Homeownership Program

Homeownership Program: The Housing Choice Voucher (HCV) Homeownership Program enables a current HCV holder to use that voucher to assist with a mortgage payment as opposed to a rent payment. The family must meet the following eligibility criteria in order to be placed on the waiting list:

1. Be a current participant in the HCV program through the Fort Collins Housing Authority (FCHA)
2. Have been a participant in FCHA's HCV program for the past year
3. Be in good standing with FCHA
4. Be a first-time homebuyer
5. Be currently employed full-time and have been employed for the past year *
6. Earn an annual income of at least $10,300 *

* Does not apply to disabled families

If a family meets the eligibility criteria they are placed on the waiting list, which is currently about 1 - 2 years. When a family begins working with the Homeownership Coordinator they start by setting interim goals to move toward their final goal of homeownership. The family may need to work on their budget or start a savings plan. Or they may need to focus on paying off some debt or clearing up their credit. The family will also be required to complete a first-time homebuyer class and a financial fitness class.

When the family has completed all of their short-term goals they will begin working with an approved lender to get pre-qualified for a home loan. The lender will use the Housing Authority's contribution to increase the buying power of the family. After pre-qualification the family will work with a realtor to search for a home to purchase on the open market. The Homeownership Coordinator will work closely with the family to help with and provide resources for down payment assistance, home inspections, lenders, loan products and anything else that comes up during the home buying process.

See Home Buyer Assistance Program (http://fcgov.com/affordablehousing/hba.php) for more info.

Home Purchase Program: FCHA will occasionally purchase homes that have gone into foreclosure. These homes often have special loans and grants attached to them that can be carried over to the new buyer. This allows the buyer to acquire a loan for a much lower amount, making the home more affordable. In order to be eligible to purchase these properties, the family must earn 80% or less of the Area Median Income, complete a homeownership course and qualify for a loan with a lender (certain loan criteria apply).

Additional Housing Programs
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