The Housing Choice Voucher (HCV) homeownership program allows families that are assisted under the HCV program to use their vouchers to buy a home and receive monthly assistance in meeting homeownership expenses. To become a homeowner, you must have a current housing choice voucher participant in goof standing, maintain employment for 32 hours a week for a minimum of a one-year, minimum income of $14,700, and for disabled families, you must have a monthly federal supplemental security income of $9,252, the family has a down payment of $1,00 of their own savings and a credit score of 640+ Is required.

The HCV homeownership program is available only to families that have been admitted to the HCV program. To participate in the HCV homeownership program, the HCV family must meet specific income and employment requirements (the employment requirement does not apply to elderly and disabled families), be a first-time homeowner as defined in the regulation, attend and satisfactorily complete the pre-assistance homeownership and housing counseling program required by the PHA, and meet any additional eligibility requirements set by the PHA.

Steps to take

• Meet with your HCV Occupancy Specialist and a FSS Specialist
• Attend credit and budget classes to establish, repair, or maintain a minimum credit score of 640
  *Some home buying programs may work with a lower score*
• Attend and obtain a certification by the First Time Home Buyer guidelines for most mortgages (can provide the buyer with down payment assistance)
• Research and apply for best fit mortgage provider (bank, credit union)

Notify Provider Of HCV Participation

• After loan is approved the mortgage provider will provide a Good Faith Estimate to the HCV Occupancy Specialist for a tentative Mortgage Assistance Calculation
• Locate a realtor to coordinate showings and open house options

For more Information Contact:
Mr. Elias Soria
815-489-8579
esoria@rockfordha.org