Habitat Mid-Vancouver Island does not want to put a family into a situation they cannot afford. “Ability to pay” means that:
A family earns enough income to pay an interest-free mortgage, property taxes, insurance, utilities, strata fees, maintenance and all costs associated with home ownership.
You must have a job and show a three-year work history. The family’s total gross (pre-tax) annual income from all sources must fall between minimum and maximum amounts according to family size.
The monthly payment is based on 30% of the family’s total gross family income and covers the mortgage, property taxes, strata fees and insurance.
Sources of income considered are employment income, spousal and child support, child care supplements, child tax benefits, pensions and some forms of social assistance. Income is verified for all adults intending to live in the home.
The family’s income is reviewed annually and the monthly mortgage payments are determined for the following year.