The Housing Choice Voucher Homeownership program
was created by the Department of Housing and
Urban Development (HUD) to help qualified participants
on the Voucher Program to become homeowners.
The family's participation in the program is
completely voluntary. The ultimate goal is to
provide opportunities for families to become
first time homebuyers and remain stable homeowners
in their community.
Qualifications for Program Eligibility
The family must be a current Housing
Choice Voucher Participant with CMHA for at
least one year and must be in good standing.
The family must be a first time homebuyer.
The family must meet the minimum income
requirement of $15,000 to ensure the families
will have sufficient income to pay homeownership
and other family expenses not covered by the
subsidy. Elderly Heads of household and Disabled
Heads of Household income will be reviewed
on an individual basis.
"Full-time employment" must be continuous
for at least one year prior to application.
Welfare assistance may be used for
elderly and disabled families only.
Minimum Down Payment
HUD requires a minimum down payment requirement
of 3% or more of the purchase price with at least
1% of the purchase price coming from the family's
own personal resources. To meet this requirement,
CMHA requires a minimum $3,000 savings. Participants
in the Family Self Sufficiency Program (FSS)
with an escrow balance that meets or exceeds
the minimum savings requirement shall receive
a priority for participation in the Homeownership
The units must be under construction
or already existing.
The unit must be either a single
family home, or a single dwelling unit in a
condominium or cooperative.
The home must be inspected and passed
by a HCVP inspector. In addition, an independent
inspector, designated by the family, must inspect
the unit and the unit must satisfy the General
Home Inspection (GHI) criteria, and satisfy
all Point of Sale (POS) inspections.
The seller of the home must not be
a person or entity debarred, suspended, or
subject to a limited denial of participation.
The family must complete First Time
Home Buyers counseling sessions.
The family must comply with the mortgage
The family must notify the Cuyahoga
Metropolitan Housing Authority of any changes,
such as: selling the home, refinancing the
home, change in income and family composition,
or any other circumstances that would affect
the family's ability to maintain the home.
Maximum Term of Assistance
The maximum terms of assistance are as follows:
15 years for mortgages of 20 years
10 years for all other mortgages
There is no term limitation for elderly
or disabled families
Termination of Assistance
Termination of assistance may occur because
of mortgage default, failure to comply with family
obligations, and any other program violations.
Additional information about the Special Housing Option
For more information, please contact Eric Williams, Homeownership Coordinator at (216)
271-2431 or email @ firstname.lastname@example.org.