Â· Housing Authority issuing the homeownership voucher must have a Section 8 Voucher homeownership program.
Â· Borrower must have rented through section 8 program for a minimum of 1 year
Â· Borrower must be credit ready and complete pre-purchase counseling according to Housing Authority guidelines.
Â· Must be a first-time home buyer (have not owned a home in the last 3 years).
Â· Minimum income requirements must be met.
Â· One or more family members must be employed full-time (30 hours a week) and must have been employed for one year (exception made for elderly or disabled).
Â· Post-purchase counseling is required.
Purchase Price Limitations
Mortgage Revenue Bond (MRB) and Secondary Market Programs
New and Existing Homesâ€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦$243,000
MRB or Secondary Market first mortgages utilizing HOME DAP
Existing Homes ONLYâ€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦.$195,700