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New Hampshire Housing offers the option to use the Housing Choice Voucher towards homeownership for first-time homebuyers. There are eligibility requirements established by HUD and New Hampshire Housing.
If you are interested in using your Housing Choice Voucher assistance to buy a house, you should look over the eligibility requirements to determine if you qualify. If, after determining that you may be eligible, you wish to pursue the option of homeownership, call Patti Williford, Homeownership Coordinator at 1-800-622-5266 ext. 9404 or email her at pwilliford@nhhfa.org to discuss how to proceed.
Eligibility Requirements:
- Eligible person is a current voucher holder or Housing Choice Voucher participant.
- Minimum income requirements:
*Working families: 2,000 hours at Federal minimum wage of $5.15
*Disabled families: Federal Supplemental Security Income (SSI) benefit for an individual living alone (or paying his or her share of food and housing costs) multiplied by twelve. - Welfare assistance will be counted towards meeting that minimum requirement only for elderly (62 or older) or disabled families (head or spouse is disabled).
- Must be continuously employed for not less than average of 30 hours per week, for previous year. One break in employment for less than 30 days is allowed if the interruption was beyond the employee’s control (i.e. layoff, bankruptcy of employer, fire or other disaster which caused employer to close business, etc.) This requirement is waived for elderly or disabled (head or spouse is disabled) families. If a family includes a person with disabilities, it is possible to grant an exception as reasonable accommodation.
- Bank account open for a minimum of 6 months.
- Established credit history as shown by rental history, utility payments or a credit report and that you have proven income stability.
- No default on a mortgage under the homeownership option.
- No present ownership interest in a residence.
- First-time homeowner, which is defined as a family of which no member owned any present ownership interest in a residence of any family member during the three years prior to receiving homeownership assistance. You can be considered a first-time homeowner if you are a single parent or displaced homemaker who, while married, owned a home with your spouse, or resided in a home owned by your spouse.
- Satisfactory completion of pre-assistance homeownership counseling program. Pre-purchase Homeownership Manual
If you meet all the above qualifications, then you should review the list below to understand your next steps. Questions regarding your specific case should be directed to Patti Williford, Homeownership Coordinator, at 1-800-622-5266 ext. 9404 or via email at pwilliford@nhhfa.org.
If the Homeownership Coordinator says you’re qualified for the Housing Choice Voucher Homeownership Option your next steps are:
1. |
Receive your approval letter from your Program Monitor. |
2. |
Contact a bank for pre-approval. You have the choice to use any bank or the First-Time Home Buyer Program with New Hampshire Housing. |
3. |
Arrange for cash downpayment. Minimum required: 3%, of which 2% can come from a special downpayment assistance program but 1% must be your own money. |
4. |
Search for your home. You will have 180 days to locate a home. A unit is eligible if it is under construction or an existing home. If you are unsuccessful in locating a home to purchase, you may receive a voucher for rental assistance. |
5. |
Enter into a Purchase and Sales agreement with the seller when you find the home you wish to purchase. There is required language for the Purchase and Sales agreement that you will sign, so you will need to make sure an addendum containing the necessary language is attached. |
6. |
Finalize financing. New Hampshire Housing will not approve balloon financing or adjusted rate mortgages. |
7. |
Contact your Program Monitor for the Housing Quality Standards inspection. |
8. |
Hire an independent, professional home inspector and send their report to the Housing Authority. |
9. |
Once the loan is closed, New Hampshire Housing will make the voucher assistance payments to you, allowing you to make the mortgage payment from your account. |
10. |
Complete Post-purchase homeownership counseling. Post-purchase homeownership manual |
Eligible Units:
The unit needs to be either under construction or already existing at the time the family enters into the contract of sale. The unit must be either a one-unit property (including a manufactured home) or a single dwelling unit in a condominium or a cooperative. If the family does not own free title to the real property on which the home is located but the home is located on a permanent foundation and the family has the right to occupy the home site for at least forty years then this type of arrangement will be allowed. No multi-family homes (homes that have more than one unit of residence) may be purchased using the homeownership voucher.
Forms and Information:
