FAMILY SELF-SUFFICIENCY HOUSING CHOICE VOUCHER HOMEOWNERSHIP PROGRAM
This program allows first time homeowners that receive Section 8 assistance the option to use their Housing Choice Voucher to purchase rather than rent a home. The voucher will assist with monthly homeownership expenses instead of the rental payment. Homes must pass both an initial housing quality standards inspection and an independent home inspection prior to approval to purchase.
The program works similar to your current rental situation. The Section 8 monthly mortgage assistance payment will equal the lower of (1) the Section 8 voucher payment standard minus the Total Tenant Payment (TTP) (the greater of 30% of monthly adjusted gross income or 10% of monthly income); or (2) the monthly homeownership expenses minus the TTP.
- Be enrolled in JHA’s Family Self-Sufficiency Program
- Be employed for no less than 1 year
- Have earned income at a minimum of $14,500 annually
- Be a first time homebuyer
- Have a minimum down payment of purchase price
- Attend and complete the Homebuyer Education Class
- Attend and complete Financial Fitness Class
- Mortgage principal and interest
- Mortgage insurance premium
- Real estate taxes and homeowner insurance
- PHA allowance for utilities
- PHA allowance for routine maintenance cost
- PHA allowance for major repairs and replacements
- PHA allowance to make home accessible for a family member with disabilities
For more information call 731-422-1671 x 130
REALIZING THE AMERCIAN DREAM!