HCV to Homeownership
LCHA DOES NOT CURRENTLY OFFER THE HCV TO HOMEOWNERSHIP PROGRAM
The Housing Choice Voucher (HCV) to Homeownership program allows current voucher holders to apply their monthly voucher subsidy to a mortgage rather than rent.
Participants pay their portion of the monthly housing payment (mortgage PITI: Principal + Interest + Taxes + Insurances ), with the voucher covering the remainder.
Monthly payments must not exceed the PHA's Payment Standards.
HCV to Homeownership is a limited term program.
Depending on the participant's mortgage term, the HCV to Homeownership voucher assistance will terminate at either 10 or 15 years.
- 10 Year Mortgage: 10 years of assistance.
- 15 Year Mortgage: 10 years of assistance.
- 20 Year Mortgage: 15 years of assistance.
- 30 Year Mortgage: 15 years of assistance.
The term limits do not apply to elderly or disabled families.
HUD has mandated certain rules for participants, but allows Public Housing Authorities to add their own customized requirements for their voucher holders.
Most PHA's add the following requirements:
- Residency in the jurisdiction for a established period of time.
- A minimum required credit score.
- A minimum required income.
- A minimum dollar amount in savings.
- For the participants to independantly qualify for a mortgage.
- For the participants to independantly locate their home.
- Click HERE for Standard Family Requirements
Click here for HUD's list of Public Housing Authorities that offer the HCV to Homeownership Program
Interested in PrePurchase Counseling?
Contact LCHA's Housing Counseling Department at
847-223-1170 x 2404
LCHA is HUD Approved Housing Counseling Agency # 80113
