Let your home pay for its own repairs
Habitat for Humanity’s home preservation program can help you make the repairs your home needs now, making expensive upkeep like a furnace replacement, new windows, roof repair, or accessibility ramp affordable. Our deferred, no-interest payment** uses the growth in your home’s value over time to cover the cost of your repair when you eventually sell your house. Using your home’s equity, you can cover the cost of your repair on your own time, even 20 years later – with no interest and no money out of your pocket.
How we make it happen
Homeownership can provide stability, safety, and comfort, but maintaining a home can also be a challenge. A critical repair like replacing a furnace, installing new windows, or fixing a roof can cost thousands – money you may not have handy. Our home preservation program is designed to help you make the repairs your home needs now, keeping you safe at home.
- The first $10,000 of repair costs can be covered by a pair of deferred, no-interest payments** – half of the amount is forgivable over 5 years and the remainder is due only when you sell your property.*
- If your project costs exceed $10,000 and additional funding is available, the amount over $10,000 may be covered by an additional deferred, no-interest payment. We cannot guarantee the availability of this option.
- Using your home’s equity, you can cover the remaining cost of your repair on your own time, even 20 years later – with no interest and no money out of your pocket.
- Home equity builds naturally over time as the housing market grows, averaging 3.5% per year in the U.S. That means that a home worth $100,000 today will grow, on average, to a value of more than $140,000 in 10 years. With our deferred, no-interest payment**, you can use that growth in value to cover the cost of your repair when you eventually sell your house.
* For mobile home owners, Habitat covers the first $3,500 of a repair and the homeowner is responsible for the rest. We do not offer a deferred, no-interest payment for mobile homes.
** Our deferred, no-interest payment is made in the form of a lien. This is a financial tool that ties a debt (in this case, the cost of your repair) to collateral (your house). You do not need to pay a Habitat lien until you sell your home. You may pay off your lien at any time using a lump sum payment. We do not accept installment or monthly payments. Habitat’s goal is always to help you maintain homeownership.