Homeownership Lease Purchase Program
Conventional homeownership programs will generally require a down payment and have underwriting requirements that are not immediately attainable by most low income families. In general, families who apply for a loan must meet underwriting and credit requirements in order to be approved for a home loan. Unfortunately not every family is able to secure a home loan because of negative credit issues. Negative credit issues are defined as credit information that creates a less than favorable credit report that disqualifies a family for a home loan.
As a means to overcome credit issues and financial obstacles the Housing Authority has developed the Lease Purchase program for families to attain homeownership through an alternative home financing method. The Lease Purchase Program is available for eligible enrolled Comanche members who are selected to purchase a new home constructed by the Housing Authority, or an existing home that meets criteria established by the Housing Authority.
Download a Homeownership Lease Purchase application in Adobe PDF format. This application includes form fields that can be used to enter your information electronically. The application can then be printed and/or saved for your convenience.
Applications can also be obtained from the CNHA office.
In order for an individual or family to receive assistance in the Homeownership Lease Purchase Program they must first meet the following eligibility requirements.
- Be an adult enrolled member of the Comanche Nation.
- Meet low-income requirements as determined by HUD and CNHA.
- Reside within the service area of Caddo, Comanche, Cotton, Kiowa, and Tillman Counties.
- Be free of debt to the Housing Authority and Comanche Nation.
Eligible applicants will be placed on a waiting list. In order to remain on the waiting list it is the responsibility of the applicant to update their application on an annual basis. This is done by completing a Statement of Continued Interest form and returning it to the CNHA office.
CNHA Constructed Homes (Group A): CNHA constructed houses either wholly with Indian Housing Block Grant (IHBG) or other funds or in part with Indian Housing Block Grant (IHBG) funds and HUD Section 184 Indian Housing Loan Guarantee Program funds.
CNHA Purchased Homes after 2011 (Group B): Homes that are for sale from private parties or developers that are new or built in the past fourteen (14) years that meet all applicable code and CNHA requirements. Homes in this category will be purchased either wholly with IHBG or other funds or in part with IHBG funds and HUD Section 184 Indian Housing Loan Guarantee Program or other Federal loan guarantee funds.
CNHA Owned Homes (Group C): Homes that are currently owned by CNHA that are designated as homeownership units. There will be no financing required on these units as CNHA purchased or built them in previous projects.
The following program guidelines apply:
- Eligible participants will be selected from a waiting list.
- Participants that are selected for a home, will have payments and value of home established as follows:
- The house payment and value will be set based on the amount of the CNHA HUD Section 184 loan and payment will not exceed 30% of the lessee's adjusted income, or
- Units purchased or taken from current CNHA inventory, the house payment and value will be set based on the same amount that a loan payment and value under A above would have been and will not exceed 30% of the lessee's adjusted income.
- The Lessee will be encouraged to periodically file an application with a lender to learn if they would qualify for a home loan which would allow them to assume the loan held by the Housing Authority. By doing so allows the Housing Authority to provide funds to other eligible participants.
- While the Lessee is in the Lease Purchase Program, they will be required to participate in Home Buyer Education and Credit Counseling programs. Upon completing these programs the Lessee will receive a certificate that may be provided to the lender as proof they understand the principles of credit and homeownership.
- The Lessee shall be required to make house payments on a timely basis in accordance with the Lease Agreement. If payments are not made and the Lessee fails to comply with the Lease Agreement the Housing Authority will terminate the Lease Agreement and proceed with eviction proceedings as outlined in said agreement.
- Should the Lessee experience a loss of income and is unable to meet the required house payment, the Lessee will be required to meet with Housing Authority staff to find a means to resolve the nonpayment problem. The Lessee shall have three (3) months within which to remedy the problem. If the Lessee is able to remedy the problem and begins making payments, the past due amount will be added to the end of the amortization schedule or house payment schedule. If a solution cannot be found the Housing Authority will terminate the Lease Agreement and the Lessee will have thirty (30) days to vacate the house. The three (3) month period will not be extended.
- Eligible enrolled members of the Comanche Nation of Oklahoma that have not owned a home or participated in a Comanche Nation Housing Authority homeownership program will receive first priority in the New Lease Purchase Program.
- Houses that are purchased or built in this program shall be inspected periodically to assure both parties that the home is being cared for and not falling into disrepair.
Interested enrolled members must file a written application signed by the head of household or Spouse for the Homeownership Lease Purchase Program. Applications are available at the Comanche Nation Housing Authority office.
All information relative to previous housing, annual family income, net assets and preference rating will be verified and all verified information will be documented and recorded in the applicant's folder.
Verified information will be analyzed and a determination will be made with respect to the following:
- Eligibility of applicant as a family.
- Eligibility of applicant with respect to income limits for admission.
- Eligibility of applicant with respect to net assets.
- Preference category or categories to which the family belongs.
- Homebuyer payments the family should pay.
The applicant must be an adult enrolled member of the Comanche Nation and meet low income guidelines as established by the U.S. Department of Housing and Urban Development.
The applicant must have an adequate income to meet a house payment and other household obligations. The minimum income for this program is $25,000.
The following admission restrictions are cause for denial of participation in this program:
- Failing to repay previous debts owed to the Housing Authority or any other housing authority. Individual applicants or immediate family members of applicants who owe money to the Housing Authority or to any Indian or Public Housing Agency will not be accepted until the owed monies are paid in full. The payment in full must be verified by the housing agency that was owed the monies. Previous debts shall also include those owed by the applicant to a local utility company which would prevent the connection of power or fuel to the unit.
- Committing fraud in connection with any HUD program, or failing to disclose previously committed fraud in connection with any HUD program.
- Providing false information on the application.
- Unsuitable past performance as a tenant or homeowner such as a previous eviction for non-payment of rent, breach of lease or use of government assisted unit for illegal purposes. Other than owing past due rent or house payments, reasons for unsuitability will be considered as incidents that have occurred in the past three years.
- Documented history of drug or criminal behavior or other acts that would adversely affect the health, safety, and welfare of other residents.
- Refusing or failing to complete required forms or supply requested information.
- Applicants who appear on HUD's list of suspensions and limited denials of participation.
- Applicants who fail to complete required forms and supply requested information within 15 business days of the date of application.
- Refusal to sign release forms.
- Refusal to supply income information.
- Misrepresentation of family composition.
- Applicants who fail to display civilized, acceptable and responsible behavior.
- Applicants who fail to supply complete and accurate information.
The Lessee while in this program will not be able to sell the house while they are leasing the home as the Housing Authority is the actual buyer of record.
The Lessee while in this program will not be allowed to sub-lease the home they are residing in as the house belongs to the Housing Authority.