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Home Ownership Program

Making Home Ownership Possible for You!



The Home Ownership Option

Are you a participant in the Section 8 program through the Fayette Metropolitan Housing Authority?  Are you interested in owning your own home?  If so, the section 8 Home Ownership Option may be right for you!

Since September 2003, qualified tenant based Section 8 residents have been able to use their  Section 8 Voucher subsidy toward a mortgage to purchase a home, rather than renting.

By working with the USDA and local mortgage lenders, we have made it possible for families to move from rental housing to affordable home ownership.

Once your eligibility is determined, you must attend the Fayette Home Buyer Education  Class.  When completed you will then seek financing through the lender of your choice.*  You could be on your way to homeownership!

* Suitability for mortgage readiness will be determined by your credit and ability to secure a first mortgage through a conventional lender



Program Qualification

To qualify for the Section 8 Home Ownership Program, you must:
  • Currently be a participant in the FMHA's tenant based Section 8 program.

  • Maintain consistent full-time employment for one year.

  • Elderly and disabled individuals are exempt from the employment requirement.

  • Meet gross annual income requirement of at least $12,000 per year.

  • Elderly and disabled individuals must have an income of at least $6,540 per year.

  • Be in full compliance with the Section 8 program guidelines.

  • Not have owned a home in the past 3 years.

If the preliminary program qualifications are met, you may qualify for a subsidy that would help pay the mortgage on your home!



The Steps to Home Ownership
  1. If you think you meet the program qualifications, please contact us.

  2. If qualified, the FSS Coordinator will make a referral to the pre-purchase Home Buyer Education Classes at FMHA.

  3. If need to become mortgage ready, you may be required to complete the pre-purchase  credit counseling classes.  Then a personal plan of action for credit repair will be created.

  4. If qualified, you must participate in the FSS program.

  5. When mortgage readiness is determined, the next step will be to seek financing.

  6. Upon pre-approval for a first mortgage, you may begin shopping for your new home.

  7. When you have selected a home in your price range, inspections by an independent home inspector, and an (HQS) Housing Quality Standards inspection must be conducted.  If the financing requirements are met, the lender will conduct a closing on your home.



Other Highlights
  1. Homes may be purchased anywhere in Fayette County, Ohio.

  2. After the first 2 years of ownership there is no HQS inspection requirement.

  3. Housing choice is limited only by condition of home and how much you can afford.

  4. Some participants will even qualify for a new home.
Your dream of owning your own home could be a reality.  Call today!

 









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