Home Ownership Program
The Home Ownership Program allows current voucher holders to use their subsidy toward the mortgage on their own home, with support through Family Self-Sufficiency case management.
About the program
If you are in the Housing Choice Voucher Program, you are eligible to use your rental voucher subsidy toward the mortgage on your own home. The program also includes support for buying a home, from finding a home to closing.
Why participate in the program?
The Home Ownership Program will equip you with a framework and financial support directed toward buying your own home.
Who is eligible?
To qualify for the Brown County Housing Choice Voucher Homeownership program you must:
- Be a current Housing Choice Voucher Program participant or be selected from the waiting list for voucher assistance.
- Be consistently employed for at least one year (disabled families are exempt from this requirement).
If you are disabled and receiving Supplemental Social Security Income, earn a minimum annual income of $14,500 or $8,652. - Be compliant with your current lease. You must not break your lease or owe your landlord any money. You must also not leave your unit with damages or past rent or utilities due.
- Be able to secure a mortgage loan from a lender.
- Be a first-time homeowner. You must not have owned a home in the past 3 years, unless you are a single parent or displaced homemaker who owned a home with your spouse. An exemption may be granted for families which have a disabled family member.
How does the program work?
- Join the waiting list. Complete the application to join the waiting list.
- Participate in homeownership counseling. Call a HUD certified Homeownership Counseling Program. Upon completion, provide ICS with a copy of your certificate.
- Get loan pre-approval. Talk to a lender about pre-approval for a mortgage. The lender will determine how much you can afford and will provide you with a statement of pre-approval. You will need to provide the pre-approval letter to ICS.
- Find a home. Start looking for a home in your pre-approved price range. The home will need to be inspected and approved by ICS.
- Make an offer. After you have received approval from ICS, you will work with your realtor to complete an offer to purchase. Provide a copy of the accepted offer to your homeownership coordinator once it has been signed by the seller.
- Pass home Inspection. When you have an accepted offer to purchase, the home will need to pass our Housing Quality Standards Inspection. You will also need to hire a private inspector to inspect the house. You must provide a copy of the 3rd party inspection report to ICS. All required repairs would need to be completed and approved before you purchase the house.
- Close on your home. If you meet all eligibility & financing requirements you can close on your home. Contact ICS to schedule your final appointment prior to closing on your home.
How do I enroll in the program?
Complete an application to join our waitlist for the Home Ownership Program.
Frequently asked questions
If you have any questions, you can reach out to us at info@bchousingauthority.org.
I have questions about this program, who can I contact?
If you have any questions, you can reach out to us at info@bchousingauthority.org.