Housing Choice Voucher Home Ownership Program
The Housing Choice Voucher Home Ownership Program is open to current Section 8 participants. The voucher can be used toward the purchase of a home. The home can be new construction or existing. The housing authority must approve the loan agreement and no balloon payments are allowed. A 3% down is required and 1% must be from the applicants resources. The terms of the assistance is 15 years on a 20 year or longer mortgage and 10 years in all other cases, with the exception of an elderly or disabled family. Applicants must be a first time homebuyer, and meet the minimum income requirements.