TMHA Seeking Homeownership Candidates

Are you interested in purchasing a home instead of renting?

If the answer is YES, then the Section 8 Homeownership Voucher Program just may be able to assist you with a home purchase.

Homeownership assistance offers a new option for qualified newly admitted families and participants in the Section 8 tenant-based Housing Choice Voucher Program. The Homeownership Voucher will work very much like the Section 8 Rental Voucher where the housing authority assists the eligible client with their housing costs. However, instead of TMHA’s assistance payment going to a landlord, it will go directly to a lender to assist a client in paying on their own home mortgage.

Eligibility for the Homeownership Program is much the same as the Rental Assistance Program with some notable exceptions. What follows is a list of some eligibility guidelines for the Homeownership Program.

Participant Eligibility

• The family must be in good standing in meeting the Section 8 Program and Family Obligations.
• At least one adult family member who will own the home must have been consistently employed full-time for one year prior to receiving homeownership assistance.
• The family must earn more than the annual gross income requirement of $10,300 per year.
• Elderly and disabled families do not have to meet the work requirement, however, they must have an annual income equal to the monthly Federal Supplemental Security Income (SSI) benefit for a single person, multiplied by 12.
• Family must be willing to complete both pre-assistance and post assistance mandatory training and counseling sessions. At minimum training will include, budgeting/money management, credit counseling, price negotiation, home financing, home inspections, locating a home and settlement procedures.
• Family must be required to put at least three (3) percent of the purchase price down on the property with at least one (1) percent coming from the family’s own 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 the result of participation in a credit counseling program.

For more information contact Marty at the TMHA office at (330) 308-8099.