- Homeownership Opportunity
- Statewide
Summary
The Housing Choice Voucher Homeownership Program is a locally managed program by a Public Housing Agency (PHA) in Maryland, which helps low-income families, elderly, and disabled persons afford decent, safe housing in the private market by subsidizing their rent with federal funds. The program offers vouchers to families admitted to the Housing Choice Voucher Program, allowing them to purchase their own home and receive monthly assistance to meet homeownership expenses. To participate in the program, families must have a Housing Choice Voucher Rental History, be a current participant of the Housing Choice Voucher Program in good standing, and be a first-time homebuyer who has not owned a home in the past three years [2][5].
Eligibility Requirements
- The applicant(s) must be a current recipient of Housing Choice Voucher rental assistance.
The applicant(s) must meet income eligibility requirements established by the Housing and Urban Development (HUD) income limits for the area. - The applicant(s) must be employed full-time for at least one year or have a documented disability that prohibits employment.
- The applicant(s) must have a good credit history and meet the lender's credit requirements.
- The applicant(s) must complete a homeownership education program offered by a HUD-approved housing counseling agency.
- The property must be located in a designated target area and meet certain property standards.
The applicant(s) must contribute a minimum of 3% towards the purchase of the home. - The applicant(s) must receive housing counseling from a HUD-approved housing counseling agency to prepare for homeownership responsibilities.
- It is important to note that the program may have additional requirements and eligibility criteria that must be met.
Contact Information
US Department of Housing and Urban Development
451 7th Street, S.W.
Washington, DC 20410
Phone:202-708-1112