HCV Homeownership Program Requirements
The Housing Choice Voucher (HCV) Homeownership Program allows eligible HCV (more commonly known as Section 8) holders to use their voucher to help buy a home. Instead of paying rent, participants receive monthly assistance to cover homeownership costs, such as mortgage payments, property taxes, and insurance.
🌟 Who Can Participate?
To qualify for homeownership assistance through Norwalk Housing Authority, applicants MUST:
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Be admitted to the Housing Choice Voucher Program
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Qualify as a first-time homeowner
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Have a household income of at least 40% of the Stamford/Norwalk Area Median Income
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Work full-time (30+ hours/week) and have done so for at least 1 year (unless elderly or disabled)
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Complete a HUD-certified First-Time Homebuyer Certification Program
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Find and work with a HUD Housing Counseling Agency
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Be in good standing with Norwalk Housing Authority
(not in first year of HAP contract, no unpaid rent or lease issues) -
Have $6,000 or more in savings (in a non-retirement bank account)
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Prequalify for a home loan and find a home that meets voucher eligibility
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Find a CHFA Participating Lender
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Provide a 3% down payment on the home purchase price
(at least 1% must come from your personal funds) -
Meet any additional eligibility requirements as determined by the program
🏠 Why Choose Homeownership?
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Build equity and long-term wealth
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Achieve greater housing stability
Ready to turn your voucher into homeownership?
Find out if you're eligible for the HCV Homeownership Program and start your journey to owning a home today!
Email sreid@norwalkha.org for more information.