Rent-to-Own: How to Buy a Home With Section 8 Housing Benefits

You can become a homeowner with help from the government. Many people know that the government provides rental assistance but did you know that it could also help you buy a rent-to-own home? The commonly known Section 8 Housing Choice Voucher (HCV) program helps qualifying individuals pay for a portion of their rent every month and in certain areas the same program could help you buy a home. 

Instead of handing over your Section 8 housing vouchers to a landlord you could be using your government assistance to become a homeowner. Find out how to receive free money to buy a home.

Use Housing Vouchers To Buy A Home
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The United States Department of Housing and Urban Development’s (HUD) most common, nationwide, housing assistance program is called Section 8 or the Housing Choice Voucher (HCV) program.

Section 8 exists to help easy the financial burden of housing costs for low income, elderly, and disabled people. The program is managed by local housing authorities known as public housing agencies (PHAs).

Typically the Section 8 program provides vouchers that qualifying people can use to help pay their rent every month and in certain areas in the country, the same program can also help participants purchase a house through the Section 8 homeownership program. This program is a great option for people who typically would never be able to afford their own home.

Some but not all public housing agencies provide housing vouchers that can be used towards the mortgage payments on a rent-to-own apartment or home. You can find out if your local PHA has this option by doing a quick online search or calling them. Do not give up if your PHA does not have a rent-to-own program. You may also be able to apply for these types of housing vouchers through a nearby participating PHA.

If you qualify for the Section 8 homeownership program you could be on your way to buying a home that is mostly paid for by the government. In fact, you could receive up to 15 years of assistance with paying your mortgage. 

Do not miss out on your chance to become a homeowner, discover how to qualify.

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By Admin