Housing Choice Voucher Homeownership Program
The Housing Choice Voucher Homeownership program enables eligible individuals and families who are receiving rental assistance through the Housing Choice Voucher Program to use their vouchers to purchase a home in DeKalb County. To qualify for participation in the Housing Choice Homeownership Program, an individual must meet the following qualifications:
The family must be a current Housing Choice Voucher participant (not a portable), be enrolled in the Family Self-Sufficiency (FSS) Program for at least one year and have an annual income of at least $18,500 with a positive escrow account or be a Housing Choice Voucher participant in good standing for at least one year prior to commencement in the program and have an annual income of at least $25,000.
Eligible individuals must be employed full-time for at least two years before homeownership assistance begins (excluding elderly or disabled families).
The family must not have owned or had an ownership interest in a home in the past three years and not defaulted on a mortgage securing debt to purchase a home under the Housing Choice Voucher Homeownership option.
The family must meet the required HADC credit score of 620 and above (580 and above with mitigating circumstances). Other exceptions to the credit score may be considered depending on the lending institution, interest rate, and loan terms.
The individual should also be in full compliance with his/her present lease agreement, meet the required HADC credit scores and be able to secure financing within the allocated time period.
In addition to the above requirements, the individual must participate in homeownership counseling programs that cover HADC approved topics.
Except in the case of a family that qualifies as elderly or disabled, members shall not receive homeownership assistance for more than fifteen years if the initial mortgage incurred to finance purchase of the home has a term of 20 years or longer; or ten years, in all other cases.
To schedule a Housing Choice Voucher homeownership assessment you will need to complete the following forms and bring the following information to your appointment:
- Completed Program Eligibility and Interest Assessment Application
- Completed Credit Authorization
- Completed Authorization and Acknowledgement Form
- Completed Disclosure Form
- Completed Consent of Client Form
- Verification of Income on ALL members of your household who are 18 years or older (i.e one month's check stubs or statements from employer, pension administrator, Social Security Administration, W-2 statement from 2004, Federal Income Tax Return Form 1040 and most recent bank statements, please include ALL pages)
- Monthly statements from creditors (i.e. credit card accounts, car loans, furniture loans and other revolving and/or installment accounts)
DEKALB FIRST TIME HOMEBUYERS PROGRAM
The DeKalb First Time Homebuyers Program provides $5,000 to $8,000 in assistance with down payment, pre-paids and closing costs to eligible first time homebuyers who purchase a home in DeKalb County.
First-time homebuyers that have not owned a home during the last three years are eligible for the program. Displaced homemakers and single parents may also qualify.
Successful applicants must meet maximum income guidelines, be credit-worthy, participate in homeownership pre-purchase counseling, and plan to purchase a single-family home anywhere in DeKalb County outside the city limits of Atlanta.
For more information on this program, click here |
