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2601 Atkinson Ave.
Killeen, TX 76543
USA
Gene Bauer - Executive Director
The cost of a Habitat home depends, of course, on its size. We build homes to fit the family. We use standard rules for determining the number of bedrooms per home based on the number of family members, their ages and male/female family members.
Once a Habitat home is built, the homeowner pays a zero interest mortgage to Habitat. They get to pick the number of years the mortgage will be, based on their income. Normally a Habitat homeowner selects a 20 year mortgage. Their mortgage payment includes their escrow (annual insurance and taxes).
The average Habitat mortgage is between $275.00 to $325.00 a month.
An example of the calculation used to determine the mortgage is as follows:
Principal:
Price of home: $38,000.00
Length of mortgage in months: 240
Monthly principle payment: $158.34
Escrow:
Annual Insurance: $500.00
Annual Taxes: $1,000.00
Total Taxes and insurance: $1,500.00
Monthly escrow: $125.00
Monthly mortgage payment: $283.34
The above simplified example would be if the homeowner paid the closing cost. THIS IS NOT required, closing costs can be added to the cost of the home, which would, of course incease the payment a few dollars each month.
All Habitat homes are small, but do include:
Living room
Kitchen, with refrigerator and oven included
Dining area
Master bedroom with closest
Bedroom(s) with closet
Bathroom(s) with combined tub/shower
Utility closet
Hallway closet
Central Heat and Air, electric
Electric Water heater
Price vs. Value. Currently, our three bedroom homes are being appraised at $61,000.00. Yet we do not sell the home to the new family for that price. We sell the three bedroom home home at this time for $38,000.00. We are able to do that primarily because we use volunteer labor to build the homes, therefore, we save a tremendous amount on the cost of building the home.
The price of a Habitat home has nothing to do with what it cost Habitat to build the home. The price is based on the Board of Directors estimate of what a low income family can afford. It so happens that the current cost and price are very close. But in some cases it costs us more to build the home than what we sell it for. In other cases, primarily when we have received some building materials donated to us, the cost is less than the price.
Prices and sizes are as follows:
2 Bedroom � $36,000.00 � 1 Bathroom � 882 Square Feet
3 Bedroom � $38,000.00 � 1 Bathroom � 986 Square Feet
4 Bedroom � $41,000.00 � 1 and � Bathroom � 1,192 Square Feet
5 Bedroom � $43,000.00 � 2 Bathroom � 1,400 Square Feet
6 Bedroom or above, will be determined if we ever need to build one.
Fax: 254-680-4839
Email: [email protected]
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