The use of Housing Choice Vouchers for homeownership will give
many individuals and families of low incomes the opportunity to
purchase their own homes.
Participants in the Housing Choice homeownership program may use
their Housing Choice vouchers to make monthly mortgage payments for
a maximum term of fifteen (15) years on a mortgage loan of twenty
(20) years or more. Mortgage loans for less than twenty years
may be subsidized for a maximum term of ten years. The final
rule provides that the maximum term limit does not apply to elderly
(being 62 or older) or disabled families.
Program Requirements
- First time homebuyer
- Families that own or are acquiring shares in cooperative
- Families that have completed Pre-Purchase Housing
Counseling
- Meet minimum income requirements ($14,500 per year)
- Families who are disabled minimum income requirements ($6,624
per year)
- Meet employment requirement (minimum of one year) and work a
minimum of 30 hours a week. Disabled/Elderly exempt
- Families must not have committed any criminal convitions in the
past five years
- Families must not have committed fraud using federal money
- Home must pass 2 Inspections, one by an Inspector who is
certified by the American Society of Home Inspection and a PHA
Inspection
The Philadelphia Housing Authority will allow the MTW
participant to use the Down Payment Option Program. This program
allows the client to use a down payment assistance amount, equal to
12 months of their last calculated subsidy amount for closing cost
and down payment. If the client does decide to use these amounts
for the down payment amount, the client will not receive the
benefit of receiving assistance from the MTW Program during the
mortgage period.
Contact
Homeownership Division
215-684-8914
