 750 square feet and offer:
- Two bedrooms.
- One bathroom.
- One story.
- One parking space.
Patricia Foley, director of homeowner services at Habitat for Humanity, said during an application orientation the homes’ cost is based on an independent third-party appraisal.
However, monthly mortgage payments are calculated at no more than 30% of an applicant's gross monthly income at time of purchase. That includes property tax and insurance.
Habitat for Humanity’s selection process consists of three main criteria:
- An applicant’s need for adequate shelter.
- An applicant’s ability to pay the mortgage.
- An applicant’s willingness to partner with Habitat for Humanity.
Adequate shelter
If one’s current housing condition falls under an overcrowding category: meaning more than two people share a room, children of different gender identities share a room, a child and adult share a bedroom or anyone is sleeping in a room that isn’t a bedroom, Habitat for Humanity said they should apply.
Habitat for Humanity said if one’s current living situation is unhealthy, inaccessible or unsafe, or they are having trouble affording it, they should also apply.
Financial eligibility
Financial eligibility requirements include:
- One’s debt-to-income ratio is no greater than 43%.
- No accounts of theirs are in negative standing.
- No liens or judgments.
- At least five years evidence of financial stability following a bankruptcy.
- Medical collections or student loans may be excused on a case-by-case basis.
- There is no minimum FICO credit score.
Willingness to partner
Habitat for Humanity said the best candidates for homebuyers demonstrate responsibility and the ability to communicate.
Candidates must also be willing to share their Habitat story with donors, community partners and followers and contribute 500 hours of “sweat equity,” volunteering in various roles for construction or community projects, the nonprofit said.
Background checks are also conducted, but candidates with minor offenses should still apply, according to Habitat. Fraud or other misrepresentation on applications and certain criminal convictions are among grounds for deselection.
Questions about the housing or its application process can be directed to apply@habitatgreatersac.org. Candidates can apply HERE.
Habitat for Humanity Greater Sacramento’s orientation video regarding the Folsom properties can be viewed HERE.
