The TMHA Housing Choice Voucher (Section 8) Homeownership Option Program is open participant’s in the Housing Choice Voucher Program only.
In order to participate, a family must meet the requirements for continued participation in the Voucher Program such as lease compliance and family obligations.
Any family that is a first time homeowner or who has not had any ownership interest in a property in the previous three (3) years is eligible.
Participants are required to attend and complete a pre-purchase homeownership counseling program and be deemed mortgage-ready before a homeownership voucher will be issued.
The counseling program will cover many areas that homeowners will need to become familiar with before, during and after the purchase is complete including home maintenance, budgeting, credit counseling, negotiating the purchase price of a home and financing.
In order to qualify for the program, either the head of household or co-head of the household must be employed on a full-time basis. For the purpose of this program. full-time is considered to be working 30 hours per week and have been continuously employed for at least 12 months prior to the start of homeownership participation.
Annual income must meet or exceed the federal minimum hourly wage multiplied by 2,000 hours.
Public assistance cannot be counted in determining annual income, except those households where either the head of household or co-head of household are elderly or disabled or households that include a disabled person other than the head of household or co-head of household.
As of today, the Housing Choice Voucher Program has produced 10 successful participants that have realized a dream of becoming a homeowner.
For more information, please contact our Family Self Sufficiency Coordinator at (330) 369-7303.