Housing Authority of Myrtle Beach HCV Homeownership Program

What is Housing Authority of Myrtle Beach HCV Homeownership Program?

Housing Authority of Myrtle Beach HCV Homeownership Program is down payment assistance for homebuyers in Myrtle Beach, South Carolina, administered by Housing Authority of Myrtle Beach (HAoMB).

• The HCV Homeownership option lets eligible first-time homebuyers who are current Housing Choice Voucher participants use their voucher to help pay monthly homeownership expenses (in lieu of rental subsidy). Families must be first-time homeowners, meet minimum income and employment requirements, and complete pre-assistance homeownership counseling. Governed by 24 CFR Part 982.625-642.
• Voucher subsidizes monthly homeownership expenses.
• No purchase loan required.
• Path from renting to owning.
• No time limit for elderly/disabled families.
• This is a federal program, so it is available beyond a single state or city.
• Funding comes from HUD Housing Choice Voucher (Section 8) program.

Do you have to pay it back?

Housing Authority of Myrtle Beach HCV Homeownership Program is down payment assistance and is repaid under the terms set by Housing Authority of Myrtle Beach (HAoMB).

• Repayment is triggered by Not a loan - ongoing monthly Housing Assistance Payment (HAP) subsidy toward homeownership expenses in lieu of rental subsidy.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Housing Authority of Myrtle Beach 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?

Housing Authority of Myrtle Beach HCV Homeownership Program sets its income limit as follows: Must meet HCV income eligibility and a minimum income requirement; tenant payment generally 30% of adjusted monthly income. Specific dollar table not published on the page.

• 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?

Housing Authority of Myrtle Beach HCV Homeownership Program caps the purchase price as follows: Not published; home must pass HQS + independent inspection.

• Eligible property types include Single Family.
• New construction is not eligible.
• Manufactured homes are not eligible.

Is there eligibility for specific groups?

Housing Authority of Myrtle Beach HCV Homeownership Program names buyers with disabilities among the groups it serves.

• Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Where does it apply?

Housing Authority of Myrtle Beach HCV Homeownership Program is a federal program, so it is not limited to South Carolina.

How do you apply?

Applications for Housing Authority of Myrtle Beach HCV Homeownership Program go through Housing Authority of Myrtle Beach (HAoMB), 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 PHA pre-assistance homeownership and housing counseling program (or PHA-approved entity)..

2. 2

   Contact Housing Authority of Myrtle Beach (HAoMB) to reserve funds

   Funds are reserved through Must be an existing HCV participant; contact program coordinator; HCV waiting list currently CLOSED., 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.