Help For First Time Home Buyers in Jacksonville, FL
If you’re looking to buy your first residence in the Jacksonville, Florida area, there’s help available from the Jacksonville Housing Authority. Many renters are familiar with Section 8 housing assistance. In Jacksonville, people receiving Section 8 help with their monthly rent can now apply that monthly financial assistance towards mortgage payments, not just rent payments.
As an example, if you family is receiving $900 per month in Section 8 assistance, that amount of money would cover the monthly mortgage cost of an $148,000 loan at today’s interest rates.
Here are some details from the Jacksonville Housing Authority website:
The Jacksonville Housing Authority (JHA) started administering the Section 8 Housing Choice Voucher (HCV) Homeownership Program in 2002.
The Homeownership Program permits eligible families who are in the Section 8 Rental Housing Choice Voucher Program the option of purchasing a home with the Section 8 subsidy rather than renting.
This is a transitional assistance program that can pay a portion of mortgage expense up to a maximum of 15 years.
The families must be a Section 8 Rental Participant for minimum of 12 months and be in good standing.
The families must participate in the Family Self-Sufficiency (FSS) Program for preparation of the homeownership.
The Jacksonville Housing Authority (JHA) requires the participants to have no indebtedness to the JHA or any other Public Housing Authority (PHA) nor be in a current re-payment agreement with the JHA or a PHA.
The families (non elderly/disabled) must be employed. Have earned/working income of $10,300 or more per year.
Get the full details by calling the JHA at 904-366-6097 or 904-366-3425