You could end up receiving thousands of free government money towards your first home while paying very little out of your own pocket. If you are approved to receive housing vouchers to use towards purchasing a home, you will need to make a down payment yourself or through other assistance programs.
Once you have closed on the house, your household will only be required to put approximately 30% of its adjusted monthly income toward the mortgage. Your local PHA will provide you with housing assistance to cover whatever mortgage amount is left over once you have made your required monthly contribution.
Section 8 homeownership assistance can help you pay your mortgage on your first home for more than a decade.
If your mortgage will last for more than 20 years, you can receive vouchers to help pay for it for up to 15 years.
If your mortgage will last for less than 20 years, you can receive vouchers to help pay for it for up to 10 years.
Buying a rent-to-own home with Section 8 assistance can help you achieve your homeownership goals but you cannot use housing vouchers towards just any house.
Sometimes the selection of rent-to-own homes in your area may be limited so many people find it beneficial to search for rent-to-own real estate agents in their areas.
These agents specialize in finding home sellers that accept Section 8 housing vouchers.
They can make your life much easier if you qualify for government homeownership assistance and are ready to purchase a home.