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The Greenville Housing Authority

HCV Homeownership

TGHA provides current Housing Choice Voucher program participants with the option of participating in a Homeownership Program. If a family meets the eligibility criteria stated below, you can convert your rental voucher into a homeownership voucher.

Eligibility Criteria 

Disclaimer:  Eligibility to enroll and participate in the Homeownership program is not guaranteed eligibility of homeownership. 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 with the opportunity to work with a real estate broker.

Eligibility to enroll and participate in the Homeownership program guarantees the participant case management support and counseling for the duration of his or her participation in the application and credit repair process.

1.    The Head of Household must have had a HCV/Section 8 voucher for a minimum of one year.

2.    The Head of Household and/or Spouse must have maintained full-time employment continuously for a minimum of one year. (Elderly or disabled families are exempt from this criteria).

3.    Total annual gross income exceeds $15,000 per year ($12,000 for disabled families). This does not include the value of the voucher.

4.    Total annual household income cannot be derived from any form of welfare unless it is an elderly and/or disabled person.

5.    No family (household) member may have any ownership in any real property.

6.    The purchaser of the home may not have held title to any property for a period of three years prior to participation in this homeownership program.

7.    No family member may have a history of foreclosure on a mortgage or other purchase instrument for the past three years prior to receiving assistance under TGHA HCV Homeownership Program.

8.    The Head of Household must enroll in TGHA’s Family Self-Sufficiency Program.

9.    The Head of Household agrees to attend the Homeownership 101 and Homebuyers Education classes conducted by Greenville County Human Relations Commission, hereafter referred to as GCHRC.

10.   Every household member over the age of 18 must attend the Credit Smart class conducted by GCHRC (with the exception of the Head of Household).

Self-Sufficiency Homeownership Counseling

The Housing Authority will target the homeownership program to current and future participants of the HCV Family Self-Sufficiency program and the HOPE VI Self-Sufficiency programs provided that HCV Assistance will not be used jointly with HOPE VI funds for the same assisted family.

The Housing Authority will enter into an Agreement with one or more certified home buyer counseling agencies to administer the required homeownership-counseling program. Interested households will be referred for pre-determination of credit worthiness. If it is determined that a household is credit worthy, then a homeownership plan will be developed. If a family is not credit worthy, the family will be referred to the FSS program (if not a current participant) to move the family towards credit worthiness.

Issuance of Homeownership Voucher 

Upon successful completion of the homeownership plan, the family will be referred to a participating financial institution and be pre-qualified for an affordable home. The Housing Authority will provide the financial institution with the family's estimated homebuyer subsidy for inclusion in the qualification determination.

The family will be issued a homebuyer voucher upon submission of the pre-qualification confirmation from the financial institution. The voucher will be valid for a total of 180 days from the date of issuance. The family must enter into a purchase agreement within the time period allotted. No extensions will be granted.

Total Housing Costs 

The total housing costs for the assisted family is defined as principal, interest, taxes, insurance, and a maintenance reserve. Total housing costs cannot exceed the applicable payment standard under the Housing Choice Voucher Program based on the designated bedroom size.

Down Payment and Financing 

A minimum down payment equal to 3% of the purchase price of the selected home is required for participation in the program. At least 1% of this requirement must come from the household's own funds. The assisted household is required to secure a private fixed rate thirty-year, twenty-year, or fifteen-year fully amortizing mortgage.

Subsidy Payments 

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 more information about Homeownership, contact the Housing Authority.

Homeownership Eligibility Checklist

Homeownership Pre-Qualification Questionaire