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Housing Choice Voucher Homeownership Program
The Housing Choice Voucher Homeownership Program is
designed to assist families in achieving the dream of homeownership while
having the security of the Housing Choice Voucher program. Through this program
the monthly Housing Assistance Payment would be applied to a portion of the
Monthly Homeownership expenses. The Housing Authority guides clients from
pre-qualification, home shopping, loan approval to the closing on your home and
post purchase!
Housing Choice Voucher Homeownership Program is
essentially the same as the current Housing Choice Voucher Program with the
exception that the family is the owner of the property. That exception allows
families the opportunity to benefit from equity in the home, tax deductions and
the pride involved in owning a home in Coventry.
The rules and regulations of the Section 8 Program still
apply in addition to other guidelines especially geared towards homeownership.
This an amazing opportunity for families to over-come
hurdles and make the dream of homeownership a reality.
Eligibility
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Must be a Section 8 tenant in good standing and owe no funds to the Housing
Authority or landlords.
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Must be active in the Section 8 Program for one year
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First-time home buyer. No member of the household could have owned an interest
in a home within the past three years.
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Must have an annual income of at least $10,300, not including welfare (welfare
may be counted towards the minimum income limit for disabled & elderly
families).
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Head of household must be employed full time continuously during the prior year
(exception for disabled & elderly families).
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Complete Homebuyers Educations Course from a Housing Counseling Agency or other
accredited course.
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Family must be mortgage ready customers.
For more information about this program contact:
equinlan@coventryhousing.org
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