Housing Authority of Pocatello, ID
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  • Home  >  Housing Authority of Pocatello Programs  >  Housing Choice Voucher Howmeownership Option
     

    Housing Choice Voucher Homeownership Option

    The Housing Authority of Pocatello's Housing Choice Voucher Homeownership Option (HCVHO) is designed to promote and support homeownership by families who are current participants in the section 8 Rental Assistance Program. The availability of these assistance payments helps pay the cost of homeownership and provides additional assurance for mortgage lenders.

    The Pilot program will make available 2 vouchers for homeownership to qualifying participants.

    The Housing Authority will work with local lenders and real estate professionals to make the American dream of homeownership available to a broader spectrum of pocatello citizens.

    The HCVHO program became available on June 1, 2004.

    FREQUENTLY ASKED QUESTIONS

    Q: What are the eligibility requirements?

    A:
    An individual of family must:
    -Be a participant in good standing in the Section 8 program.
    -Have received Rental Assistance for one year.
    -Meet the HUD definition of a first time homebuyer.
    -Submit a letter of pre-qualification from a lending institution.
    -Be selected from a lottery of other pre-qualified families.
    -Sign a Statement of Homeownership Obligations.
    -Satisfactorily complete four classes prior to entering into a sales contract:
            Home Maintenance
            Budgeting and Money Management
            Credit Counseling
            Homebuyer Education Seminar
    -Provide cash down payment of 3% of the purchase price of the home. 2% of this requirement may be gifted to the family.
    -Pay the closing costs of the loan.
    -Pay for an inspection of the home.
    -Provide the lender and real estate professionals with all pertinent documentation.
    -Comply with any additional special requirements for homeownership assistance as specified by Housing Authority of Pocatello.

    Q: Is there a minimum income requirement?

    A: Yes, you must have a minimum income of $10,300 annually. For disabled $6,768 annually.

    Q: What bankers and real estate professionals should I use?

    A: You may choose any lender or real estate professional.

    Q: Must I have good credit?

    A: Yes. If your credit history is poor, a credit counselor can give you instruction to help you repair your credit.

    Q: What kind of home may I purchase?

    A: You may purchase an existing home or one that is under construction at the time you are determined eligible for homeownership. The property must be a one unit property or single family dwelling in a co-op or condominium.

    Q: What other costs might there be?

    A: You will make a minimum down payment of 3% of the purchase price of the home and closing costs associated with the loan. You will pay for an appraisal, which may cost $200 to $300. You will also pay for a professional inspection, which may be $250. There may be incidental expenses prior to your purchase.

    Q: May my family help me by the home?

    A: In most cases, your family can help with the initial expenses prior to purchasing the home. It is important to remember that under Section 8 regulations, no one other than those occupying the home can own an interest in it.

    Q: May I have a roommate?

    A: No. Under the standard family obligations for use and occupancy, no other person but members of the assisted family may reside in the unit except for foster children or a live-in aide.

    Q: Is the purchase price of the home limited?

    A: The amount you are able to pay for a home depends on your total income and resources. The mortgage lender will consider your total income, your HCHVO assistance and any other assistance you are receiving from a family member or agency. The lender will pre-qualify you for a loan based on your income, financial obligations and credit score. A letter stating your pre-qualification, brought to the Housing Authority, will allow your name to be placed in the lottery for a HCHVO voucher.

    Q: May I bring in a pre-qualifying letter now?

    A: No. Letters of pre-qualification will be accepted after public informational meetings.

    Q: How long will I continue to receive HCHVO assistance?

    A: Assistance will continue as long as participants qualify under HUD regulations. Certain loan term limits may apply.

    (208) 233-6276

    Office: 711 N. 6th Ave.

    Business Hours:
    9:00am - 3:30pm
    Mon. - Fri.
    (except Holidays)