MONROE, Mich. -- Monroe County Community CU is partnering with Habitat for Humanity of Monroe County on a project to build new homes in a foreclosed subdivision, the local Habitat chapter’s first such project.
Habitat is building two-, three- and four-bedroom ranch homes of about 1,250-square-feet in the 34-lot Sandy Creek Oaks subdivision off Spaulding Road , which eligible families can buy with low-cost financing through the credit union.
This is the first subdivision project for Habitat, which normally builds single homes with the help of local volunteers.
The homes are appraised for around $130,000 and require a $1,000 down payment and for the buyers to contribute sweat equity, attend financial classes, and be ready to make their house payments once construction is complete. Payments are calculated to be about 25% of monthly income.
Through an arrangement with the credit union, the equivalent of 0% mortgages with 20-year terms are available.
Income levels for an eligible family of four range from $34,000 to $51,000. The minimum required income for any buyer would be about $28,000.
