Homeownership Program for HCV Participants
If you have a HCV (Section 8) Voucher and are interested in being a first time homebuyer, you may use your voucher rental assistance towards the purchase of a home and receive monthly assistance for your mortgage payment rather than for the rent payment.
Once the homebuyer is eligible and accepted in the HCV Homeownership Program, a Homeownership Voucher is issued and is good for up to 180 days (6 months) to find financing, a realtor, other assistance programs, and a home. The entire process may take up to 18 months from the time the pre-application is submitted to the closing at the title company. Each applicant’s situation is different depending on their credit worthiness, savings, and readiness to buy a house. Nevertheless, if the applicant is found eligible for HCV assistance, has the desire and is willing to make the necessary sacrifices, the HCV Homeownership Program staff is available to guide the applicant during the entire process from beginning to end.
NOTE: Even if the Homeownership Voucher is granted, it does not necessarily mean that the applicant is approved. Other assistance programs and the mortgage company do their own qualifying process and may approve or deny assistance or the mortgage loan.
Who will help me find a home? Where do I start looking for a home?
The homeownership participant will receive detailed information step by step of the process. A list of HACEP approved realtors will be provided to the participant to select a realtor that is familiar with the HCV Program and other assistance programs and will work in the best interest of the homebuyer.
The homebuyer may select a home, within the buyer’s qualifying price range, anywhere inside the city limits of El Paso. It may be a “Re-sale” or a new home. These "new” homes may be in one of various stages of construction. Homes for sale usually have a real estate sign on the front lawn, or there may be a sign of a particular builder, or a “For Sale by Owner” sign. The house may be a home offered for sale by word of mouth, or perhaps the landlord where the tenant lives may be willing to sell the dwelling.
Who May Apply for the Homeownership Program?
- Only current participants in the Section 8 HCV Rental Program who have received assistance for a least one (1) full year may apply.
- Applicant must be a first time homebuyer or not have name on a title of a home in the last (3) three years prior to applying.
- Applicant must be in good standing with their landlord and HACEP with regard to their family obligations.
- Head of Household, spouse or adult that will be on the mortgage must have full time employment working (30) hours or more and have continuous employment for a period of at least one (1) year prior to applying (A HUD approved lender might require up to 2 years).
- Must have a minimum annual income of $14,500 for a working family or a minimum of $8,088 for a Head of Household or spouse with a disability.
- Must have satisfactory credit as determined by a HUD approved lender.
- Must attend an (8 hr) First Time Homebuyer Course and submit the Certificate of Completion for the course and the Credit Report.
- Buyer must have minimum savings of $1,500 and show proof of assets.
- Must attend a two (2) hour Section 8 Homeownership Orientation.
The HCV Homeownership Program provides a free orientation every Friday of the month at 1:00 p.m. at the HACEP main office at 5300 East Paisano Drive 79905. The orientation is conducted in English and Spanish and includes a presentation and documentation that outlines the requirements and the step-by-step process each participant will have to follow.
For more information, contact the HCV Homeownership Coordinator, Sergio Melendez, at (915) 849-3604 or firstname.lastname@example.org.