T Housing Choice Voucher Homeownership Program Department of Community Affairs The choice is yours! In July 2008, the Georgia Department of Community Affairs announced the new Housing Choice Voucher Homeownership Program (HCV/HO). Who Qualifies? DCA voucher program participants in good standing, who: 1. Have received rental assistance for at least two years. 2. Have been employed full-time for the past twelve months earning an income equal to 2 0 0 0 hours multiplied times the current minimum wage, or elderly (62 years or older), handicapped and/or disabled. 3. Have never owned a home or have not owned a home in the past three years. 4. Have approvable credit, or are willing to take measures to restore damaged credit. Annually, on July 1st of each year, voucher holders who meet the guidelines above will be notified by DCA that they are eligible to participate in the HCV/HO program. 1. Interested voucher holders should sign and return the "Statement of Interest" form included with the letter to begin the HCV/HO process. Then it is up to you! 1. YOUwill receive a copy of your credit report and a list of DCA Housing Counseling Agencies. 2. Choose a Counselor from the list and take the credit report and the DCA letter to the Counselor t o begin pre-purchase counseling. 3. The Counselor will work with you to correct errors on your credit report, negotiate payment options on past due accounts, and improve your credit score, if needed. They will also enroll you in home buyer education and issue you a Certificate of Completion. Printed May 2009 P. .. Applying for a Mortgage: :8 . 1. During the credit counseling you will learn about the mortgage loan rrr:~ process. 2. To utilize your DCA voucher for the purchase of a home you will be a W ream required to use the DCA Georgia Mortgage program. he Counselor will provide you information about this program. 3. The Counselor will provide you with a list of Georgia Dream participating lenders. 4. Choose a lender near you and make an appointment to complete an application for pre-approval. - 5. The lender can tell you how much you may qualify for what may or may not be affordable considering your total expenses and individual circumstances. 6. You will then be ready t o begin the search for your home by visiting the community in which you would like to live, searching the internet for homes for sale, or by contacting a real estate professional. Remember: You must honor your current rental agreement: Check with your landlord and the FSS coordinator in your jurisdiction t o make sure you know the terms before you sign a contract t o purchase a home. Be Patient: It takes time to complete the loan process. Your loan will have t o meet the approval of the underwriters of the mortgage company and the DCA Georgia Dream program. Your local rental assistance office must perform a HQS inspection. You will also be required to purchase an inspection by a certified home inspector and an appraisal will have t o be performed. Work closely with your lender and respond quickly t o all requests for information. For more information contact: Algernon Roberts at 404-679-0645 or 877-807-6232 al.roberts@dca.ga.gov 3eorN Department of Community Affairs 60 Executive Park South N.E. Atlanta, GA 30329 Attention: Al Roberts