Homeownership Program
Your dream of owning a home could be a reality!
Read below for program details:
What is the Homeownership Program?
The Homeownership Program allows families or individuals that are currently leased with the Section 8 Program to change their rental Section 8 assistance into a mortgage assistance voucher. With this program 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 Requirements?
(Note: At this time we are unable to provide the Homeownership Program to our Public Housing Residents or the general public)
- Be a current participant in Fairfield Metropolitan Housing Authority’s Section 8 Program.
- Be a participant on the Family Self Sufficiency 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.
- 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 be able to secure a mortgage
- Remain in good standing with the Housing Choice Voucher Program.
How to Apply for the Homeownership Program?
First, you must be a participant of the Housing Choice Voucher and the Family Self Sufficiency program. If you answer yes to both, you will need to complete pre-application to be placed on the waiting list for the Homeownership program.
What happens after I apply?
Once the pre-application is returned to FMHA, your name will be placed on the Homeownership Waiting List. 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.
Questions about the program contact:
Jacelyn Carle: 740.653.6618 extension 40
Email: jcarle@fairfieldmha.org