The Section 8 Homeownership Program Final Rule, issued September 12, 2000, amends the regulations for the Section 8 tenant-based rental voucher program to allow Section 8 payments to be made for homeownership purposes under specified circumstances and at the discretion of the PHA.
A PHA may, at its option, use a portion of its Section 8
vouchers for homeownership purposes. The Homeownership Program does not require additional vouchers. The Preamble gives PHAs the option of making the program available to applicants and/or current beneficiaries of Section 8 tenant-based assistance eligible for homeownership assistance.
There are income and work requirements for applicants to the Homeownership program that do not pertain to the Section 8 voucher rental program. The PHA not only has the option to decide whether to allow its voucher program to be used for homeownership (they do not have an option when homeownership is necessary as a reasonable accommodation for persons with disabilities or the elderly) but may also specify additional eligibility and other requirements.
The purchase and lending procedures would be those of other FHA or conventional loans; lenders would use their own underwriting standards and other requirements.
This Rule incorporates many of these civil rights-related program requirements and other fair housing concerns:
Do you know what this means?
YES buy a home useing your voucher to pay your mortgage!
Build equity with your voucher payments! All you need is good credit scores which our credit representatives will all get you well over what’s required! If section 8 pay’s $1,000.00 in rental vouchers that translates into $12,000 a year going towards owning your home! Follow our sequential steps! #GetCredit #GetLand! You are on your way to financial security through home ownersip! #GetCredit #GetLand
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