Has anyone sold their habitat home?

[u/Various_Ad_8620]

In Canada Ontario here. I have a habitat for humanity home. I pay 0% interest but do not begin to get any equity until the 6th year.

The way that it was explained to us was:

Bought house : $320,000

Sold house 9 years later: $520,000

We do not gain equity until the 6th year and it’s 10% per year- so

6th-10% 7th-20% 8th-30% 9th-40%

This means we would get 40% of the equity of the home since we bought it-so 40% of 200,000 not 40% of the 520,000 that it would be selling for.

We would get that, and all of the money we had put towards the mortgage over the 9 years.

Has anyone left their habitat home? Sold it? Can anyone share if this is actually what happens?!

My experience with Habitat has been awful and they do not truly care to help people to “get ahead”-they have their own organizations best interest at heart.

[u/Expiscor]

The experience with selling is going to differ reigon to region, affiliate to affiliate so it's unfortunately impossible for us to say without knowing your affiliate

[u/SuWooGvng]

Also in Canada - but my awful experience started at the application process. They actually lead you to believe in something that is not the actual case. HFH will say things to cover their asses, btu no they do not ever have your best interest in mind. Only theirs.

In my case I was offered a unit, and went through several weeks of the application process in terms of handing in all my financials. I was offered a unit, did a home phone visit - and they told me a MANDATORY $250.00 processing fee was required or my application would be forfeited and I was only given 72 hours to pay the fee. I asked - do I get this back if habitat somehow says no, or do I get this back if I dont get picked in the "lottery" process because $250.00 is ALOT to pay when you don't even know how they are making the selection in the back ground. I specifically said, the only way I'm willing to do this, is if I DO NOT GET APPROVED for the required mortgage. She said "we wouldn't put families in these positions" - so what would you assume that answer means? It means good right? OK so I paid the fee, kids didn't have groceries for one weekend. GOT APPROVED FOR THE MORTGAGE, and for them to deny me.

So yes, all they care about is how much THEY are going to net in the long run, they don't care about you or what they told you in the past because as much as they want to say they help ppl, they scam ppl too. In the worse way!

[u/AbitOf-Influence → u/SuWooGvng]

Interesting, I've never heard of a fee before? Clearly this is a affiliate request.

[u/Bunnai3 → u/AbitOf-Influence]

My affiliate had a mandatory $75 application fee. Later, there was a $150? (Can’t remember exact) fee for the online homebuyer class. I could’ve done the free online class but each one seemed to get canceled the day before for 3 weeks straight

[u/Bunnai3]

Good luck hun! I’m in the US but my affiliate is definitely different and they get first pick to buy (or we could sell to another habitat approved person directly). Ours is: House Cost We Paid + 20% (after 10 years) = our total amount we get

[u/AbitOf-Influence]

So sorry, I guess for sure each affiliate or maybe country is different. They're all not the same. In the states there is no fee, or the affiliate I've worked with. It has very pleasant actually. 🫂

[u/HotelWeird8667]

How do you who your affiliate is ? I wasn’t given one person specifically to work with … but a few and also had bad experiences . I see in clauses in the mortgage that we only get the equity we put in ..? Does that mean if there’s increase in the value of the home from the date of purchase to the date we want to sell that we see none of it ? So theoretically it seems like if fmv of house was 150k when built and monthly mortgage is $300/ month and I’ve paid for 6yrs and now want to sell and fmv is assessed at 350k I’d get 300x12x6 out of sale of home ( minus all the fees they state they’ll charge for the sale ) or if I own for 15 years and the fmv increases to 650k I’d get 300x12x15..? But at no point either 6 or 15 years would we the homeowner see any of the increase from 150k-350k or 150k-650k ?

[u/WestTualityHabitat]

Please don't rely on answers in this group. Please visit your local Habitat for Humanity affiliate and get answers directly from the staff there.