FSS Participants - Homebuying FAQ
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Question: I am not allowed to have extra money in my account so how can I show the bank that I have closing cost? Can you let me know what the rules are in there funds in there accounts?
Tenants are allowed to have as much funds in their personal accounts. There are no limits on how much funds are in there. Depending on how much funds they have, their rent will increase due to the value of the asset; but, that starts to affect rent once funds are at or above $5,000.00. We also take into account how much interest each account is accruing.
Question: I am on a set income can I actually buy a home or 1 to 4 units?
FSS Participants cannot necessarily use the FSS Escrow as proof, as it is not their money. It becomes their money once they complete all goals and requirements, and it is reviewed and approved. The review and approval process can take up to 4 months.
A lender will determine if they approve someone on fix income to purchase a home. We do not help participant purchase a home.
Question: I advised then that 1st and foremost they need to call there case worker to find out if there are any rules on them buying as 1st step.
There are no rules preventing a tenant from purchasing their own property. We encourage tenants to become self-sufficient and move out of subsidized housing to make room for other families that can take advantage of the program.