A Guide For REALTORS by JeffFUller

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									S e c t i o n 8 H o m e ow n e r s h i p P ro g ra m
A G u i d e Fo r R E A LTO R S ®
  III. Forms—This section includes worksheets and forms that will be




                                                                         SECTION III
       helpful in qualifying a resident for the homeownership program.
     It also helps to calculate how much they can afford for a home.

     a. Sample Eligibility Worksheet

     b. Sample Calculation of Monthly Housing Assistance Payment

     c. Sample Total Tenant Payment and Estimated Housing
        Assistance Payment Worksheet




                                                                         FORMS
                                      ELIGIBILITY ASSESSMENT
                              Section 8 Homeownership Program


Name_______________________________________________________________________________ Date ______________________

Address_________________________________________________________________________________________________________

City___________________________________________________ State ________________________ Zip ________________________

Phone __________________________________________________________________________________________________________

 1.   Are you currently receiving Section 8 tenant-based rental assistance? ❑ Y ❑ N
      If so, with which housing authority? ___________________________________________________________________________

 2.   What is your present gross income? Yearly_____________ Monthly_______________

 3.   What is your source of income? _______________________________________________________________________________

 4.   Please list the names and ages of the members of your household:

      __________________________________________________                  _________________________________________________

      __________________________________________________                  _________________________________________________

      __________________________________________________                  _________________________________________________

 5.   Please list the employment history for the head of the household for the past 3 years:

      __________________________________________________________________________________________________________

      __________________________________________________________________________________________________________

      __________________________________________________________________________________________________________

 6.   Has anyone in your family owned a home in the last three years?      ❑ Y      ❑ N

 7.   Has anyone in your family defaulted on a mortgage?       ❑ Y      ❑ N

 8.   Are you in good standing with your landlord (including owing no past rent)? ❑ Y ❑ N
      If no, please explain:_________________________________________________________________________________________

 9.   How much money do you have for a down-payment on a home? __________________________________________________

10.   Are you prepared to attend homeownership counseling?         ❑ Y      ❑ N

11.   Is anyone in your home disabled?     ❑ Y ❑ N
      If yes, please explain: ________________________________________________________________________________________

      __________________________________________________________________________________________________________




                                   S E C T I O N 8 H O M E O W N E R S H I P P R O G R A M : A G U I D E F O R R E A LT O R S ®   63
         calculation of monthly housing assistance payment
                                 Section 8 Homeownership Program


 Calculation 1

      Voucher Payment Standard (_______ bedroom)                                        _____________

      Minus total Tenant Payment                                                    –   _____________
      (greater of 30% of adjusted income, 10% of gross income, or “welfare” rent)

      Housing Assistance Payment (Calculation #1)                                   =   _____________

 Calculation 2

      Monthly Homeowner Expenses
             Mortgage P&I                                                               _____________
             Taxes                                                                  +   _____________
             Insurance                                                              +   _____________
             Maintenance Expense                                                    +   _____________
             Major Repairs/Replacements                                             +   _____________
             Condo/Association Fee                                                  +   _____________
             Utility Allowance                                                      +   _____________
             TOTAL                                                                  +   _____________

      Minus Total Tenant Payment                                                    –   _____________

      Housing Assistance Payment (Calculation #2)                                   =   _____________

 HAP Calculation Equals the LESSER of Calculation 1 and 2                               _____________




64    N A T I O N A L A S S O C I A T I O N O F R E A LT O R S ®
                      total tenant payment and
          estimated housing assistance payment worksheet
                           Section 8 Homeownership Program


Income and Sources

     Gross Annual Income                                                                                   _____________
           $480 per dependent ($480 × ________)                                                      +     _____________
           $400 per elderly/disabled family member ($400 × ________)                                 +     _____________
           Child Care Expenses                                                                       +     _____________
           Total Medical Expenses                                                                    +     _____________
           3% Allowable Medical Deduction                                                            +     _____________

     Total Adjustments                                                                               =     _____________

     Adjusted Annual Income (AAI) (Gross Income minus adjustments                                    =     _____________

     AAI /12 = Adjusted Monthly Income (AMI)                                                          /    _____________

     AMI × .30 = Total Tenant Payment (TTP)                                                          =     _____________


     Voucher Payment Standard (_____ bedroom)                                                              _____________
           Minus TTP                                                                                 –     _____________

Housing Assistance Payment                                                                           =     _____________



*Please remember this is only an estimate. The final calculation will be done prior to closing on the home. When
calculating the final Housing Assistance Payment, the lesser of the Voucher Payment Standards or the Total Monthly
Homeownership Expenses will be used.




                                 S E C T I O N 8 H O M E O W N E R S H I P P R O G R A M : A G U I D E F O R R E A LT O R S ®   65

								
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