• To be eligible, you must meet the following guidelines:
   
• Have a Housing Choice Voucher Program voucher and received assistance for 1 year prior to application to the Welcome Home program.
   
• Be in good standing with Greensboro Housing Authority.
   
• Be a first-time homeowner (not had ownership interest in a home in the past three years, unless divorced).
   
• Meet the minimum income requirements without having received income from public assistance.*
   
• Meet the employment requirement.*
   
• Not have defaulted on a Housing Choice Voucher Program-assisted mortgage-securing debt to purchase a home.
   
• Not have any household member who has a present ownership interest in a residence at the beginning of assistance.

*These requirements do not apply to elderly and/or disabled households

The head of household, spouse or adult family member must have a gross annual income of $15,000 per year which is equal to the federal minimum wage, times 2913 hours.
 

The head of household, spouse or adult family member must be employed full time which is at least 30 hours per week (1560 hours annually), and employed continuously for at least one year prior to submitting the Welcome Home application, or self-employed for the past two years. This requirement does not apply to elderly and/or disabled households.

Once determined eligible, family participant requirements are:

  1.   Completion of a homeownership counseling program approved by GHA

  2.   Location of a home, securing financing, and closing on your home within 120 days upon acceptance into the Welcome Home program

  3.   Submission of your sales agreement for approval by GHA

  4.   Inspection of your proposed home by GHA to assure that it meets Housing Quality Standards (HQS)

  5.   Securing independent inspection(s) covering all major building systems

  6.   Receiving GHA approval of proposed mortgage

  7.   Entering into a written agreement with GHA to comply with family obligations under the Welcome Home program.
 

GHA has partnered with several area non-profit organizations to provide homeownership counseling which will include information about:

1. Family budget management

2. Homeowner’s insurance

3. Fair housing

4. Working with a realtor

5. Home inspection

6. Mortgage financing

7. Closing on your home

8. Rights and responsibilities of home ownership, and

9. Basic home maintenance.

GHA will also calculate your Housing Assistance Payment (HAP), verify income and employment information, determine the amount of your cash contribution toward the purchase of your home, conduct the HQS inspection, review the contract for sale, review and approve financing, provide annual re-certification, and encourage post-purchase homeownership counseling.

You may purchase a single-family home, manufactured home (either on a leased space or real property), condominium or interest in a cooperative, and units purchased through a lease-purchase agreement.



You may purchase your home within the City of Greensboro or anywhere in Guilford County with the exception of the City of High Point.
 

Provided the family complies with the Family Obligations, assistance will continue for fifteen years when the initial mortgage is for twenty years or more.

The term will be ten years if the initial mortgage is for less than twenty years. Participation ends when the assistance amount is zero ($0.00) for a period of six consecutive months. There is no term limit for disabled and elderly families.

* The continuance of assistance will be dependent upon funding from

the Department of Housing and Urban Development (HUD).
 

You are encouraged to research and select the lender who will work with you to purchase your home. GHA will provide you with a list of lenders who are familiar with the Welcome Home program and will be most likely to accept your HAP assistance toward your mortgage payment and calculate your income based on your HAP assistance.
 

The contract for sale should:

• Include the price and other terms of the purchase.
   

• Provide that you (the purchaser) will arrange for an independent home inspection.
   

• Provide that you are not obligated to purchase the unit unless the inspection is satisfactory to you and GHA.
   

• Provide that you are not obligated to pay for necessary repairs.
   

• Contain a certification from the seller that the seller has not been debarred, suspended, or subject to a limited denial of participation.
   

If you have more questions about the Welcome Home Homeownership program, call Linda Long at 303-3109 or Bernard Rankin at 303-3059.




Revised 07/01/03


 

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