HCV Homeownership

Housing Choice Voucher (HCV) Homeownership Program

Are you interested in owning your own home? If you are an Housing Choice Voucher (HCV) participant, there’s good news! The HCV Homeownership Program is designed to help low-income families transition from renting to owning. With this program, you can apply your monthly voucher amount towards your mortgage payments instead of rent. This means you may own a home with the support of the HCV program for up to 15 years, and even longer for certain eligible families.

Your Steps to Homeownership

Embarking on the journey to homeownership through the HCV Homeownership Program involves a few important steps:

  1. Educational Foundation: Each family must complete a HUD-approved homeownership counseling and education program. This is crucial for understanding the ins and outs of buying a home and managing a mortgage.
  2. Securing Financing: While Fresno Housing supports your path to homeownership, it does not provide loans or determine the amount you can borrow. It’s up to you to secure financing. Finding a knowledgeable lender is essential for the success of your homeownership journey.
  3. Financial Assistance: Please note that Fresno Housing does not offer down payment assistance or financial aid apart from the Housing Assistance Payment (HAP). Your voucher can be applied to your monthly mortgage but it’s up to you to secure your other financial needs.
  4. Freedom of Choice: You have the freedom to choose from a variety of mortgage loan products and lenders. The HCV Homeownership Program does not limit you to specific options.
  5. Real Estate and Inspection: It’s in your hands to find a real estate agent who understands your needs and preferences. Additionally, hiring an independent inspector is vital to ensure the property meets your standards and requirements.
Where to Start
  1. Watch the video below
  2. Meet with a lender to determine your borrowing power and credit readiness.
  3. If your lender confirms you qualify for a mortgage, contact Fresno Housing to be prescreened for program eligibility.
  4. Submit required forms and documents.
  5. Once approved, you’ll receive an Authorization to Search letter, starting your 120-day search period to find a home.
Watch the video below explaining the Housing Choice Voucher homeownership program.

Fresno Housing Homeownership Program Overview
For questions please email:[email protected] or call (559) 441-2326

General Eligibility Requirements

  • Must be a current HCV participant and first-time homebuyer (no homeownership in the last 3 years)
  • Must meet income and employment requirements:
  • At least 30 hours/week of employment for the past year. (Exemptions apply for elderly or disabled households)
  • No serious program violations or outstanding debts to Fresno Housing
  • Must complete a HUD-certified homeownership counseling (must be completed before HAP payments begin)
  • Program is voluntary and subject to availability

Assistance time limits:

  • 15 years for mortgages of 20+ years
  • 10 years for mortgages under 20 years
  • No limit for elderly or disabled households

Key Program Details

  • Eligible homes: single-family, condo, or mobile home (must own the land or have at least a 40-year lease)
  • Must pass two inspections: Fresno Housing HQS inspection & Independent professional inspection paid for by the buyer
  • Financing must be a fixed-rate mortgage with a licensed, reputable lender (no balloon or seller-financed loans)

Lenders Contact Information (below)

Guild Mortgage

Self Help Federal Credit Union
Information for Lenders (FAQ)