About CHA Homeownership Programs
Columbia Housing Authority is dedicated to providing opportunities for people to become homeowners through training, counseling and financial assistance in a number of different programs. Each program has specific qualifications, but all require prospective homeowners to complete 12 hours of training about the home buying process. Click here to view schedule.
CHA Homeownership Programs in 2008
CHA Down Payment Assistance Gap Financing Program
The CHA Down Payment Assistance Gap Financing Program allows eligible families who are interested in purchasing a single-family home in Richland County to receive up to $28,000 in down payment and closing cost assistance. This program was designed to provide financial assistance for first time home buyers.
The amount of gap financing awarded will be based upon the sale price of the home, minus the sum of the following: mortgage loan, minimum $1,000 out-of-pocket down payment, and other down payment resources.
This program will not be offered after September 30, 2008.
The following conditions MUST be met BEFORE completing an application:
- Applicant must be approved for a mortgage loan;
- Applicant must have a contract on a home;
- Applicant must complete CHA or other qualified homeownership training classes.
To qualify, a person must:
- Intend to purchase a home in the city of Columbia or anywhere in Richland County;
- Be a first time homebuyer, or not have signed or cosigned on a mortgage loan within 18 months preceding the closing date;
- Have gross household income at or below 80 percent of the Area Median Income (AMI), as defined by HUD;
- Have satisfactory credit;
- Have income and debt that qualifies within affordability range of homes sales price;
- Be able to verify continuous employment for the 12 months prior to applying;
- Complete homeownership training, which includes classes on home buying, budget and credit, and home and yard maintenance, as well as individual homeownership and credit counseling;
- Be approved for a mortgage loan and other down payment programs prior to completing the application for assistance.
Other Conditions:
- The buyer must contribute at least $1,000 toward down payment and pay all prepaids;
- Program participants must live in the purchased home for at least 10 years in order for 100 percent of the second mortgage to be forgiven;
- Owner must occupy home as his or her primary residence for the term of the agreement;
- The house must pass a Housing Quality Standards (HQS) Inspection prior to closing.
Interested?
Potential applicants are required to attend one information session at the Cecil Tillis Center during
April and May - Wednesdays 12:15 - 1p.m. or
Thursdays 5:15 - 6 p.m. The schedule may change in June, so call 254-3886, ext. 220 for updates.
Columbia Housing Authority is not obligated to grant funding to anyone who has expressed interest in the program or completed an application for assistance once funds have been exhausted. Completing an application for assistance does not guarantee that funds will be awarded. Columbia Housing Authority Down Payment Gap funds will be allocated based on the order in which the homes are closed.
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Celia Saxon Second Mortgage Homeownership Program
The Celia Saxon Second Mortgage Homeownership Program allows eligible families who are interested in purchasing a single-family home in the Celia Saxon community to receive up to $25,000 in down payment and closing cost assistance.
To qualify, a person must:
- Intend to purchase a home in Celia Saxon;
- Be a first time homebuyer, or not have signed or cosigned on a mortgage loan within 18 months preceding the closing date;
- Qualify for at least a $70,000 first mortgage;
- Have gross household income at or below 80 percent of the Area Median Income (AMI), as defined by HUD;
- Have satisfactory credit;
- Have income and debt that qualifies within affordability range of homes sales price;
- Be able to verify continuous employment for the 12 months prior to applying;
- Complete homeownership training, which includes classes on home buying, budget and credit, and home and yard maintenance, as well as individual homeownership and credit counseling.
Other Conditions:
- Program participants must live in the purchased home for at least 10 years in order for 100 percent of the second mortgage to be forgiven;
- Owner must occupy home as his or her primary residence for the term of the agreement.
How do I apply?
Individuals and families should contact the HOPE VI/FSS Department at (803) 254-3886, ext. 220.
Learn more about Celia Saxon
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Section 8 Homeownership Program
Families currently housed under the CHA Section 8 Housing Choice Voucher Program can convert their rental subsidy to a Housing Assistance Payment (HAP) that they can use toward the purchase of a single-family home, condominium or townhouse for up to 15 years, provided they remain eligible all 15 years. Elderly or disabled families may receive assistance for up to 30 years, if they remain eligible.
To qualify, an individual or family must:
- Have been in the Section 8 Program for at least one year with CHA or another housing authority (if they have transferred their voucher to CHA’s jurisdiction);
- Not owe CHA or any other housing authority money;
- Qualify as a first-time homeowner under HUD guidelines;
- Have a minimum household income of $10,300 annually;
- Have been employed for 12 consecutive months, working at least 30 hours per week (but elderly and disabled individuals are exempt).
Families must also:
- Agree to purchase a single-family home, townhouse or condominium in Richland County, SC;
- Qualify for a 30-year fixed-rate mortgage with acceptable loan terms;
- Provide minimum cash investment from personal savings or other sources that totals 3 percent of assets or $500, whichever is greater;
- Meet eligibility requirements for the program during the entire time they receive homeownership assistance from CHA;
- Complete homeownership training, including classes on home buying, budget and credit, and home and yard maintenance.
How do I apply?
Individuals and families should call the CHA Section 8 Department at (803) 254-3886, ext. 210 or 235, or contact their case manager.
Learn more about Section 8
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