How much does a new construction Habitat house cost?
A Habitat house costs approximately $60,000 – $75,000 to build. A new Habitat homeowner will only pay what it cost to build the house. How much are the monthly payments? The average monthly payment is between $350 and $450 depending on house style, location and length of mortgage; this includes an escrow payment for taxes, termite bond and insurance, but does not include any utilities. How does a Habitat mortgage work? Habitat acts as the lender for a 20-30 year interest free mortgage. The money that families pay back is channeled into the construction of more Habitat homes for other families. Do I have to work to help in the construction of the house? Yes. One of the most vital elements of the Habitat ministry is the partnership between new homeowners and the local Habitat affiliate. The most important connection between families and Habitat is sweat equity. Sweat Equity refers to the actual hands-on participation of partner families. Families are required to complete 500 hours of swe
