Are there any time limits?

Yes. Housing Choice Voucher home ownership assistance may only be paid for a maximum period of 15 years if the initial mortgage incurred to finance purchase of the home has a term that is 20 years or longer. In all other cases, the maximum term of home ownership assistance is 10 years. There is no time limit on home ownership assistance for elderly and disabled families.

However, if anytime during this time limit the family's income is able to support the full home ownership expense, the Garland Housing Agency will no longer be able to assist the family and the family will be totally responsible for the full mortgage payment. In addition, such factors as continued approval by Congress to fund the home ownership program and continued eligibility requirements may effect the amount of time that you receive assistance. It is important to understand that you are responsible for the full mortgage payment if your housing assistance payment is terminated for any reason.

Show All Answers

1. What is the Housing Choice Voucher Home Ownership Program?
2. Who qualifies?
3. How do I know I'm ready for home ownership?
4. What is an eligible home?
5. Will you find me a home to live in?
6. Will I need to get my home inspected?
7. What about financing?
8. Can my family help me buy the home?
9. Am I limited to how much I may pay for a home?
10. How do I make the mortgage payments?
11. What do I pay for?
12. Are there ongoing requirements?
13. Will I still have to have a re-certification meeting each year, even after I purchase the home?
14. Are there any time limits?
15. Can I purchase another home?
16. Will purchasing a home make me ineligible for other assistance programs such as food stamps, Medicaid and Medicare?
17. What if I have trouble maintaining my home or paying my mortgage?
18. What if I get terminated from the program?