Vouchers

 

The Northwest Land Trust partners with many organizations to provide  homeownership. We are particularly interested in Section 8* and Housing Choice Voucher (HCV) families. Families can purchase a single-family home, townhome, condominium, or cooperative anywhere in-state. Most families utilize the voucher to pay a portion of their mortgage – the same way families use a voucher to pay a portion of their rent. Other families can take on the full portion of their mortgage, and don’t require any financial assistance from the program. These families are able to transition directly into homeownership and out of subsidized housing. *Section 8 has been renamed the Housing Choice Voucher (HCV)  program.

STEP 1: Attend Orientation & Complete Application

STEP 2: Meet with Staff and review program grant funds

STEP 3: Home buyer education

STEP 4: Pre-Qualify for a Mortgage

STEP 5: Shop for a home

STEP 6: Submit an Offer

STEP 7: Pass Inspections

STEP 8: Receive Lender - Commitment

STEP 9: Close on Home

STEP 10: Post Purchase Counseling

Homeownership is open to families in the Home Choice Voucher (Section 8) or public housing programs who meet the following requirements:

Income: Working and/or self-employed families must meet or exceed 50% of area median income. Senior and/or disabled Head of Households must meet or exceed the income exception amount currently at $8,820 annually.

Credit: In order to secure a mortgage loan, you must have scores of 640 or higher and have good credit history.

Down Payment: A minimum $3,000. down payment of the purchase price is required and down payment must come from personal savings.

Reserve: Establish a maintenance reserve account of at least $1,000 prior to closing in order to provide families with a financial - safety net against unexpected repairs.

Financing Options: 30-year, fixed rate, FHA, Conventional, or VA Loans