Well, just the call last night that my family has been waiting for. Just found out that we are one of the 4 families selected this year to get a house through Habitat for Humanity.
We are very excited.
I am sure you have all heard of Habitat, but don't know if anyone knows the details.
Basically, we get a house at cost, which is around $54,000. There will be no interest on our mortgage. Nice. The houses they build are worth about $80,00 or so, so when we move in we will instantly have almost $30,000 in equity. Oh yeah, and our payments with tax and insurance will be less that $350 per month.
For now, the main thing we need to do is to put in our "sweat equity". My family ( along with help form friends and family members
) have to put in 150 hours of work on other houses that are currently being built for other families, than they will begin to start on a house for us, which requires us to put in another 150 hours. So, all total, we need to put in 300 hours of work, but we can have up to half of that come form people volunteering for us. The work sites provides the tools (you can use your own too if you want) and a contractor (site supervisor) to guide everything along. I'll be working almost every Saturday for 8 hours for quite a while now to get in my hours. My wife will be doing plenty too, as long as we can find childcare. I have one friend who will be volunteering with me as well, and hopefully I can recruit a few more.
To even qualify for the program we need to put in 12 hours of work to show that we had the initiative.
Well, I guess this is long enough already, but I would like to add one last thing. I think it would be great if anyone here would consider doing some volunteer time for Habitat. I am not saying this as a way to help me specifically, but just get a hold of your local Habitat group and put in a few hours. No experience is needed. Of course, if anyone wanted to come to Erie and help my family, that would be great too, but really just getting involved in the organization at all would be a great thing. If not for this org., my family would never be able to get as nice as a house as we will have.