Minimum Qualifications

Eligibility for the program is dependent upon several factors. However, the minimum qualifications require applicants to be first-time homeowners. Applicants should not have had principle ownership of a dwelling within the previous 36 months. Rare exceptions to this rule may be made if certain conditions warrant the exception. For example, an applicant may have experienced a major life-changing event such as divorce.

In addition, the applicant or applicants must have a household income of no more than 80% of the Average Monthly Income (AMI).

The following chart provides more detailed income limits:

When determining which applicants receive priority consideration for homeownership opportunities, the following priority ranking is used.

1. Original residents of Riverview and/or Sherwood/Hiwassee.
2. Applicants or participants of Public Housing or the Housing Choice Voucher program.
3. City of Kingsport, Sullivan County, and/or KHRA employees.
4. General population.

Through the KHRA and HOPE VI several assistance programs are available to homeownership applicants.

If the applicants meet the qualifications, then the Housing Choice Voucher subsidy can be applied to a mortgage payment rather than for rent. The homeowner will pay 30% of their income towards the mortgage and KHRA will pay the remaining portion based on the voucher size they hold. Mortgage assistance is available to working families for a 15-year term and a 30-year term is available to the elderly or families with disabled persons.
Through the Housing Choice Voucher program applicants may be eligible for assistance if they meet the following qualifications.

1. Applicants must be current HCV participants in good standing with the KHRA.
2. Applicants must have a minimum household income of $13,100 (minimum wage x 2000 hours) of the minimum SSD/SSI award amount.
3. Applicants must not have a total household income that exceeds the following guidelines:

1. Applicants must be continually employed full-time (an average of 30 hours per week) for one year.
2. No member of the household can be a past recipient of homeownership assistance and defaulted on a mortgage.