Homeownership Training Program Coming Soon

The first homebuyer training class to be held in conjunction with the Section 8 Homeownership Voucher Program is planned to be held in early November. At the publishing of this month's FSS Newsletter, an exact date has yet to be chosen.

For anyone who is interested in buying a home utilizing their housing voucher, contact Marty Chumney at the TMHA office as soon as possible at (330) 308-8099 if you have not already done so. He will then notify you directly as to when the training will begin.

All participants who hope to buy a home utilizing a Homeownership Voucher, are required to complete this mandatory training before they can move forward with the home buying process. 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.

Families in this program 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 downpayment 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.

The 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.

Important: 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. The first set of homeownership classes are tentatively scheduled to begin in November.