Home Ownership Opportunities
The HCV Homeownership program was created by the U.S. Department of Housing and Urban Development (HUD) to help qualified participants on the HCV Program to become homeowners. The family's participation in the program is completely voluntary. The ultimate goal is to provide opportunities for families to become first time homebuyers and remain stable homeowners in their community.
Qualifications for Program Eligibility
- The family must be a current HCV Participant with IHA and must be in good standing.
- The family must be a first time homebuyer.
- The family must meet the minimum income requirement of $15,000 to ensure the families will have sufficient income to pay homeownership and other family expenses not covered by the subsidy. Elderly Heads of Household and Disabled Heads of Household income will be reviewed on an individual basis.
- "Full-time employment" must be continuous for at least one year prior to application.
- Welfare assistance may be used for elderly and disabled families only.
Click here to download the Homeownership Application
Minimum Down Payment
HUD requires a minimum down payment requirement of 3% or more of the purchase price with at least 1% of the purchase price coming from the family's own personal resources. To meet this requirement, IHA requires a minimum $3,000 savings. Participants in the Family Self Sufficiency Program (FSS) with an escrow balance that meets or exceeds the minimum savings requirement shall receive a priority for participation in the Homeownership Program.
- The units must be under construction or already existing.
- The unit must be either a single family home, or a single dwelling unit in a condominium or cooperative.
- The home must be inspected and passed by a HCV Program inspector. In addition, an independent inspector, designated by the family, must inspect the unit and the unit must satisfy the General Home Inspection (GHI) criteria, and satisfy all Point of Sale (POS) inspections.
- The seller of the home must not be a person or entity debarred, suspended, or subject to a limited denial of participation.
IHA properties that offer home ownership opportunities include:
- The family must complete First Time Home Buyers counseling sessions.
- The family must comply with the mortgage terms.
- The family must notify IHA of any changes, such as: selling the home, refinancing the home, change in income and family composition, or any other circumstances that would affect the family's ability to maintain the home.
Maximum Term of Assistance
The maximum terms of assistance are as follows:
- 15 years for mortgages of 20 years or more
- The HCV Homeownership Program was created by HUD to help qualified participants of the HCV Program to become homeowners. The family's participation in the program is completely voluntary. The ultimate goal is to provide opportunities for families to become first-time homebuyers and remain stable homeowners in their community.
Termination of Assistance
Termination of assistance may occur because of mortgage default, failure to comply with family obligations and any other program violations.
For more information, please contact HCV Homeownership Program Manager at 317-261-7285.