No, that is false. Section 8 only helps to pay rent for very-low income families or the elderly/disabled.
Starting Score: 11/29/12 TU 527; EQ 565; EX 564 fako - bk7 dc'd 2/15/13
New goal 675
@StartingOver10 wrote:Used google, this is the link I found about this program: http://portal.hud.gov/hudportal/HUD?src=/program_offices/public_indian_housing/programs/hcv/homeowne...
This is correct. I do work with two local Section 8 to Homeownership programs as part of my job-we provide the required housing counseling component of the program.
The Section 8 benefit has to be awarded in the form of a voucher, meaning that the recipient chooses what apartment they would like to live in provided there is a qualified landlord willing to accept the voucher as payment. Recipients that live in public housing that do not have the voucher do not qualify for the program because the Section 8 is tied to the dwelling itself and not the individual.
There are often minimum income limits required to ensure that homeownership remains sustainable. An elderly or disabled recipient has an unlimited amount of years they are able to receive the assistance as a homeowner. All others have a 15 year maximum benefit period. Essentially how it works is that the family purchases a home and Section 8 pays 70% of the mortgage payment and the recipient 30% although the recipients share can exceed this. The recipient would still need to be mortgage quailified and have a small downpayment. Oftentimes a local downpayment assistance grant can be layered on top.
Current Score: TU: 674 | EQ: 722 | EX: 717 | Last Inq. 2/16/15...Locked Up in The Garden