Housing Choice Homeownership

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.