The Department of Housing and Urban Development released the final rule, allowing individuals and families to use vouchers toward mortgage payments. The use of vouchers for homeownership will give many low-income individuals and families the opportunity to purchase their own homes.
Participants in the Housing Choice Homeownership Program may have their mortgage payments subsidized for a maximum term of 15 years on a mortgage loan of 20 years or more. Mortgage loans less than 20 years may be subsidized for a maximum term of 10 years. The maximum term limits for minimum income and employment do not apply for elderly or disabled families.
Review the documents below for additional requirements in order to participate in the Housing Choice Homeownership Program.
For more information regarding the Homeownership Voucher Program, please contact Lori Rosado at (239) 332-3825.