Chapter 1 - San Diego Housing Commission

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Chapter 15 – Moving Forward: Housing Choice Voucher Homeownership Program Qualification Tool, and if self-qualified, the applicant will download and complete the HCV Homeownership Program application. The application and all supporting documents will be submitted to the HCV Homeownership Assistant for review and further determination of eligibility. 1. Application Form An applicant must complete and submit the Homeownership Application to the HCV Homeownership Assistant for review. The application includes information on income, assets, obligations, and family composition, first-time homebuyer status, employment, etc. 2. Application Attachments - The last six (6) months of bank statements or other documentation verifying $3,000 in savings or an acceptable account that will be designated for the personal funds down payment requirement. - A completed and signed Homeownership Landlord Reference form. - A signed Authorization for Release of Information form. - If applicable, a verification of disability, if not on file. - The applicant must document household composition for all individuals who will reside in the household. 3. Application Review Upon receipt of an HCV Homeownership Application, the HCV Homeownership Assistant determines whether an applicant meets the eligibility criteria for the program. The application review will include: - Evaluation of family composition and HCV rental status; - Review of income, savings, and disability documentation; - Verification that the applicant is in compliance with all lease provisions using SDHC Landlord Reference form; - Evaluation of employment history; - Verification of “good standing” requirements; and - Verification of other program requirements. All documentation is subject to independent verification by SDHC program staff. The HCV Homeownership Assistant will review the file for discrepancies or omissions. If, at any time throughout the process, the HCV Homeownership Assistant sees a discrepancy in the information reported, the applicant will be required to correct the discrepancy before any further processing. SDHC shall perform an interim reexamination, resolve whether further action is necessary, and report the outcome to the Director of the HCV Program or designee. If, in the course of a loan application, a loan originator, or other third party, documents income not previously reported to SDHC, SDHC will conduct an interim reexamination of income. Should the reexamination result in a debt or proposed repayment agreement, SDHC shall retain sole discretion to withdraw the Certificate of Eligibility subject to the outcome of any grievance procedure related to the income discrepancy. The participant family must remain on the HCV program for an additional year, in good standing, before SDHC will further review the applicant for possible re-issuance of a Certificate of Eligibility. 15-4
Chapter 15 – Moving Forward: Housing Choice Voucher Homeownership Program E. DETERMINING “MORTGAGE READY” APPLICANTS Applications for homeownership are date-stamped. Complete applications – those with all necessary attachments in place – are placed on a waiting list in order of date and time received and preferences. A Certificate of Eligibility is awarded on a first-come, first-served based on HCV Homeownership preferences after a participant is determined eligible and “mortgage ready.” SDHC will issue Certificates of Eligibility each fiscal year as set forth in SDHC’s Moving to Work Plan and program goals. The Certificate of Eligibility contains an estimate of the amount of HAP available to the family. This estimate is useful to the applicant and lender when determining income and debt ratios. 1. Incomplete Applications Incomplete applications will not be reviewed and will be returned to applicants for completion. A checklist of application deficiencies will be attached to the incomplete application. Participants must correct all deficiencies noted on the checklist and resubmit the checklist, complete application, all attachments, and the last six months of bank statements verifying $3,000 in savings for additional consideration. Applications that are returned for incompleteness will be re-stamped and dated when they are returned complete. 2. Homeownership Counseling SDHC partners will provide homeownership counseling after an acceptable application is submitted and before a Certificate of Eligibility is issued. An HCV applicant must attend and satisfactorily complete the pre-assistance counseling program within 12 months before the Certificate of Eligibility is issued. The counseling program includes, but is not limited to, the topics listed below. Applicants whom SDHC determines are not yet “mortgage ready” may be required to obtain additional information on any of the following issues: - Is homeownership right for the applicant - Special needs of disabled home buyers/fair housing issues; - Budgeting and money management; - Credit counseling; - How to negotiate the purchase price of a home; - How to obtain homeownership financing and loan pre- approvals, including a description of types of financing that may be available, and the pros and cons of different types of financing; - How to find a home, including information about homeownership opportunities, schools, and transportation services in the area; - Information about the Real Estate Procedures Act, State and Federal truth-in-lending laws, and how to identify and avoid loans with oppressive terms and conditions; - Home maintenance. Upon completion of the pre-assistance counseling provided by partnership agencies, the applicant shall be scheduled for a homebuyer briefing by SDHC will be scheduled to include: - Certificate of completion; - Housing search; 15-5
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CHAPTER 1 - STATEMENT OF POLICIES A
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3. Veteran ________________________
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CHAPTER 5 - SUBSITY STANDARDS, VOUC
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CHAPTER 8 - ANNUAL REEXAMINATIONS A
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C. MOVING FORWARD: INSPECTIONS AND
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X. INFORMAL HEARING POLICY ________
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CHAPTER 15 - MOVING FORWARD: HOUSIN
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Chapter 1 - San Diego Housing Commission

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