Jackson Housing Authority HCV Homeownership Program

What is Jackson Housing Authority HCV Homeownership Program?

Jackson Housing Authority HCV Homeownership Program is down payment assistance for homebuyers in Jackson, Mississippi, administered by Jackson Housing Authority.

• JHA converts existing Housing Choice Vouchers into monthly homeownership subsidies for qualifying first-time homebuyers. The voucher subsidy covers a portion of the monthly mortgage payment for up to 15 years (shorter for elderly/disabled). Applicants must be current HCV participants, first-time homebuyers, meet minimum income/employment requirements, and complete pre- and post-purchase homebuyer education counseling. JHA is the only HUD-approved Local Housing Counseling Agency (LHCA) in Mississippi and has operated the homeownership program for 11+ years. Separate FHLB down payment assistance grant also available — see Federal Home Loan Bank Checklist on website.
• Monthly mortgage payment subsidized up to 15 years via voucher conversion; FHLB down payment assistance grant available separately; JHA is HUD-approved housing counseling agency.
• This is a federal program, so it is available beyond a single state or city.

Do you have to pay it back?

Jackson Housing Authority HCV Homeownership Program is down payment assistance and is repaid under the terms set by Jackson Housing Authority.

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

Who qualifies?

Jackson Housing Authority 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?

Jackson Housing Authority HCV Homeownership Program sets its income limit as follows: Must be current HCV participant; income eligibility already established via voucher program (typically 50% AMI or below).

• 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?

Jackson Housing Authority HCV Homeownership Program caps the purchase price as follows: Not published; must be appraised and HQS-inspected unit.

• Eligible property types include single_family and manufactured_home.
• New construction is eligible.
• Manufactured homes are eligible.

Where does it apply?

Jackson Housing Authority HCV Homeownership Program is a federal program, so it is not limited to Mississippi.

How do you apply?

Applications for Jackson Housing Authority HCV Homeownership Program go through Jackson Housing Authority, 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 Mississippi Housing Partnership (601-969-1895); JHA-approved HUD counseling agencies.

2. 2

   Contact Jackson Housing Authority 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.