HCV Homeownership Program Requirements
Did you know you may be eligible to use your voucher toward homeownership?
Initial Eligibility requirements:
- Voucher holder with Ocala Housing for a minimum of two years.
- In good standing - not on a repayment plan with Ocala Housing, in compliance with your lease, and on time recertification (to include timely reporting of changes)
- First-time homebuyer
- At least years of verifiable income
How the program works:
- Interested residents meeting the above qualifications fill out a Housing Counseling Application and return it with all required documents to RESIDENT SERVICES
- If the packet is complete, with all required documents and signatures, an intake appointment will be scheduled with a HUD Certified Housing Counselor
- The intake appointment will take two hours and involves a full financial analysis and development of individualize plan
- Participants will then be offered a schedule to choose dates and times to attend mandatory workshops
- Applicants will continue to work with the Housing Counselor until they are able to provide documentation of:
- Credit score of 640 or higher with no collections, judgments, or liens
- Two full years of verifiable income and good standing with the HCV program and landlord
- Proof of $3,000.00 (saved or personal resources) toward the up-front cost of homeownership
- Completion of required workshops and final credit review
8-10 hours of workshops are required in order to obtain a Certificate of Completion of the housing counseling program. The workshops are offered at varying times and lengths to accommodate individual schedules and needs. These are the first steps in the journey as the Housing Counselor guides and supports the voucher holder through the steps below:
- Applying for a home loan with an approved lender
- Applying for down payment assistance and closing cost programs
- Choosing a real Estate Agent
- Obtaining a home inspection
- Providing copies of your mortgage application, approval letter, and down payment assistance letter to the Housing Counselor.
All of the services by OHA are provided free of charge.
