Montgomery County Housing Authority Homeownership Program (Housing Choice Voucher Homeownership Option)

Montgomery County Housing Authority Homeownership Program (Housing Choice Voucher Homeownership Option) is a grant for homebuyers in Montgomery County, Pennsylvania, administered by Montgomery County Housing Authority (MCHA). The Montgomery County Housing Authority (MCHA) Homeownership Program lets current Housing Choice Voucher (Section 8) holders transition from renting to homeownership. It provides up to a 10% grant (8% toward closing costs, 2% toward down payment) plus a monthly mortgage subsidy, as a 0% interest, 8-year term subordinate loan with a deed restriction. It targets very-low-income households (30%-50% AMI) and requires mandatory pre- and post-purchase counseling. Up to 10% grant (8% closing + 2% down payment). Ongoing monthly mortgage subsidy. 0% interest, 8-year term. Pre- and post-purchase counseling. Pathway from Section 8 renting to ownership. Funding comes from Federal Housing Choice Voucher (Section 8) Homeownership program funds administered by MCHA.

Montgomery County Housing Authority Homeownership Program (Housing Choice Voucher Homeownership Option) is structured as a grant, so it is not repaid. Repayment is triggered by Repaid if the home is sold, refinanced, rented, or transferred within 8 years. The assistance is recorded in Second mortgage (subordinate, with deed restriction) position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Montgomery County Housing Authority Homeownership Program (Housing Choice Voucher Homeownership Option) is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. A homebuyer education course is required, through Mandatory pre- and post-purchase counseling. Eligibility limited to current Housing Choice Voucher holders. Income 30%-50% AMI. LOAN TERM 8 years; repaid if sold/refinanced/rented/transferred within the term. Single-family residence in Montgomery County. GAP: exact income-limit dollar table and annual funding cap not published online.

Montgomery County Housing Authority Homeownership Program (Housing Choice Voucher Homeownership Option) limits household income to 50% of the area median income, which varies by county and household size. Household income between 30% and 50% of area median income (very low income), consistent with Housing Choice Voucher eligibility. 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.

Montgomery County Housing Authority Homeownership Program (Housing Choice Voucher Homeownership Option) can be used for Single Family.

Montgomery County Housing Authority Homeownership Program (Housing Choice Voucher Homeownership Option) serves homebuyers purchasing in Montgomery County, Pennsylvania.

Applications for Montgomery County Housing Authority Homeownership Program (Housing Choice Voucher Homeownership Option) go through Montgomery County Housing Authority (MCHA), which publishes the current terms and the application steps on its own site. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.