TMHA Launches Homeownership Voucher Program

Have you ever wanted to own your own home instead of paying rent? If the answer is yes, then the Homeownership Voucher Program may be for you.

The Homeownership Voucher Program is a new program that the housing authority has just implemented and will be operating soon. The program operates much like the rental voucher program except the Housing Assistance Payment (HAP) that TMHA makes on behalf of the family will go toward paying a clients mortgage payment instead of a rental assistance payment.

The program will have some different eligibility criteria to participate which includes the following:

At least one adult family member who will own the home must have been continuously employed for a minimum of one full year working at least 30 hours per week. (Note: A disabled family does not have to meet the work criteria)

The annual family income must be at least equal to the Federal Minimum hourly wage times 2000 hours. However, the family annual income must be sufficient to secure financing for a selected property (generally over $15,000 per year).

Family must be willing and able to complete the pre-assistance and post assistance mandatory training and counseling sessions. At minimum the training will include: Home Maintenance, Budgeting / Money Management, Credit Counseling, Price Negotiation, Home Financing, Home Inspections, Locating a Home, Settlement Procedures and Federal truth-In-Lending Laws.

Family must be able to put at least three (3) percent of the purchase price down on the property with at least one (1) percent coming from their own personal resources. For example, if the home sells for $75,000 the total down payment must be at least $2,250 with at least $750 from the family's personal resources. FSS escrow account funds will count as family resources upon qualifying to receive them.

Family must have the potential to obtain financing, either through its own means or as a result of participating in a credit counseling program and must be able to obtain such financing within the designated period of time.

At the time of purchase, the condition of the home must be in compliance with the HUD Housing Quality Standards.

The family must currently be in good standing in meeting the Section 8 program and family obligations including but not limited to payments of rent and other charges, reporting all pertinent income and not being involved in drug-related or violent criminal activity.

These are just some of the more noteworthy program guidelines.

If you are interested in pursuing home ownership, the first step is to contact Marty at the TMHA office as soon as possible to let him know of your interest. As soon as enough interested families can be identified, the first set of homeownership classes will be scheduled.