Section 8 Home Ownership Program

Section 8 Home Ownership Program es una subvención para compradores de vivienda en Yuma, Arizona. HUD Housing Choice Voucher Homeownership Option administered locally by the Housing Authority of the City of Yuma (HACY). Rather than a closing-table grant, the program converts a family's monthly Section 8 rental subsidy into a monthly homeownership assistance payment that helps cover the family's mortgage and housing costs. Operated in conjunction with HACY's Family Self-Sufficiency (FSS) program; FSS escrow earned during the rental period is typically used as the down payment, often leveraged by partner programs (WISH/IDEA) at $4-to-$1 match up to $22,000. HACY received the HUD Phoenix Field Office's MVP Award in 2008 and 2013 for this program. Existing HACY Housing Choice Voucher (Section 8) holders may use their monthly voucher subsidy toward homeownership expenses (mortgage principal, interest, taxes, insurance, utilities, HOA, and maintenance allowance) instead of rent. Subsidy continues monthly for up to 10 years (15 years if first mortgage term is 20+ years). Elderly or disabled families have no maximum term. The Family Self-Sufficiency (FSS) escrow plus partner programs (WISH/IDEA) can provide matched down-payment funds — up to $4 in match for every $1 of FSS escrow, capped at $22,000. Los fondos provienen de HUD Housing Choice Voucher (Section 8) Annual Contributions Contract (ACC) funding.

Section 8 Home Ownership Program está estructurado como una subvención, así que no se devuelve. El reembolso se activa por Not applicable — this is a monthly subsidy, not a repayable loan. Subsidy ends if family violates program rules, sells the home, ceases owner-occupancy, exceeds income limits, or reaches the maximum term (10 or 15 years y no limit for elderly/disabled). Los términos de condonación y reembolso los fija el programa y pueden cambiar; confírmalos en la página oficial del programa antes de presentar la solicitud.

Section 8 Home Ownership Program está abierto a compradores de vivienda por primera vez y compradores de vivienda que vivirán en la vivienda como su residencia principal. “Primera vez” tiene excepciones aquí: Displaced homemakers, single parents, cooperative members, and disabled families are exempt from the three-year first-time-buyer rule. Sobre el crédito, el programa indica: Set by first-mortgage lender; HACY has no separate program credit-score minimum. Se requiere un curso de educación para compradores de vivienda, a través de WACOG (Western Arizona Council of Governments); HACY FSS Homeownership Coordinator; HUD-approved counseling agencies. Requisito de residencia: Family must be a current HACY Section 8 Housing Choice Voucher participant; home must be located in HACY's jurisdiction (City of Yuma) or in an area where the family ports the voucher with receiving-PHA agreement. Ciudadanía o situación migratoria: U.S. citizen or eligible non-citizen with qualifying immigration status (HUD requirement). Must be a current HACY Housing Choice Voucher (Section 8) participant in good standing. Must have completed initial Section 8 lease term (one year continuous tenancy). Must be a first-time homebuyer (no ownership in the past three years), with exceptions for displaced homemakers, single parents, cooperative members, and disabled families. Head of household, spouse, or other adult owner must meet minimum annual income equal to local minimum wage x 30 hours/week x 52 weeks (welfare assistance not counted toward minimum income, except for disabled/elderly heads). Disabled-family minimum income is the monthly Federal SSI benefit x 12. Must be continuously employed at least 30 hours/week for at least one year prior to homeownership commencement (employment requirement waived for elderly/disabled families). Mandatory pre-purchase homeownership counseling. Home must pass an independent professional inspection and HUD HQS inspection. Family must obtain a fixed-rate or HUD-approved ARM first mortgage. Maximum homeownership assistance term: 10 years (15 years if first mortgage term is 20+ years); no time limit for elderly or disabled families. Program limited to 5% of HACY's authorized Section 8 voucher units, excluding elderly/disabled families.

Section 8 Home Ownership Program limita el ingreso del hogar al 50% del ingreso mediano del área, que varía según el condado y el tamaño del hogar. Family must already be an admitted Housing Choice Voucher participant (initial admission requires income at or below 50% AMI; up to 80% AMI for current participants). Minimum income: local Yuma minimum wage x 30 hours x 52 weeks (welfare income excluded except for elderly/disabled). El límite se aplica al ingreso total del hogar, no solo al del prestatario. Las cifras del ingreso mediano del área las publica HUD y se actualizan cada año, así que consulta la tabla vigente del condado antes de basarte en una cifra.

Section 8 Home Ownership Program limita el precio de compra así: No program purchase-price cap, but the home must be supported by the voucher subsidy and pass HQS plus an independent inspection. Family must demonstrate ability to afford ongoing housing costs. Los tipos de propiedad elegibles incluyen Single-family detached, condo, townhome, cooperative, and manufactured home on owned land — all subject to HQS and independent inspection. La construcción nueva es elegible. Las viviendas prefabricadas son elegibles.

Section 8 Home Ownership Program atiende a compradores de vivienda que compran en Yuma, Arizona.

Las solicitudes de Section 8 Home Ownership Program se tramitan a través de la agencia que administra el programa, que publica los términos vigentes y los pasos de la solicitud en su propio sitio. Los fondos se reservan a través de Application through HACY FSS / Homeownership Coordinator; limited to current voucher holders meeting eligibility criteria. Hey Prescott no es un prestamista y no acepta solicitudes; esta página describe el programa para que un comprador de vivienda pueda llevarlo a un prestamista o a un asesor de vivienda.