Homeownership
Homeownership Program Info Video
We will be accepting applications for our homeownership program from May 6-17, 2024.
If you're interested, please attend one of our upcoming information sessions!
- Monday, April 15, at 6 p.m.
East Community Meeting Room at East Library, 555o N. Union Blvd., Colorado Springs, CO 80918 - Wednesday, April 24, at 3:30 p.m.
Library 21c: Venue at Library 21c, 1175 Chapel Hills Dr., Colorado Springs, CO 80920 - Thursday, May 2, at 4:30 p.m.
East Community Meeting Room at East Library on 555o N. Union Blvd., Colorado Springs, CO 80918
Pikes Peak Habitat homes are sold at no profit with an affordable mortgage to qualified homebuyers. Homes are built to accommodate families of all types and sizes.
The typical Pikes Peak Habitat home is sold with an affordable mortgage that can be paid back with a term of up to 30 years. Mortgage lengths vary depending on the household income of the homebuyer. At the time of sale, monthly mortgage payments are no more than 30% of the household's gross monthly income. With each mortgage payment, Habitat homeowners are directly investing in their family's future.
The selection of families to purchase homes from Pikes Peak Habitat for Humanity is done by a Family Selection Committee in a way that does not discriminate because of race, color, religion, sex, handicap, familial status, sexual orientation, age, gender identity, or national origin. Pikes Peak Habitat does not discriminate if all or part of an applicant's income is derived from public assistance programs.
On average, Pikes Peak Habitat selects 8-10 home buyers each year. See whether your family qualifies, and then start the application process!
Homeownership FAQ
Individuals are selected for Habitat’s homeownership program based on their ability to demonstrate that they meet three main criteria – an ability to repay a mortgage, a willingness to partner with our organization, and a current need for housing. In order to determine if an individual meets these criteria, an application must be completed and submitted to Habitat during an open application cycle.
Applications are typically accepted once a year. If more home slots become available throughout the year, additional application cycles may be opened. To stay updated on application cycles, complete the Homeowner Interest Form.
If applicants can demonstrate that they meet all criteria, but there are more applicants than home slots available, applicants are prioritized based on their need for housing. If an applicant is denied because there are not enough homes available, the applicant is welcome to apply in the future. Habitat cannot keep a wait list.
Applicants are welcome to apply as many times as they would like. If an application is denied, the applicant will be offered guidance on what items could be corrected for a stronger application in the future.
The process of building and purchasing a Habitat home takes anywhere from twelve to eighteen months from the time that an applicant is approved to participate in the program. For this reason, Pikes Peak Habitat for Humanity cannot address immediate or emergency housing concerns.
Habitat sells houses for market value, which cannot be determined until the house is complete. Home prices vary depending on location and housing market conditions.
Regardless of the sales price of the house, Habitat is committed to keeping housing payments affordable. Habitat homeowners' mortgage payments will be capped at 30% of their household gross monthly income at the time of sale. This monthly amount will include the mortgage payment, homeowners’ insurance, property taxes and HOA dues (if applicable).
Habitat mortgages will be paid back between fifteen and thirty years. The length of the loan is dependent on the sales price of the home and the household’s income at the time of sale.
Habitat builds homes throughout El Paso County on properties that it currently owns. Each application cycle, the location of homes available will be announced. If an individual chooses to apply during an application cycle, they are applying for a home that is available in that specific application cycle. Home locations cannot be traded once an applicant has started the program.
Habitat is not a custom home builder. A standard floor plan is used in each of our neighborhoods.
A bedroom policy is used to determine the house size received by each household. The policy states that no more than two individuals will share a room, children of opposite genders will not share a room and children more than five years apart in age will not share a room. If children are the same gender and less then five years apart, they will share a room. Homes are not built with extra bedrooms. They are built to accommodate current family size.
Habitat homes can be sold. Like any home, there are times when it is more advantageous and times when it is less advantageous to sell the home. Typically, the longer a homeowner stays in the Habitat home, the better the outcome of selling the home.
Habitat homes will be sold with a Right to Repurchase and Shared Appreciation Agreement. This means that the owner must offer Habitat the right to repurchase the home before it can be sold on the open market. A Shared Appreciation agreement gives Habitat shared equity in the appreciated value of the home. This agreement allows Habitat to be a faithful steward of the time and money donated to ensure that Habitat homes stay affordable.
Habitat homes cannot be rented. The owner must be the primary occupant for the life of the loan.
Pikes Peak Habitat for Humanity uses a variety of methods to ensure that all homes are kept affordable for home buyers. Habitat works diligently to create partnerships with corporations, faith entities, government, and individuals to raise funds for each home built. Habitat uses a combination of staff and volunteer labor to help construct the home. Habitat seeks grant funding to help subsidize mortgage costs.
