Section 8 Voucher | HUD Housing
Why not use your Section 8 Voucher to purchase a home of your very own?
Did you know that the Housing and Urban Development Section 8 program can help low-income families as well as those living in poverty purchase a home? The Housing Choice Voucher can be applied to pay a mortgage as well as other costs (closing expenses, property taxes, etc.) instead of rent. It is one of the main federal government programs that both encourages home ownership and provides financial help to low-income families.
In July 2016, the HUD Housing Choice Voucher (HCV) program – more commonly known as Section 8 – made it possible for recipients to purchase a house instead of renting. The government funds can apply to paying a mortgage payment, based on the recipient’s income.
There is a misconception that Section 8 is for emergency housing of individuals who are homeless, living in dire poverty, or on the brink of a housing catastrophe. While it can certainly help people who are in such precarious situations, the broader focus of the program is on giving low-income recipients who are already housed a means of moving into a home or apartment for quality-of-life issues. As part of this, the HUD HCV voucher can therefore apply to a mortgage, as that home-buying experience is part of the American Dream.
HCV income limits vary by area according to local cost-of-living factors and median family income estimates, but most times families making a working-class income are eligible for a voucher that simply limits their rent payments to 30% of their annual income.
We aim to make Section 8 home buying an option at these working lower to moderate-income individuals and families as well as to single parents and the disabled. Prospective homeowners must meet several added requirements. At least one member of the family must work a full-time job (at least 30 hours per week), and all the working adults in the family combined must earn at least 2 times one hour of current federal minimum wage pay. We made exceptions for program participants classified as disabled or elderly (age 62 or older), who can use welfare payments (such as SSI) to qualify for Section 8 mortgage help.
How Can We Help?
Our Section 8 Voucher Homeownership Initiative is specifically designed to take any qualified candidate participating in the program from renting to becoming a homeowner in just 10 years! Not only are we open to renting to Section 8 Voucher holders but we are also motivated to give any candidate an opportunity to earn an additional 30% to 40% of the rents collected year by year as a concession towards the payoff on the home they occupy.
The Section 8 Voucher candidates that we qualify don’t have to worry about:
1. The amount of the home they can afford
2. Down payment and PMI
3. Taxes
4. Finding a lender
5. Making an offer
6. Inspecting and appraisal
7. Closing costs
8. Property management
We make the process simple. If we motivate our local officials to work with us for the sake of the low income candidates in our communities who deserve an opportunity to experience the American dream of affordable homeownership, it would be our pleasure to offer this initiative to those who qualify. If you or your local governing body would be interested in learning more about our affordable homeownership programs, please do not hesitate to contact us now!
Get Involved
We don’t work for the community, we work WITH IT! Resolving the unaffordable housing crisis takes a strong team. No single agency, person or government can do it alone. Join in the effort!