U.S. Department of Housing and Urban Development HCV Homeownership Program

What is U.S. Department of Housing and Urban Development HCV Homeownership Program?

U.S. Department of Housing and Urban Development HCV Homeownership Program is a grant for homebuyers in Statewide, California.

• PHA-administered. Voucher payment goes to lender to help with monthly homeownership expenses. Borrower must be HCV recipient and PHA must offer homeownership option.
• Section 8 Housing Choice Voucher (HCV) recipients can use voucher to help pay monthly homeownership expenses (mortgage, insurance, taxes, utilities, maintenance).
• Funding comes from HUD Housing Choice Voucher Program.

Do you have to pay it back?

U.S. Department of Housing and Urban Development HCV Homeownership Program is structured as a grant, so it is not repaid.

• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

U.S. Department of Housing and Urban Development HCV Homeownership Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

U.S. Department of Housing and Urban Development HCV Homeownership Program sets its income limit as follows: HCV-recipient (very-low-income / extremely-low-income).

• The limit applies to total household income, not only the borrower’s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

U.S. Department of Housing and Urban Development HCV Homeownership Program can be used for Single-family, Condo, Townhouse, Manufactured (real property).

• Manufactured homes are eligible.

Where does it apply?

U.S. Department of Housing and Urban Development HCV Homeownership Program serves buyers purchasing in Statewide, California.

How do you apply?

Applications for U.S. Department of Housing and Urban Development HCV Homeownership Program go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through Required - PHA-approved homebuyer education.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved with the provider and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.