How is the mortgage structured for the family?
The monthly mortgage payments, spread out over 30 years, range from $450 to $550, including an escrow for property tax and homeowner’s insurance. Mortgage payments are redeployed into Habitat’s “Fund for Humanity” to help build more homes for families in need. The homeowner will generally purchase the home for the appraisal value and may have multiple mortgages that add up to that amount – one or more requiring a monthly payment and one that is “silent” and only payable upon the sale or refinance of the home.
