New Habitat project launched in Bellaire

ANOTHER LOCAL family will soon have a new place to call home, with work beginning on Monday for the 10th house being built by Habitat for Humanity of Belmont County.

After interviewing four families, the non-profit group selected Benjamin, Debbie and Chad Turvey to be the new owners of the home, currently being built at 4234 Franklin St., Bellaire.

The site of the new home was once the location of a duplex that burnt down more than a year ago. From what was the ashes of the destroyed house now become a brand new ,1,100 to 1,200 square feet, three-bedroom dwelling.

As part of the Habitat home ownership program, those receiving the new house will have to do their share in order to call it home.

Families who are selected to get a house must complete 500 hours of "sweat equity," volunteering for Habitat, either assisting with the construction of the house, or another Habitat project or even doing other types of work like helping prepare and serving lunches for the other volunteers.

Individuals who get selected for a house must complete 250 hours of sweat equity.

And while Habitat for Humanity helps those in need of a home, the houses are not free.

According to Habitat for Humanity President Jerry Paolucci, those getting the house have two mortgages on the homes as well as having to pay a $500 down payment.

The first mortgage is for 15 years and helps to pay off the cost of the home and the taxes on the property and helps get funds to start building the next house.

The second mortgage works a little different. Because the owners of the new home are required to keep the house for ten years, the second mortgage is used to protect Habitat's investment.

Each year, $2,000 of the $20,000 second mortgage is forgiven. After ten years, that entire second mortgage is officially paid-off with the owner never having to pay for it.

The dedication of the house is scheduled for June 5.

Plans are also underway for the construction of Habitat's 11th house. Recently, Belmont County Habitat purchased a property in Martins Ferry for that project.

Currently, volunteers, both skilled and unskilled, are desperately needed for Habitat. The working hours are Monday and Friday, 8 a.m. to 4:30 p.m., and 8 a.m. to 8:30 p.m. Tuesday through Thursday. Interested individuals should contact volunteer coordinator Cathy Ann Weubben at (304) 312-2057 for more information.

Habitat for Humanity of Belmont County Inc. is also seeking volunteers to begin a Church Build program, where individuals from various churches in Belmont County will work together to build a decent, affordable home for a family in need.

Several local churches have already designated funds and manpower to this project. Churches that are interested are asked to send a representative to a meeting of the Church Build Steering Committee Monday, May 23, at 7 p.m. at First United Methodist Church, 300 DeKalb St., Bridgeport.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.