Homeownership

The Homeownership program is designed to assist families participating in the Section 8 Housing Choice Voucher program purchase a home to be occupied by one or more members of the family.  Eligible participants must be first time home buyers who have total qualified annual income of the adult family members at or above the Federal minimum hourly wage multiplied by 2000 hours.  For disabled families, the qualified annual income of the adult family members who will own the home must not be less than the monthly Federal Supplemental Security Income benefit multiplied by 12.  Except in the case of an elderly or disabled family, welfare assistance is not counted in determining the minimum income requirement.

Additional requirements of the program require that the family be a current participant on the Housing Choice Voucher Program and at least one family member must own the home and have been continuously employed for at least one year prior to homeownership.  The family is also required to complete a pre-assistance homeownership and housing counseling program.

The family will be required to have a minimum cash down payment of 3% of the purchase price and be able to pay for all closing costs.  These initial expenses are paid from the owner’s own resources.

Except in the case of elderly or disabled families, the maximum term for homeownership assistance is 15 years if the initial mortgage is 20 years or longer, or 10 years in all other cases.

The homeownership assistance may only be paid while the family continues to reside in the home and the family may not be convey or transfer ownership of the home, except for purposes of financing, refinancing or pending settlement of the estate of a deceased family member.

For more information about the HUD Section 8 Homeownership program, please visit the HUD Homeownership Vouchers website or contact the WHHA Section 8 Manager.