Housing Choice Voucher Homeownership Program

An eligible homeownership family must have completed an initial lease term in the PHA’s HVC Program, be an FSS participant in good standing, and must be a first time homebuyer (may not have owned title to a principal home in the last three (3) years). At a minimum, the head of household or spouse must earn (gross monthly income) at least two times the Section 8 payment standard for the appropriate bedroom size.

The head of household or spouse must be currently employed on a full time basis for at least one (1) year or more; must be credit worthy, and the income-to-debt ratio may not exceed 40% of gross income.

The minimum income requirements must come from sources other than public assistance.

Down Payment Requirement:

The PHA has established that the minimum down payment for the purchase of a home will be $1,500 or 3% of the purchase price, whichever is greater. (At least 1% of purchase price must come from family’s own resources.)

FSS Families must use at least 60% of their escrow balance toward down payment. Extenuating circumstances regarding the use of escrow will be addressed on a case by case basis.