Danville Redevelopment & Housing Authority - Housing Choice Voucher Homeownership Program

Danville Redevelopment & Housing Authority - Housing Choice Voucher Homeownership Program is down payment assistance for homebuyers in Danville, Virginia, administered by Danville Redevelopment & Housing Authority (DRHA). DRHA's Housing Choice Voucher Homeownership Program lets eligible Section 8 voucher families use their voucher to pay monthly homeownership expenses (mortgage, taxes, insurance, utilities, maintenance) instead of rent. Open to first-time homeowners who meet minimum income and full-time employment requirements and complete DRHA pre/post-purchase counseling. Assistance term is generally up to 15 years (10 years for shorter mortgages); not a down-payment grant. Voucher applied to monthly mortgage/homeownership expenses. Up to 15-year assistance term. No time limit for elderly/disabled households. Portable to other PHAs administering the option. Funding comes from HUD Housing Choice Voucher (Section 8) program - 24 CFR Part 982.

Danville Redevelopment & Housing Authority - Housing Choice Voucher Homeownership Program is down payment assistance and is repaid under the terms set by Danville Redevelopment & Housing Authority (DRHA). Repayment is triggered by If family sells or refinances within 10 years of commencement of assistance, some homeownership assistance is subject to recapture. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Danville Redevelopment & Housing Authority - Housing Choice Voucher Homeownership Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: No ownership interest in a residence for at least 3 years. A homebuyer education course is required, through DRHA pre- and post-assistance homeownership counseling. Residency requirement: Must hold a Danville HCV voucher; may purchase outside jurisdiction only if a PHA there administers a homeownership program. Citizenship or immigration status: Standard HCV citizenship/eligible-immigration rules.

Danville Redevelopment & Housing Authority - Housing Choice Voucher Homeownership Program sets its income limit as follows: Minimum income required: qualified annual income of adult owner(s) at least federal minimum wage x 2,000 hrs. Must be a current HCV voucher holder. 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.

Danville Redevelopment & Housing Authority - Housing Choice Voucher Homeownership Program names homebuyers 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.

Danville Redevelopment & Housing Authority - Housing Choice Voucher Homeownership Program serves homebuyers purchasing in Danville, Virginia.

Applications for Danville Redevelopment & Housing Authority - Housing Choice Voucher Homeownership Program go through Danville Redevelopment & Housing Authority (DRHA), 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.