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HCV Homeownership

HOPE (Home Ownership Preparation & Education)

TGHA provides current Housing Choice Voucher program participants the opportunity to participate in a home ownership program. If a family meets the criteria stated below, the rental voucher can convert to a home ownership voucher.

Disclaimer: Eligibility to enroll and participate in the HOPE (Home Ownership Preparation and Education) Program is not guaranteed eligibility of home ownership. Eligibility to enroll and participate in the HOPE program only guarantees the participant case management support, education, and counseling for the duration of his or her participation in the application and credit repair process. The Head of Household must independently obtain a mortgage prequalification letter from a financial institution. The prequalification letter will state the dollar value of the home that can be purchased by the participant, and provides the participant the opportunity to work with a real estate broker.

  • Ø The Head of Household must currently be an active HCV participant, and must have been leased up using the HCV/Section 8 voucher for a minimum of one year.
  • Ø The voucher family must currently be in compliance with all HCV program requirements, and must be a family in good standing.
  • Ø The Head of Household and/or Spouse must have maintained full-time employment continuously for a minimum of one year.
  • Ø Total annual gross income must exceed $25,000 ($23,000 for disabled families). This does not include the value of the voucher.
  • Ø Total annual household income cannot be derived from any form of welfare unless it is an elderly and/or disabled person.
  • Ø No household member may have any ownership in any other real property.
  • Ø The purchaser of the home (and all household members) may not have held title to any property for a period of three years prior to participation in the HOPE program.
  • Ø The Head of Household must enroll in TGHA’s Family Self-Sufficiency (FSS) Program.
  • Ø The Head of Household agrees to attend the Home Ownership 101 and Homebuyers Education classes conducted by TGHA’s partnering agency, Greenville County Human Relations Commission, hereafter referred to as GCHRC,, and any additional supplemental education classes deemed necessary by TGHA.
  • Ø Every household member over the age of 18 (with the exception of the Head of Household) must attend the Credit Smart class conducted by GCHRC.
  • Ø The participant must continue personalized, one-on-one credit counseling until the following criteria are met: minimum credit score of 640, zero past-due debt, and a debt-to-income ratio of no greater than 35%
  • Ø The participant will establish a restricted savings account with Community Works Federal Credit Union, and deposit the required maintenance and replacement reserve in the amount of $25 on a monthly basis. The participant must save a minimum of $1000 before home ownership can be pursued, to cover the costs of the home inspection and all closing fees.
  • Ø Upon successful completion of the preparation and education portion of the program, the family will be referred to a participating financial institution to be pre-qualified for an affordable home. TGHA will provide the financial institution with the family’s estimated homebuyer subsidy for inclusion in the qualification determination.
  • Ø The family will be issued a homebuyer voucher upon submission of the pre-qualification confirmation from the financial institution. The family must enter into a purchase agreement within the specified time allotted.
  • Ø The total tenant payment, tenant rent, and housing assistance payments shall be calculated in accordance with all provisions of the Housing Choice Voucher program.

For complete details regarding the HOPE Program, call the Community Services department at 864-385-6226.