Housing Choice Voucher - FAQs
Homeownership Frequently Asked Questions
Homeownership is an exciting milestone, and at Housing Daytona Beach, we’re proud to support families in taking this life-changing step toward building long-term wealth.
Through the Housing Choice Voucher (HCV) Homeownership Program, eligible families can use their vouchers not just for rent- but to purchase a home. It’s an incredible opportunity to create stability and invest in your future.
However, there are specific qualifications that must be met before beginning the homeownership journey. We’re here to guide you every step of the way!
Yes, Housing Daytona Beach requires a down payment of at least 3% of the purchase price and that at least 1% of the purchase price comes from the family’s personal resources.
Example: $200,000 purchase price multiplied by 3% is $6000
$200,000 purchase price multiplied by 1% is $2000
Therefore, a total of $6000 would be the required downpayment, out of the $6000, the family must have saved $2000 of their own funds.
Yes, a family must meet the Federal minimum income requirement. The family must have a gross annual income equal to the Federal minimum wage multiplied by 2000, based on the income of the adult family members who will own the home.
$7.25(2000) $14,500 annually
Yes, the minimum income requirement is equal to the current SSI monthly payment for an individual living alone, multiplied by 12.
$967(12) $11,604 annuallyFamilies must satisfy the employment requirements by demonstrating that one or more adult members of the family who will own the home at the time of homeownership assistance are currently employed on a full-time basis. Full-time means not less than an average of 30 hours per week and has been continuously employed during the year before commencement of homeownership assistance for the family.
Yes! Families must meet these additional requirements:
- The family has not had any family-caused HQS inspection violations in the last year.
- The family is not within the initial one-year period of the Housing Assistance Payment contract.
- The family owes no money to Housing Daytona Beach.
- The family has not committed any serious or reported violations of the lease in the past year.
Yes, HDB will assist five new homeownership families per calendar year.
You must be a voucher participant for a minimum of 1 year.
Yes, the family must complete credit counseling through an HDB approved agency.
Yes, the family must complete a homeownership course through an HDB approved agency.
No, however, families that participate in FSS for at least six months or have graduated from the program will be given preference over other families who have not. Elderly and disabled families will automatically be given this preference.
No, however, as a check against predatory lending Housing Daytona Beach will review the financing of each purchase transaction including estimated closing costs. Housing Daytona Beach will review the loans for features such as:
- Balloon Payments
- Adjustable-Rate Mortgages
- Unusually High Interest Rates
All the above are prohibited. Additionally, Housing Daytona Beach will not approve seller financing or owner-held mortgages.
Yes, the mortgage the family applies for must require a minimum down payment of at least 3 percent of the sales price with 1 percent of the down payment coming from the purchaser’s personal funds. Housing Daytona Beach will not require the family to have any more than 1 percent of their own money in the transaction. However, in cases where a lender is requiring a larger amount, the family may be held to the underwriting guidelines set by their lending institution.
Fifteen years, if the initial mortgage incurred to finance purchase of the home has a term of 20 years or longer or 10 years in all other cases.