You learned how the Section 8 program, also known as the Housing Choice Voucher (HCV) program can help cover up to 70 percent of your rent. But, did you know it can also help you purchase a home? The Housing Choice Voucher (HVC) Homeownership Program is for low-income families who are already enrolled in the Section 8 voucher program to help cover rental costs, and now want to take it one step further and become homeowners.
You will have to apply to the HVC Homeownership program through your local Public Housing Agency (PHA) just like you would for regular rental assistance. Once you are approved, you can use the funds that are available to you through your vouchers to help you buy a home. This means you can use your vouchers to help pay for expenses like mortgage payments and fees.
To qualify for the Section 8 Homeownership program, you may have to meet certain criteria that are specific to your location, or where you live.
However, the majority of PHAs in the U.S. only ask for basic requirements:
- That you are a first-time homeowner.
- That your income level first qualifies you for the Section 8 rental assistance program.
- You are employed full-time unless you are disabled or a senior.
- You receive homeownership counseling through an education program.
Each PHA may have its own particular rules regarding the Section 8 Homeownership program.
Some PHAs may not offer the homeownership program at all.
Therefore, although the program is funded by the HUD, you will have to learn your specific PHAs rules to see if that PHA offers the homeownership program.
If Section 8 is not right for you, but you still need assistance for rent and utilities, there are more ways you can receive cash assistance to help with your monthly home bills.