Am I limited to how much I may pay for a home?

The amount you are able to pay is dependent on your total income and resources. The mortgage lender will consider your income, housing assistance payment and any other additional assistance that you may be receiving from an outside source or agency. The lender will pre-qualify you based on income and other financial information. It is important to have this pre-qualifying letter before you begin shopping for a home. In this way, you can know how much home you can afford based on your financial standing.

Show All Answers

1. What is the Housing Choice Voucher Home Ownership Program?
2. Who qualifies?
3. How do I know I'm ready for home ownership?
4. What is an eligible home?
5. Will you find me a home to live in?
6. Will I need to get my home inspected?
7. What about financing?
8. Can my family help me buy the home?
9. Am I limited to how much I may pay for a home?
10. How do I make the mortgage payments?
11. What do I pay for?
12. Are there ongoing requirements?
13. Will I still have to have a re-certification meeting each year, even after I purchase the home?
14. Are there any time limits?
15. Can I purchase another home?
16. Will purchasing a home make me ineligible for other assistance programs such as food stamps, Medicaid and Medicare?
17. What if I have trouble maintaining my home or paying my mortgage?
18. What if I get terminated from the program?