HCV Chapter 14 Homeownership Program

Chapter 14 Homeownership Program

  1. Housing Choice Voucher Rules Apply
  2. Eligibility Requirements for Families
    1. General Requirements
    2. Employment Obligations
  3. Application Process
    1. Application Form
    2. Application Attachments
    3. Application Review
  4. Determining “Mortgage Ready” Applicants
    1. Incomplete Applications
    2. Homeownership Counseling
  5. Certificate of Eligibility
    1. Changes in Family Size or Composition
    2. Changes in the Payment Standards
  6. Eligible Units
  7. Family Search and Offer to Purchase
  8. Contract of Sale
  9. Home Inspections
    1. Independent Home Inspection
    2. Housing Quality Standards (HQS) Inspection
  10. Financing and Affordability of Purchase
    1. Down Payment Requirement
    2. Lending Partners
    3. Underwriting Options
      1. Option One: Deduct HAP from Principal, Interest, Taxes, & Insurance (PITI)
      2. Option Two: Add HAP to Borrower’s Income
      3. Option Three: Two Mortgage Approach
    4. Loan Restrictions
  11. Continued Assistance: Family Obligations
    1. Continuous Reporting Requirements
    2. Continuous Employment Obligations
    3. Mitigating Circumstances
    4. Guests and Changes in Family Composition
  12. Maximum Term of Homeownership Assistance
  13. Housing Assistance Payment (HAP)
  14. Payment Standard/Subsidy Standard
  15. Portability
  16. Move with Continued Tenant-Based Assistance
  17. Termination of Homeownership Assistance
    1. Failure to Comply with Homeowner Obligations
    2. Occupancy of Home
    3. Changes in Income Eligibility
    4. Refusal to Meet Continuous Work Requirement
    5. Family Requests a Return to Rental Assistance
  18. Mortgage Default