Owning your own home is a major life accomplishment. The Section 8 homeownership program helps individuals and families become first time homeowners by providing housing assistance vouchers that can be used towards mortgage payments on rent-to-own properties. The government provides Section 8 housing assistance to people who are low income so that they can rent or own a safe living space.
Due to their earning status, age, or disability status, people who are able to receive Section 8 housing vouchers would normally have a very hard time buying a home, or even renting. As Section 8 funding is limited, especially for rent-to-own vouchers, you must meet certain requirements in order to qualify. These include the following:
You must be a first-time homeowner or a member of your household must have a qualifying disability. You can qualify as a first-time homeowner as long as you have not owned a home in the last three years.
In certain cases, single parents who previously owned a home with their partners can also qualify as first-time homeowners.
You must meet a minimum income requirement. Your household income must be 50% or less than the median income of your area but it cannot be less than the Federal minimum hourly wage, multiplied by 2,000 hours.
You must meet certain employment criteria. If you are unemployed then you will not be able to qualify for rent-to-own government assistance. In order to receive housing vouchers to use towards home mortgages, you must be employed full time for at least 30 hours per week.
You must also have held full time employment for at least a year prior to receiving rent-to-own assistance. If you are disabled or elderly then you may be exempt from this requirement.
Now that you know how to qualify for homeownership, it is time to learn how to apply.