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First-Time Homebuyers
Housing Choice Voucher |
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What is the Housing Choice
Voucher Homeownership Program?
The basic premise of the
Housing Choice Voucher Homeownership Program is to use the voucher
subsidy to help with mortgage expenses. |
Who Qualifies?
In
order to be eligible a family must meet the following criteria:
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The family must be a current
voucher program participant or eligible for admission to the
housing choice voucher program.
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The family must qualify as a
first-time homeowner and have no ownership interest in a
residential property.
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The annual income of the adult
family members who will own the home must be equal to or greater
than the Federal minimum hourly wage multiplied by 2000. In the
case of a disabled family the monthly federal SSI income
multiplied by 12.
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Welfare assistance may not be
counted in the minimum income requirement, except in the case of
elderly or disabled families.
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Except for elderly or disabled
families, one or more adult members of the family who will own
the home are currently employed on a full-time basis (not less
than an average of 30 hours per week), and have been
continuously employed for at least 1 year. NHA has discretion
to determine if employment interruption, successive employment,
or self-employment satisfies the employment requirement.
The family
must also satisfy any other initial eligibility requirements
established by NHA in the administrative plan. |
Pre-Assistance Counseling
Eligible families wishing to participate in this
program must attend and satisfactorily complete a pre-assistance
homeownership-counseling program provided by NHA or a designated
program in the NHA service area. |
Finding a Home
NHA will have two options available for families
wishing to find a home:
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Matching eligible Section 8 families
with local developers for new construction or;
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Family can assume the responsibility of
locating a home. |
The
family will have a 120-day time limit to locate a home to purchase,
and a 90-day time limit to secure the necessary financing and
purchase. If the family does not meet the time limits, their
homeownership voucher will convert to a rental voucher. |
Inspections
When a home is found there must be two inspections:
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NHA will be responsible for conducting
an initial HQS inspection. |
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The family will be responsible for
selecting and hiring an independent licensed inspector.
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The Texas Real Estate
Commissioner must license independent inspectors. The purpose of
the licensed professional inspection is to identify potential
problems. This inspection is designed to ensure that the condition
and life expectancy of major systems and appliances in the home are
known prior to purchase. |
Financing
It is anticipated that mortgage lenders will consider
the voucher assistance when underwriting the loan and the
underwriting standards of the individual lender and/or financing
program will apply. NHA will develop partnerships with lenders to
assist the family in obtaining financing, but may not require the
use of certain lenders. The participating family will ultimately
make the choice of the lender. |
Homeownership Assistance Payments
NHA may make the
monthly homeownership housing assistance payment directly to the
lender on behalf of the family or to the family. |
Family
Share
The homeowner is responsible for all homeowners�
expenses not covered by the HAP payment. For instance, if the
monthly homeownership expenses exceed the payment standard, the
family is responsible for paying the difference in addition to the
required family share. |
Continued Assistance
In order to receive continued HAP homeownership
payments, the family must continue to live in the home. The family
must comply with the terms of the mortgage in order to qualify for
continued assistance from NHA. |
Time
Limits
Except for elderly and disabled families, Section 8 homeownership
assistance may only be paid for a period of 10 � 15 years. There is
no time limit on homeownership for elderly and disabled families. |
Termination of Assistance
Reasons that NHA may deny or
terminate homeownership assistance:
The
NHA must terminate voucher homeownership assistance for the family
if the family is disposed from the home pursuant to a judgment or
order of foreclosure on any mortgage-securing debt
incurred
to purchase the home. |
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For More Information about the
First Time Homebuyer Program
Sharon Conner
Deputy Director
Nacogdoches Housing
Authority
Office (936) 569-1131 ext. 112
Fax: (936) 569-1172
nacogha-sc@yahoo.com
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