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Section 8 Homeownership Program

 

Longview Housing Authority ("LHA") permits eligible participants in the Section 8 housing choice voucher program, the option of purchasing a home with their Section 8 assistance rather than renting.  Families may receive Section 8 Home Ownership assistance for up to 15 years on a 20 year or longer mortgage and 1 0 years for mortgages less than 20 years.  In addition to the Section 8 Homeownership assistant, families may qualify for down-payment assistance from the Home$tart Program. For FSS families this is a 2:1 match for a maximum of $10,000 to be used for down-payment or closing costs on your home!

 

ELIGIBILITY REQUIREMENTS

Participation in the Section 8  Home­ownership Program is voluntary. Each participant must meet the following eligibility requirements;

 

1. Participate in the FSS Program

Homeowners are required to participate in LHA's Family Self­Sufficiency ("FSS") program or be former graduates of the program

 

2. First-time Homeowner

A "first-time homeowner" means that no member of the household has had an ownership interest in any residence during the three years preceding commencement of home ownership assistance.

However, a single parent or displaced homemaker who, while married, owned a home with a spouse (or resided in a home owned by a spouse) is considered a "first-time homeowner" .

 

3. Employment History

The home owner must be employed full­time (an average of 30 hours per week) and have been so continuously employed for one year prior to execution of the sales agreement..

4. Minimum Income Requirement

The family Income must be equal to or over the Federal minimum hourly wage multiplied by 2000 hours. ($10,300).

5. Section 8 Participant in Good Standing

Section 8 families must have participated in the Section 8 Housing Choice Voucher program for one year and not owe money to LHA or other HA.

6. Down Payment

At a minimum, the participant will be required to  provide three percent of the home purchase price as a down payment and at least one percent of the purchase price must come from the family's personal resources, (i.e. savings, IDA account or FSS Escrow).

For more information, please call Rena Mattison at 360-423-0140 extension 27

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