The Homeownership Program
THIS PROGRAM IS ONLY FOR CURRENT HOUSING CHOICE VOUCHER PARTICIPANTS
Lake MHA is accepting applications for the home ownership program.
Although largely a rental assistance program, Lake MHA also administers a homeownership program. This program allows qualified families who are current participants in the HCV Program an opportunity to purchase a house with Lake MHA subsidizing a part of the monthly mortgage payment the family makes to a lending institution. Lake MHA does not provide loans and a family must be able to qualify for a home loan on their own.
To be eligible for the Homeownership Program families must meet these requirements:
- Must be a current Lake Metropolitan Housing Authority HCV participant for at least one year and be in good standing.
- Not have any type of outstanding debt owed to Lake MHA.
- Must be in full compliance with lease and HCV program requirements.
- Meet minimum income requirements – $8,820 for elderly/disabled families and $14,500 for non-elderly/non-disabled families.
- Non-elderly/disabled families must meet the employment requirement of minimum one year of continuous full-time employment. Full-time employment is considered as consistently working 30 hours a week for a full year.
- Qualify as a first time home buyer.
- No family member has owned or had ownership interest in the residence for at least three years.
- No member of the family has any ownership interest in any residential property.
- Has not defaulted on a mortgage while participating in a HUD Homeownership Program.
Some other requirements:
- Must complete Financial Fitness and Homebuyer Education courses.
- Participant must meet minimum down payment requirement of 3% or more of the purchase price with at least 1% of the purchase price coming from the family’s own personal resources; the other 2% can come from another source.
- The unit must be located in Lake County.
- The unit has to pass a Housing Standards inspection conducted by Lake MHA.
- The family must choose a qualified independent inspector and pay for an independent inspection to be done.
Call ext. 15 for additional information or questions regarding the home ownership program.
Homeownership Program Application
Applications may be mailed the Lake MHA Office: 189 First St., Painesville, OH 44077 or faxed to (440) 354-5008. You must be a current voucher program participant in order to apply for the Homeownership Program.