What is the Housing Choice Voucher Homeownership Option (HCVHO) Program? Quoting the H.U.D. federal Regulations, “The homeownership option is used to assist a family residing in a home purchased and owned by one or more members of the family.”
That simply means…HCV (Section 8) will make housing assistance payments towards a mortgage instead of rent!
As you continue reading, you will see that every current Housing Choice Rental voucher Participant will not qualify for this program.
However, every current Housing Choice Rental Voucher Participant can work towards qualifying for this program.
Federal Regulations require:
a. Budgeting and money management
b. Credit counseling where needed
c. How to find a home
d. Fair housing issues
e. Deconcentration issues
f. How to negotiate the purchase price of a home
g. Real estate settlement procedures
h. Mortgage financing options and types, including how
to identify loans with oppressive terms and conditions
i. Home maintenance (including grounds maintenance)
Federal Regulations requirements:
HUD Federal Regulations give full reign to the PHA to set these time limits, so LMHA gives an initial 180 days (6 months) to locate a home, with an additional 60 day extension given in two 30 day increments, to be granted upon request with documentation of the family’s search.
LMHA will send the Housing Assistance Payment directly to the participant. The family must pay the remaining portion according to the terms of the mortgage.
Notification of open applications are mailed out three times per year (April, August, December). Classes are held in January, May, and September. Start saving now and become part of our growing number of happy home owners who, with the help of LMHA, share in part of the “American Dream”.