Key to Own Homeownership Program
(Must have an Active Section 8 Voucher)
The Key to Own Homeownership Program assists MSHDA Housing Choice Voucher (formerly Section 8) families with transferring their rental voucher into a homeownership voucher. This program allows a family to purchase an approved home with MSHDA’s voucher assistance. Partnering with the Family Self-Sufficiency Program, the Key to Own Program provides pre/post purchase counseling and additional guidance throughout the homeownership process.
Current MSHDA Housing Choice Voucher participants meet the following requirements to be eligible for the Key to Own program:
- The voucher holder has to maintain earned income of at least $15,000 and be working at least 30 hours per week. (exceptions for elderly or disabled persons).
- Be a first time homeowner or have not owned a home in the last 3 years.
- Be in good standing with the rental Housing Choice Voucher Program.
Steps to Homeownership
- If eligible, please contact MSHDA at the number below for an application.
- Return your application for review.
- If accepted, you will participat in free Homebuyer Education and Financial Management classes.
- After completing the classes, becoming debt-free, and having credit scores over 640 and $1,300 saved in the bank for 2 months, Key to Own staff will assist you in finding a MSHDA participating lender to get pre-approved for a mortgage.
- After you are pre-approved for a mortgage, you will begin searching for your house.
- Close and own your own HOME!
To receive an application or if you have additional questions, please call, e-mail or write to:
Phone: (517) 241-4474
Fax: (517) 241-3372
Key to Own
PO Box 30044
Lansing, MI 48909