Your Path to Homeownership Starts Here

AMHA has developed a voluntary self-sufficiency initiative that is aimed at assisting households in the goal of homeownership. Households must complete homeownership classes and provide proof that the household has met eligibility criteria with a lender, signifying that the household is ready to purchase a home.

  1. Must be a current FSS program participant and have at least 1 year of experience in the FSS program. Eligible for down payment assistance within 24 months of leaving the program.
  2. Individuals can receive down payment assistance through this initiative only one time.
  1. The prospective home to buy must be used as the primary residence.
  2. No family-caused violation of HUD’s housing quality standards within the last year.
  3. The family is not within the initial one-year period of a HAP Contract.
  4. The family does not owe money to the PHA.

Note: HUD defines Housing Assistance Payments (HAP) as subsidies paid to landlords on behalf of low-income families, covering the difference between the Contract Rent (approved rent for the unit) and the Tenant Rent (usually about 30% of the family’s income). These payments, part of programs like Housing Choice Voucher, are made under a HAP Contract between a Public Housing Agency (PHA) and the property owner, ensuring affordable housing by subsidizing rent for eligible tenants.

  1. Down payment assistance candidates must enroll and complete financial management and homebuyer courses through a HUD-certified housing counseling agency.
  2. The candidate must present a Certified Certificate of completion for the financial management course. The course must have been completed within 24 months of receiving down payment assistance.
  3. A certified housing counselor must determine that the candidate is mortgage-ready and provide documents to the candidate and PHA for final incentive payment. PHA may disapprove proposed financing if the debt is determined to be unaffordable.
  4. Must agree to grant AMHA an opportunity to review their Good Faith Estimate of closing costs.
  1. Meets income, income-to-debt ratio, and other financial requirements provided by the mortgage lender; lender letter stating they are mortgage-ready.
  2. Works a minimum of 30 hours per week, as defined by HUD as full-time employment.
  3. Continuously employed full-time for 1 year before down payment assistance.
  4. Before disbursement, the candidate must verify 3 pay stubs and the previous year’s tax return.
  5. Family must report all income changes throughout the commitment with the program, within ten days of such changes.