Instead of assisting the family with rental subsidy, the Housing Authority will assist the family with monthly homeownership expenses.
The Section 8 Homeownership Program can combine other layers of funding such as WISH & other 1st time homebuyer programs to make homeownership affordable.
The family has been a Section 8 participant from IVHA for at least one-year and must be in good standing.
The family is considered a first-time homebuyer.
The family must be income eligible.
At least one family member who will own the home must be working full-time for at least two years. Elderly/Disabled families are exempt from this requirement
The family must have a decent credit history.
The family has not defaulted on a mortgage securing debt to purchase a home under the Section 8 Homeownership Option.
Family does not owe any money to PHA; no family caused HQS violations within the past year; family has not committed any serious or repeated violations of a PHA-assisted lease within the past year.
Get pre-qualified with the Section 8 Homeownership Coordinator.
Attend a HUD-certified homebuyer class.
Go to a lender and get pre-approved for a mortgage loan with a fixed rate. The Housing Authority does not provide financing.
Shop for and find an “eligible unit”.
After you’ve found a home within your price range, signed a purchase & sales agreement, meet IVHA finance requirements, pass inspection by PHA and independent inspector, then you can close on your home.