An eligible homeownership family must have completed an initial lease term in the PHA’s HVC Program, be an FSS participant in good standing, and must be a first time homebuyer (may not have owned title to a principal home in the last three (3) years). At a minimum, the head of household or spouse must earn (gross monthly income) at least two times the Section 8 payment standard for the appropriate bedroom size.
The head of household or spouse must be currently employed on a full time basis for at least one (1) year or more; must be credit worthy, and the income-to-debt ratio may not exceed 40% of gross income.
The minimum income requirements must come from sources other than public assistance.
Down Payment Requirement:
The PHA has established that the minimum down payment for the purchase of a home will be $1,500 or 3% of the purchase price, whichever is greater. (At least 1% of purchase price must come from family’s own resources.)
FSS Families must use at least 60% of their escrow balance toward down payment. Extenuating circumstances regarding the use of escrow will be addressed on a case by case basis.