Homeownership

Eligibility

In order to participate in the Homeownership Program, the family must meet all of the requirements listed below before the commencement of homeownership assistance:

• The family must have been admitted to the Housing Choice Voucher Program.
• The family must qualify as a first-time homeowner or may be a cooperative member.
• The family must meet the Federal minimum income requirement. The family must have a gross annual income equal to the Federal minimum wage multiplied by 2,000, based on the income of adult family members who will own the home. Spartanburg Housing may establish a higher income standard for families. However, a family that meets the federal minimum income requirement (but not Spartanburg Housing's requirement) will be considered to meet the minimum income requirement if it can demonstrate that is has been pre-qualified or pre-approved for financing that is sufficient to purchase an eligible unit.
• For disabled families, the minimum income requirement is equal to the current SSI monthly payment for an individual living alone, multiplied by 12.
• For elder or disabled families, welfare assistance payments for adult family members who will own the home will be included in determining whether the family meets the minimum income requirement. It will not be included for other families.
• The family must satisfy the employment requirements by demonstrating that one or more adult members of the family who will own the home at the commencement of homeownership assistance is currently employed on a full-time basis (the term "full-time employment; means not ness than an average of 30 hours per week) and has been continuously so employed during the year before commencement of homeownership assistance for the family.
• The employment requirement does not apply to elderly and disabled families. In addition, if a family, other than an elderly or disabled family includes a person with disabilities, Spartanburg Housing must grant an exemption form the employment requirement if Spartanburg Housing determines that it is needed as a reasonable accommodation.
• The family has not defaulted on a mortgage securing debt to purchase a home under the homeownership option.
• Except for cooperative members who have acquired cooperative membership shares prior to commencement of homeownership assistance, no family member has a present ownership interest in a residence at the commencement of homeownership assistance for the purchase of any home.
• Except for cooperative members who have acquired cooperative membership shares prior to the commencement of homeownership assistance, the family has entered into a contract of sale in accordance with 24 CFR 982.63 1(c).

*Exemptions for persons with disabilities:

• Persons who have been determined to be displaced by the Social Security Administration are exempt from the employment requirements. However, they must meet the annual income calculation of 12X the current federal SSI monthly benefit amount and have a savings of at least $2,000.

For more information about the Homeownership Program contact:

Latoya Lyles
Lead Housing Choice Voucher Specialist
homeownership@spartanhousing.org 

THE PROCESS

• Step 1
  Letter of Interest / Application
• Step2
  Orientation Session
• Step 3
  One-on-one Action Plan
• Step 4
  Home Buyer Education Course
• Step 5 
  Pre-Application
• Step 6
  Home Search
• Step 7
  Home Selection
• Step 8
  Closing

FREQUENTLY ASKED QUESTIONS

1. What is the ideal credit score to purchase a home?  
   • Minimum credit score of 620 (visit www.annualcreditreport.com to obtain a copy of the report/score).
2. How much money do I need to save for the down payment and closing cost?
   • Savings of at least $3,500 (must provide copy of 30-day current "Savings) statement).
3. I am currently not working. Can I apply for the program?
   • No. You must be employed full-time. Elderly persons and individuals with disabilities are exempt from the employment requirements.
4. How long should I have been employed prior to applying?
   • Must be currently employed on a full-time basis (the term "Full-time employment" means not less than an average of 30 hours per week), and has been continuously employed the year prior.
5. How long could the home buying process take?
   • The process can take up to six (6) months.
6. Do I have to be a Housing Choice Voucher (HCV) holder to qualify for the homeownership program?
   • Yes. You must have an HCV voucher in order to qualify
7. If I am denied, can I re-apply?
   
   • Yes, once you have met the threshold requirements.
8. How long will Spartanburg Housing assist with the mortgage payments?
   • The mandatory term limit on homeownership assistance is 15 years, if the initial mortgage to finance the purchase of the home has a term that is 20 years or longer. In all other cases, the maximum term of homeownership assistance is 10 years. U.S. Housing of Urban Development (HUD) does not permit Spartanburg Housing to establish shorter or longer maximum terms (elderly and disabled are exempt from the time limit).