Housing Choice Voucher

Homeownership Program

Thinking About Homeownership?

Are You Able to Save Money?

Do You Want to Reduce Your Debt and Build Your Credit?

Ready to Purchase Your First Home?

Are you currently leased with the Housing Choice Voucher Program (Section 8)?

If you answered yes to any of these questions, give us a call.

What is the Homeownership Program?

The Homeownership Program allows families or individuals that are currently leased with the Housing Choice Voucher Program to change their rental assistance voucher (Section 8 assistance) into a mortgage assistance voucher. Yes that is correct; you can use your rental voucher to pay toward the mortgage of your first home.

The family or individual participates in case management services, attends a Homeownership Education Course, repairs their credit, improves credit score, budgets and saves money. After the completion of the above, and when they are ready, they apply for a home loan. Upon pre-approval for a home loan, the house hunting begins.

What are the Program Qualifications?

 (Note: At this time we are unable to provide the Homeownership Program to our Public Housing Residents or the general public, but we are working on changing that)

• Be a current participant in Fairfield Metropolitan Housing Authority’s Housing Choice Voucher (Section 8) Program.
• Be consistently employed full time for a year before the Mortgage Assistance begins.
• Meet the gross annual income eligibility requirement.
• Be a first time homebuyer (no family member has owned a home in the last 3 years).
• Have the ability to save money and repair your credit.

How to Apply for the Homeownership Program?

Applying is easy. Participants of the Housing Choice Voucher Program, must request a pre-application for the Homeownership Program, fill it out and return it.

What happens after I apply?

Once the pre-application is returned to FMHA, your name will be placed on the Homeownership Waiting List. The waiting list moves quickly, but is determined by the amount of current Homeownership participants, as this program is intensive case management.

When your name is pulled from the waiting list, we will send you an application for the program. You will need to return the application and set up your case management.

What are the Program Requirements?

• Must complete case management. This includes monthly contact and quarterly home visits.
• Complete Homebuyer Education Course (Offered by the Housing Authority)
• Save at least 3% of the purchase price of the home for which you would like to purchase. (example: A house for $80,000 would require you to save $2400)
• Must work on repairing your credit and building credit.
• Must be able to secure a conventional home loan.
• Remain in good standing with the Housing Choice Voucher Program.

Contact us today!

To Begin

To begin the process, use the Contact Us link to get in touch with our Homeownership Coordinator.

Your dream of owning a home could be a reality. Contact us today!