PHA Housing Choice Homeownership Program

PHA Housing Choice Homeownership Program is down payment assistance for homebuyers in Philadelphia, Pennsylvania, administered by Philadelphia Housing Authority (PHA). The Philadelphia Housing Authority's Housing Choice Homeownership Program lets voucher participants apply their Housing Choice voucher toward a monthly mortgage payment instead of rent. Participants may use their Housing Choice vouchers to make monthly mortgage payments for a maximum term of 15 years on a mortgage loan of 20 years or more. Mortgage loans for less than 20 years may be subsidized for a maximum term of 10 years. The maximum term limit does not apply to elderly (being 62 or older) or disabled families. A monthly mortgage subsidy paid through the participant's Housing Choice voucher. As an alternative, the program offers an option to take a down payment assistance amount, equal to 12 months of their last calculated subsidy amount, for closing cost and down payment; choosing that option forfeits ongoing subsidy assistance during the mortgage period. Funding comes from U.S. Department of Housing and Urban Development Housing Choice Voucher program.

PHA Housing Choice Homeownership Program is down payment assistance and is repaid under the terms set by Philadelphia Housing Authority (PHA). Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

PHA Housing Choice Homeownership Program is open to first-time homebuyers. "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. Residency requirement: Open to Philadelphia Housing Authority Housing Choice Voucher program participants. Applicants must be a first-time homebuyer and must be a family that has completed Pre-Purchase Housing Counseling. Applicants must meet minimum income requirements ($14,500 per year), or $6,624 per year for disabled families. Families must not have committed any criminal convictions in the past five years and must not have committed fraud using federal money. The home must pass two inspections, one by an inspector who is certified by the American Society of Home Inspection and a PHA Inspection. Contact the Homeownership Division at 215-684-8914.

PHA Housing Choice Homeownership Program serves homebuyers purchasing in Philadelphia, Pennsylvania.

Applications for PHA Housing Choice Homeownership Program go through Philadelphia Housing Authority (PHA), 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.