Chapter 1 - San Diego Housing Commission

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Chapter 15 – Moving Forward: Housing Choice Voucher Homeownership Program 1. An independent home inspection, and 2. An HQS inspection. 1. Independent Home Inspection HUD regulations require a home inspection by an approved independent, professional home inspector. The family is required to select and pay for a home inspector to identify any physical defects and determine the condition of the major building systems and components. The buyer and SDHC must receive a written report of this examination describing the observable major defects, required repairs and/or accessibility modification requirements. The inspector shall also be acceptable to the local lending institutions. In all cases, the inspection must cover major building systems and components, including foundation and structure, housing interior and exterior, and the roofing, plumbing, electrical and heating systems. The unit must pass a termite or wood destroying organism report and any other requirements as determined by the State. SDHC may not require the family to use an independent inspector selected by SDHC. The independent inspector may not be a SDHC employee or contractor, or other person under control of SDHC. However, SDHC has established standards for qualification of inspectors selected by families under the homeownership program. SDHC and the family will discuss the results of the inspection and determine if any pre-purchase repairs are necessary. ICBO inspections performed by an independent inspector, performed at periodic points in the homebuilding process, may be utilized. The cost of the ICBO inspection is included in the cost of the home. SDHC may disapprove the unit for purchase based on the results of the independent inspection. 2. Housing Quality Standards (HQS) Inspection A Housing Quality Standards (HQS) inspection is required whenever the home is 100% ready for occupancy. The condition of the home must satisfy HQS standards before commencement of homeownership assistance. SDHC will conduct a Housing Quality Standards (HQS) inspection first, and if satisfactory, then require the independent inspection. No further HQS inspections are required if CalFHA or specific lender requirements preclude the HQS after the initial inspection. However, SDHC reserves the right to conduct interim HQS inspections before continuing to provide yearly homeownership assistance. SDHC may exercise this option during the first reexamination cycle, or if it has reason to believe the home would no longer meet HQS standards, or has reason to believe that unauthorized individuals are living in the household, or if required by HUD or other program violations. Non-compliance with HQS standards may jeopardize a family’s housing assistance payment. If the home does not pass the initial HQS inspection, the HCV Homeownership Assistant will discuss with the purchasing family whether it would be more feasible to locate another home to purchase, or to have the needed repairs completed prior to the sale. K. FINANCING AND AFFORDABILITY OF PURCHASE It is the responsibility of the family to secure financing for the home purchase. The issuance of the Certificate of Eligibility does not guarantee that a family has the ability to secure financing for a home purchase. The HCV Homeownership Assistant and/or partner agencies will provide guidance to 15-10
Chapter 15 – Moving Forward: Housing Choice Voucher Homeownership Program potential homebuyers to ensure they avail themselves of various down payment assistance programs, optimum loan packages, mortgage interest rates, and ways to avoid predatory lending practices. SDHC reserves the right to implement a maximum home price for the HCV Homeownership program, to ensure affordability of purchase. At its discretion and in consultation with the mortgage lender(s), SDHC will pay homeownership payments either directly to the mortgage lender(s), to the family or into a trust account. If SDHC opts to pay into a trust account, SDHC and the family will pay their appropriate portion of the mortgage payment directly into the account on a monthly basis. Neither SDHC nor the family will be able to withdraw monies from the trust account without written permission of the lender(s), SDHC and the family. The mortgage lender(s) will withdraw the appropriate mortgage payment from the account on a monthly basis. If SDHC opts to pay the lender(s) directly or pay into a trust account and the assistance payment exceeds the amount due the lender(s), SDHC will pay any excess directly to the family. 1. Down Payment Requirement The purchasing family is required to invest at least $3,000 of their own funds, which may not be a gift or a loan. This investment can take the form of a down payment, closing costs, or a combination of the two. The buyer may acquire financing through any SDHC approved lender. If the home is purchased using FHA mortgage insurance, it is subject to FHA mortgage insurance requirements. Qualified participants may use the value of rental assistance as a form of “income” to help them qualify for a mortgage. The lender will determine the application of HAP to the mortgage model, subject to approval by SDHC. Their assistance may be applied directly against their mortgage payment, therefore enabling a borrower to qualify for a home purchase. There is no prohibition against using local/state grants or other subsidized financing in conjunction with the Housing Choice Voucher Homeownership Program. The program can be combined with a variety of mortgage loan products and other HUD programs to assist a potential homebuyer in achieving the most favorable interest rate and terms of purchase. 2. Foreclosure Incentives SDHC may offer incentives to participants who elect to purchase foreclosed properties within its jurisdiction. These incentives will be subject to funding availability and applicant/unit eligibility. - An incentive of $10,000 per eligible family may be granted and used as down payment assistance, closing costs and/or SDHC pre-approved home repairs to bring a unit to HQS compliance before housing assistance begins. The funds may only be used for the purposes listed above; if the funds required for the above are less than $10,000, the lesser amount will be granted. - From MTW funds, SDHC may pay the entire mortgage payment(s) for the first two months of homeownership. Please note that families who purchased a home under the previous Foreclosure Incentives (during Fiscal Years 2009-2011) will not have their assistance timeframe shortened as indicated in previous Administrative Plans. 3. Lending Partners SDHC may not influence a family’s choice of lending options by limiting the use of homeownership assistance to particular units, neighborhoods, developers, lenders or require a family to use a set 15-11
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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 - Statement of Policies a
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Chapter 1 - San Diego Housing Commission

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