FAQ - Homeownership Eligibility

Question


What are the eligibility requirements to for the Portland Housing Authority's Voucher Homeownership Program?

Answer

To be eligible, you must meet all of the following criteria:
    • The family must have been on the Portland Housing Authority (PHA) Housing Choice Voucher (HCV) Program for at least 1 year.

    • The family must be in good standing. Good standing is defined as:
      • No debts owed to PHA, other PHAs, or current landlord
      • Not in violation of your lease or family obligations under the HCV program
    • The family must be income eligible:
    1. Non-disabled families must have a minimum gross annual income of $22,000, based on the income of adult family member(s) who will own the home.  Income from welfare assistance may not be counted toward this requirement. (HUD minimum wage x 2,000 hours)
    2. Elderly families (Head, Spouse or Co-head is 62 years of age or older) must have a minimum gross annual income of $22,000, based on the income of the adult family member(s) who will own the home.  Income from welfare assistance for the adult family member(s) will be counted towards this requirement (HUD minimum wage x 2,000 hours).
    3. Disabled families (Head, Spouse or Co-head is disabled) must have a minimum gross annual income of $14,000, based on the income of adult family members who will own the home. Income from welfare assistance for the adult family member(s) will be counted towards this requirement.  (HUD minimum SSI x 12 $9,396)
    4. If a family meets the HUD minimum indicated above but not the PHA minimum annual income requirement the PHA shall consider them to satisfy the minimum income requirement if:
      1. The family demonstrates that is has been pre-qualified or pre-approved for financing;
      2. The pre-qualified or pre-approved financing meets the PHA financing requirements; and
      3. The pre-qualified or pre-approved financing amount is sufficient to purchase housing that meets Housing Quality Standards in our area, approximately $180,000.
    • At least one adult family member, who will own the home, must be working full time, at least 30 hours per week and must have been employed full time at the same job for at least one continuous year.  This minimum employment requirement does not apply to elderly or disabled families.
    • Employment Requirement:
    1. One or more adult family members who will own the home must be employed full time (average of 30 hours per week) and must have been employed continuously full time at the same job for the last year prior to application.
    2. The employment requirement does not apply to elderly or disabled families (families whose head of household, spouse, co-head, or sole member is elderly or disabled).
    3. If a family, other than an elderly or disabled family, includes a person with disabilities, the PHA may grant an exemption from the employment requirement if the PHA determines that an exemption is needed as a reasonable accommodation so that the program is readily accessible to and usable by persons with disabilities.  If a family wants such a reasonable accommodation, they must request and complete the required additional forms.
    • You must qualify as a first time homebuyer per the HUD definition, which is not having owned a home within the past three years. Exception is made for single parent/displaced homemaker families that owned a home with a prior spouse.
    • You must successfully complete a HUD approved Homebuyer Education.
    • The applicant(s) must be pre-approved by a reputable mortgage lender; OR have verification of $1,000 three-month average daily balance in a savings account and proof of credit score of at least 640. 
    • You must sign a Statement of Homeowner Obligations prior to closing on a home.