The dream of homeownership is one that many people aspire to, but it can be challenging to achieve for those with limited financial resources. Fortunately, the Housing Authority City of Fort Lauderdale offers a unique opportunity for eligible first-time homebuyers to become homeowners with the help of their Housing Choice Voucher Program.
This program provides monthly assistance for homeownership expenses for up to 15 years, along with the possibility of a grant for down payment assistance. In this article, we will explore the eligibility requirements and home purchasing process for the Housing Choice Voucher Program, as well as the assistance and support available to program participants.
We will also highlight the benefits of the program and how it can help families achieve their dream of owning a home. With the help of the Fort Lauderdale Housing Authority, more individuals and families can enjoy the stability and security of owning their own home.
Key Takeaways
- Eligibility requirements for the program include being a first-time homebuyer, participating in the Housing Choice Voucher Program in Fort Lauderdale, having a minimum income of $15,000 per year (excluding elderly and disabled individuals), and having a credit score of 660 or better.
- Families eligible for voucher assistance can purchase a home anywhere in Broward County, but must qualify for a conventional, FHA, or VA mortgage loan and put a minimum down payment of 3% of the purchase price (1% must be the purchaser’s own funds).
- Monthly assistance for homeownership expenses is available for up to 15 years for non-disabled Section 8 voucher holders, and up to 30 years for disabled Section 8 voucher holders. There may also be a grant available for down payment assistance from other agencies.
- Applicants must attend homeownership counseling workshops, be in good standing with the Fort Lauderdale Housing Authority, have their property inspected by HACFL and a homeowner inspector, and be able to obtain a pre-qualification/mortgage loan from a lender. Family Self Sufficiency participants will be given a preference.
Eligibility Requirements
To be eligible to participate in the Housing Authority City of Fort Lauderdale Homeownership program, individuals must meet certain requirements. Firstly, they should be first-time homebuyers who are currently participating in the Housing Choice Voucher Program in Fort Lauderdale.
Secondly, they need to have a total income of at least $15,000 per year, although disabled and/or elderly individuals are exempt from this requirement. In addition, they must have been employed full-time continuously for at least one year and have a credit score of 660 or better to qualify for the program.
Furthermore, the credit score requirement is essential for participants in the program. The Housing Authority City of Fort Lauderdale Homeownership program requires a credit score of 660 or higher to qualify for the program. This requirement ensures that individuals are financially responsible and can afford to own a home.
However, income exemptions are available for disabled and/or elderly individuals, who may not meet the minimum income requirement. Overall, the eligibility requirements for the Housing Authority City of Fort Lauderdale Homeownership program are designed to ensure that individuals are financially stable and have the means to own a home.
Home Purchasing Process
Families who meet the eligibility criteria and are interested in purchasing a property can do so through the Housing Choice Voucher Program. The program allows families to purchase a home anywhere in Broward County with the assistance of a conventional, FHA or VA mortgage loan. Families must qualify for a mortgage loan and put down a minimum of 3% of the purchase price, of which 1% must be the purchaser’s own funds. Eligible families will also receive monthly assistance for homeownership expenses for up to 15 years for non-disabled and up to 30 years for disabled Section 8 voucher holders. Additionally, there may be a grant available for down payment assistance from other agencies.
While families are responsible for finding their own home, the Housing Authority City of Fort Lauderdale (HACFL) will inspect the property to ensure it meets housing quality standards. Families must attend homeownership counseling workshops and be in good standing with the Fort Lauderdale Housing Authority. Families must also be able to obtain a pre-qualification/mortgage loan from a lender. Closing costs and other associated fees are the responsibility of the family purchasing the home.
Overall, the Housing Choice Voucher Program offers families the opportunity to purchase a home and build wealth, while receiving ongoing assistance for housing expenses.
Assistance and Support
Assistance and support are available for eligible individuals who meet the criteria for the Homeownership Program. Non-disabled Section 8 voucher holders can receive assistance for up to 15 years while disabled Section 8 voucher holders can receive assistance for up to 30 years.
This assistance includes monthly payments for homeownership expenses, as well as possible grants for down payment assistance from other agencies. Additionally, eligible individuals are required to attend homeownership counseling workshops to ensure they are well-informed and prepared for the responsibilities of homeownership.
To further support eligible individuals, the Fort Lauderdale Housing Authority requires property inspections by both the HACFL and homeowner inspector. This ensures that the property is in good condition and meets safety standards.
Moreover, eligible individuals must be in good standing with the Fort Lauderdale Housing Authority and be able to obtain a pre-qualification/mortgage loan from a lender. Meeting these requirements and attending counseling workshops can put individuals in a position to obtain their dream home with the help of the Fort Lauderdale Housing Authority.