Home Ownership
Many people consider homeownership "the American dream." DHA assists residents in making that dream come true.
The Housing Choice Voucher (HCV) Homeownership program allows first-time homebuyers to use voucher assistance toward the purchase of a home.
Qualifications:
Current voucher program participants or those eligible to participate in the HCV program
- Those able to secure a mortgage loan based on income, credit and debt
- First-time homebuyers (no member of the household has had ownership in a principal residence in the past three years)
- Residents with one adult family member who has an income equal to or greater than the federal minimum wage multiplied by 2000 hours and who has been employed on a full-time basis and
continuously for at least one year
- Disabled families whose annual income is equal to the minimum monthly Federal Supplemental Security Income (SSI) X 12 (welfare assistance no included for eligibility) and
- Those who have not previously defaulted on a mortgage while participating in the program and who can satisfy other initial eligibility requirements*
(*other restrictions may apply)
First-time homebuyer support
DHA requires that participants complete a first-time homebuyers training course that addresses helpful topics such as financing, property taxes and insurance, the role of the title company and
homeowner responsibilities.
Locating a new home
The family is responsible for finding a new home. The family is also responsible for hiring an independent professional inspector to inspect the property. DHA will conduct an initial Housing
Quality Standard (HQS) inspection to determine if the property is decent, safe and sanitary.
Financing and down payment
The participating family is ultimately responsible for securing financing. However, DHA has developed relationships with lenders to assist families in obtaining financing. Families may use these
lenders' services if they desire. Families are responsible for a minimum of 1 percent of the homeís sale price as the down payment.
Length of program participation
HCV homeownership may be paid for a maximum of 10 years. There is no time limit on assistance for senior or disabled families.
To get more information, call 214-640-6822 or email ehead@dhadal.com
