✔️ Do I need a certain bedroom-size voucher to buy a home? No. Whatever bedroom size your voucher is approved for (1-bedroom, 2-bedroom, etc.) is used to calculate your payment standard. That number sets the maximum subsidy you can receive.
👉 Example: If you have a 2-bedroom voucher, HCR uses the 2-bedroom payment standard when figuring out how much of your mortgage costs the voucher can cover.
✔️ How much of my mortgage will the voucher cover? The voucher pays the same way it does for rent: HCR sets a payment standard based on voucher size. You pay about 30% of your adjusted monthly income toward the housing cost. The voucher pays the rest, up to the payment standard.
👉 Example: If your mortgage + taxes + insurance = $2,200, your adjusted family contribution is $700, and the 2-bedroom payment standard is $2,000, then HCR pays $1,300 and you cover $900.
✔️ What housing costs are covered by the voucher? The voucher can cover:
Mortgage principal & interest Mortgage insurance premiums
Real estate taxes & homeowner’s insurance
PHA’s utility allowance
Allowances for maintenance & repairs Condo or co-op fees (if applicable)
✔️ How long will the voucher help pay my mortgage?
15 years if your mortgage is at least 20 years long.
10 years if your mortgage is less than 20 years.
Unlimited if the head of household is elderly or disabled.
✔️ Do I still need a down payment? Yes. HUD requires that you contribute at least 1% of the purchase price from your own funds (not a grant).
👉 Example: If the home costs $300,000, you must put in at least $3,000 from your own money.
✔️ Do I have to take a special class? Yes. You must complete a HUD-approved first-time homebuyer counseling course before HCR will approve your purchase.
✔️ Do I need to work full time?
Yes: At least 1 adult must work full-time for 1 year before buying.
No: If you are elderly or disabled (work requirement is waived).
✔️ What type of homes can I buy with my voucher? Eligible homes include:
Single-family houses
Condominiums
Co-ops
✔️ Can I buy anywhere in NYC? Yes, if the home passes both:
HQS inspection (done by HCR)
Independent home inspection (which you must hire)
✔️ Can I rent out part of the home? No. The home must be your primary residence. Subletting is not allowed under the voucher program.
✔️ Can I use grants or down payment assistance along with my voucher? Yes. You can combine your voucher with other grants, forgivable loans, or down payment programs, but you must still contribute at least 1% of your own money.
✔️ What happens if I sell the house? If you sell within the first 10 years, HUD may recapture part of the assistance you received. After 10 years, you can sell without repayment.