HCV Homeownership Program
Become a Homeowner
904-366-6097 or 904-366-3425
The Jacksonville Housing Authority (JHA) started administering the Section 8 Housing Choice Voucher (HCV) Homeownership Program in 2002.
The Homeownership Program permits eligible families who are in the Section 8 Rental Housing Choice Voucher Program the option of purchasing a home with the Section 8 subsidy rather than renting.
This is a transitional assistance program that can pay a portion of mortgage expense up to a maximum of 15 years.
The families must be a Section 8 Rental Participant for minimum of 12 months and be in good standing.
The families must participate in the Family Self-Sufficiency (FSS) Program for preparation of the homeownership.
The Jacksonville Housing Authority (JHA) requires the participants to have no indebtedness to the JHA or any other Public Housing Authority (PHA) nor be in a current re-payment agreement with the JHA or a PHA.
The families (non elderly/disabled) must be employed. Have earned/working income of $10,300 or more per year.
If elderly or disabled, the earned/working income will not apply.
The families must meet the definition of a first-time homebuyer.
The families must attend and satisfactorily complete the pre-purchase homeownership counseling program and be deemed “mortgage ready.”
The families must establish or re-establish credit in order to obtain mortgage financing.
The families must be able to secure a mortgage loan.
Eligible Units/Homes to Purchase
A Single Family Home
Half of a Duplex
Single unit within a Condominium or Multi-Plex Community
Note: New construction: foundation must be laid before any purchase agreement is made.
All units must comply with the JHA Quality Standards inspection, Jacksonville City Code and an inspection by an independent inspector approved by JHA.
Eligible Lender and Financing
Lender must be approved by JHA
Rate and terms of the mortgage must be approved by JHA
All loans must include escrow to pay taxes and insurance
JHA will not approve owner financing or rent-to own purchases
The down payment must be at least 3% of the purchase price with at lease 1% of that coming from the family’s personal resources.
Time Frame to Purchase a Home
The family will have a maximum of 120 days from the date of issuance of a homeownership voucher to find a home and enter into a Purchase Agreement.
If the family is unable to enter into a Purchase Agreement before the end of the initial 120-day period, the applicant will be provided an extension of 60 days to either enter into a Contract of Sale or utilize the voucher to rent a unit.
Fifteen (15) years maximum for twenty (20) years or longer mortgages
Ten (10) years maximum for nineteen (19) years or less mortgages.
Steps to Assisted Homeownership
1. Become finance ready with re-establish credit.
2. Attend all required credit and homeownership counseling classes.
3. Pre-qualify with an approved lender.
4. Find a suitable home to purchase.
5. Have home pass the Housing Quality Standard (HQS) and independent inspection.
6. Final approvals and Closing.
Who to Contact