Bridge to Homeownership

Building your bridge to homeownership starts with a strong foundation. Review following requirements to ensure you’re ready for a successful transition from renting to owning.

Program Status 

We verify your program history and financial standing to ensure your path forward is built on the stability and success needed to thrive as a homeowner

• Active Participant: You must currently be in the SLHA HCV program with at least one full year of participation.
• First-Time Buyer: You must be a first-time homebuyer (this requirement is waived for families with a member who has a disability).
• Financial Standing: No outstanding debts owed to SLHA, any other housing authority, or any HCV landlord.
• A Clean Slate: No adult household member can have a prior default on an HCV homeownership mortgage

Income & Employment

To qualify for the program, you must meet the following income and employment requirements:

• Earned Income: You must have a minimum annual earned income of $15,000.
• Work History: You must demonstrate at least one year of continuous full-time employment.

Seniors & Persons with Disabilities

We offer additional flexibility for elderly and disabled households to ensure homeownership remains accessible to all eligible participants:

• Employment Requirements: Elderly and disabled families are exempt from the full-time employment requirement.
• Income Standards: For disabled households, the minimum income requirement is adjusted to the current.
• Social Security Administration (SSA) base benefit amount, rather than traditional earned income thresholds.

Homeownership is a significant milestone that comes with specific financial and personal responsibilities. These requirements ensure that your home remains an affordable, long-term asset for your family.

Financing

While families are responsible for securing their own mortgage, SLHA acts as a partner to ensure your loan is fair and sustainable. All loan terms must be reviewed and approved by SLHA.

To protect our participants, we do not permit high-risk lending, including:

• Balloon Mortgages: Large “lump sum” payments (unless they are convertible to fixed-rate loans).
• Seller Financing: Private loans directly from the home seller.

Down Payment

Investing in your future starts with a down payment.

• Minimum Requirement: 3% of the home’s purchase price.
• Personal Contribution: At least 1% of the purchase price must come directly from the family’s own funds.
• Family Obligations: Stability is a team effort. To remain in the program, participants must agree in writing to adhere to all standard Housing Choice Voucher (HCV) regulations and specific SLHA homeownership requirements.

The amount of monthly financial support you receive is not a “one size fits all” number. It is carefully calculated based on:

• Voucher Payment Standard: The current market rate for your family size.
• Monthly Expenses: Your specific mortgage, insurance, and utility costs.
• Household Income: Your family’s total earnings.

Your dream home is as unique as your family. The Bridge program offers the flexibility to use your assistance toward a variety of property types, ensuring you find a space that fits your lifestyle and your future:

• Single-Family Homes: Traditional detached houses.
• Condominiums & Cooperatives: Modern living with shared amenities.
• Site-Installed Manufactured Homes: Quality-built homes on a permanent foundation.
• Lease-Purchase Units: Transition from leasing to owning your current residence.
• SLHA-Owned Properties: Special opportunities to purchase units managed directly by the Authority (specific conditions apply).

Homes must pass:

• An independent inspection by a qualified inspector (paid by the family)
• A National Standards for the Physical Inspection of Real Estate (NSPIRE) inspection by SLHA

Ready to take the next step toward homeownership? Click the link below to complete the pre-screening application.
Pre-screening application

Strong partnerships are the foundation of the Bridge to Homeownership initiative, and we look forward to collaborating with your organization to build stronger communities. Follow the links below for more information.

Interested Partner Registration

Lender FAQs