Question 1

What are the minimum income requirements to participate in the HCV Homeownership Program?

Accepted Answer

For non-disabled families, the adult family members must collectively meet a minimum annual income requirement that is not less than the Federal minimum hourly wage ($7.25) multiplied by 2,000 hours ($14,500). For disabled families, the annual income must be at least the monthly Federal Supplemental Security Income (SSI) benefit for an individual living alone ($841) multiplied by 12 ($10,092).

Question 2

Is the Housing Choice Voucher (HCV) transferable for homeownership?

Accepted Answer

Yes, HCV homeownership participants can purchase an eligible unit anywhere within the PHA's jurisdiction. In certain instances, families may transfer to another PHA operating an HCV Homeownership Program if that PHA is accepting new participants.

Question 3

What types of financing options are available under the HCV Homeownership Program?

Accepted Answer

Various financing models are available, including:
 • Single Mortgage Model (HAP as Income): The Housing Assistance Payment (HAP) is considered an additional source of income.
 • Two Mortgage Model: A primary mortgage combined with a secondary mortgage.
 • Down Payment Assistance: When authorized, PHAs can provide a single down payment assistance grant to eligible participants .

Question 4

How long can disabled families receive homeownership assistance?

Accepted Answer

There is no specific term limit for disabled families under the HCV Homeownership Program. The program provides assistance as long as the family remains eligible and compliant with program requirements.

Question 5

What should participants do if they have credit challenges?

Accepted Answer

HPP CARES and HUD-certified housing counselors will work with participants to improve their credit over a 3, 6, 9, or 12-month period. By following a structured plan and receiving dedicated counseling, participants can improve their credit and become eligible for homeownership.

Question 6

What are the employment requirements to qualify for the program?

Accepted Answer

At least one adult family member who will own the home must be currently employed full-time (at least 30 hours per week) and have been continuously employed for at least one year. This requirement does not apply to elderly or disabled families.

Question 7

Can PHAs establish higher minimum income requirements than HUD's standard?

Accepted Answer

Yes, PHAs can set higher minimum income requirements based on local housing costs or lender practices. However, families meeting the HUD minimum but not the local minimum can still qualify if they are pre-approved for financing that meets PHA requirements.

Question 8

What is required for the home purchase process?

Accepted Answer

The home purchase process involves:
 • Finding an eligible home.
 • Securing financing.
 • Submitting a contract of sale that includes provisions for pre-purchase inspection and the seller's certification.
 • Completing the purchase and beginning homeownership assistance payments

Question 9

Are there any restrictions on the types of loans participants can use?

Accepted Answer

Yes, the PHA may adopt policies regarding lender qualifications and the terms of financing. For example, PHAs may disallow balloon mortgages, adjustable-rate mortgages, or any loan with restrictive provisions like high prepayment penalties.

Question 10

What ongoing support is available after purchasing a home?

Accepted Answer

Post-purchase counseling is available, including sessions on handling interest and taxes on Federal tax forms, common home repairs, and avoiding post-purchase predatory lending practices. PHAs also conduct regular reexaminations and property inspections to ensure continued program compliance.

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