Frequently Asked Questions

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).

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.

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 .

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.

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.

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.

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.

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

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.

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.