Did you know that Section 8 has a home ownership program? Yes, it’s true. This program started out as a pilot program in New York but has now expanded to most major cities. The Home Ownership Voucher Program provides assistance to section 8 voucher holders for mortgage payments. You do need to apply separately for this program once you are on section 8 assistance.
Not everyone who is eligible for Section 8 will be eligible for this program. Some of the requirements are:
1. Must be a first time homeowner
2. No other family member living with you has owned a home within the past 3 years
3. Minimum income requirement – varies by city
4. Employment required – At least one member of the family must be employed full-time for a minimum of 1 year before acceptance. Elderly and/or disabled people are exempt from this requirement
5. Applicant must attend mandatory home ownership counseling prior to approval.
Once you are approved, the tenant portion of the mortgage expenses will generally be around 30%.
This is a great program for anyone looking to actually own their house instead of renting. I will be emailing out a list of participating PHA’s by state shortly so if you are interested, please sign up for our mailing list asap!