Housing Choice Voucher Homeownership Option
Housing Choice Voucher holders [link] may qualify to apply their monthly housing assistance payment towards a mortgage payment instead of rent.
How It Works:
- Voucher recipients in good standing complete our homeownership coaching program.
- When you are mortgage-ready, you seek mortgage financing at the lender of your choice.
- Once you are pre-approved for a loan, you shop for a home, either on your own or with the help of a realtor.
- When you’ve found what you’re looking for, Housing Works performs a required Housing Quality Inspection (HQS) on your prospective residence.
- You sign closing documents and move into your new home. Your monthly Housing Choice Voucher Homeownership payment is applied to a portion of your mortgage.
Are You Eligible?
- You must be a Housing Choice Voucher participant in good standing: passing all inspections (HQS); in full compliance with your lease; no history of previous mortgage default; current on all payments to your landlord and/or Housing Works
- Maintain full-time employment (average 30 hours/week) for one year prior to receiving Housing Choice Voucher Homeownership assistance (Elderly and disabled applicants are exempt from this requirement)
- First-time homebuyers only (no ownership interest in the past three years) or a single parent or displaced homemaker who owned a home with his or her spouse
Contact the Family Self Sufficiency Program to find out more.