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Andrea, Home Buyer in Encinitas, CA

I already have a section 8 voucher. I want to buy a house in encinitas, CA. What is the process to do that?

Asked by Andrea, Encinitas, CA Wed Jul 30, 2008

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Can I use Section 8 to pay my monthly mortgage payment if I buy a home?

Recently, the Section 8 program was modified to allow Section 8 to help pay mortgage payments for qualified first-time homebuyers. To qualify, you must be a first-time homebuyer, have a household income of at least $10,300, been continuously employed for one-year (except for elderly or disabled persons), attend a homeownership counseling course and meet any other restrictions imposed by the local housing authority. Local public housing authorities may choose to implement a homeownership voucher program if they wish but are not required to. To find out if the homeownership voucher is offered in your area call your local hosuing authority.
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3 votes Thank Flag Link Mon Sep 1, 2008
Rent. It's cheaper. Good Luck
1 vote Thank Flag Link Fri Aug 29, 2008

What families are eligible to apply for homeownership vouchers?
Families must meet these requirements:

* First-time homeowner or cooperative member.
* No family member has owned or had ownership interest in their residence for at least three years.
* Except for cooperative members, no member of the family has any ownership interest in any residential property.
* Minimum income requirement. Except in the case of disabled families, the qualified annual income of the adult family members who will own the home must not be less than the Federal minimum hourly wage multiplied by 2,000 hours. For disabled families, the qualified annual income of the adult family members who will own the home must not be less than the monthly Federal Supplemental Security Income (SSI) benefit for an individual living alone multiplied by 12. The PHA may also establish a higher minimum income requirement for either or both types of families. Except in the case of an elderly or disabled family, welfare assistance is not counted in determining whether the family meets the minimum income requirement.
* Employment requirement. Except in the case of elderly and disabled families, one or more adults in the family who will own the home is currently employed on a full-time basis and has been continuously employed on a full-time basis for at least one year before commencement of homeownership assistance.
* Additional PHA eligibility requirements. The family meets any other initial eligibility requirements set by the PHA.
* Homeownership counseling. The family must attend and satisfactorily complete the PHA's pre-assistance homeownership and housing counseling program.

What are monthly homeownership expenses?
Monthly homeownership expenses include:

1. Mortgage principal and interest,
2. Mortgage insurance premium,
3. Real estate taxes and homeowner insurance,
4. PHA allowance for utilities,
5. PHA allowance for routine maintenance costs,
6. PHA allowance for major repairs and replacements,
7. Principal and interest on debt to finance major repairs and replacements for the home, and
8. Principal and interest on debt to finance costs to make the home accessible for a family member with disabilities if the PHA determines it is needed as a reasonable accommodation.

How much financial assistance can PHAs provide in each voucher?
The PHA uses its normal voucher program payment standard schedule to determine the amount of subsidy. The housing assistance payment (HAP) is the lesser of either the payment standard minus the total tenant payment or the family's monthly homeownership expenses minus the total tenant payment. The PHA may make the HAP payment directly to the family or to the lender.
1 vote Thank Flag Link Fri Aug 29, 2008
I have a voucher in Scottsdale Arizona. I am currently forced to move from my home that I have lived in for the last three years. I believe it was foreclosed. To make sure that this does not happen again, I would like to buy a home. I don't have a down payment available at this time. I heard that I could use my voucher as a down payment. How do I do that?
0 votes Thank Flag Link Sat Apr 9, 2011
you don't give us any numbers to work with but your benefit is unlikely to be enough for the 92024 zip code. i did a search a minute ago and found 3 condos priced below $400, with only 1 of those priced below $339k.

in addition to the section 8 plan you definitely should contact the city of carlsbad as there are more and different programs there that are related to their affordable housing requirements that they impose on developers. carlsbad has had far more residential development in the last five years, including multi-family. encinitas has not been as diligent at getting actual units out of their affordable housing programs. like many cities round here they allow builders to make cash payments in lieu of finished housing.

renting IS cheaper. assuming you were to find a home you liked for $250k the combined monthly payment will be $1916 @ 6.5%. and assuming no down payment. that same rental will run you about $1200 in this area and you have no maintenance expenses.
0 votes Thank Flag Link Wed Sep 3, 2008
I know that Carlsbad has programs like this. However I am not sure about Encinitas
(I have not personally see any in Encinitas)

It is a long process, with a few classes to take and and some pretty crazy income requirements.

However there are some great deals to be had.
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0 votes Thank Flag Link Mon Sep 1, 2008

There are down payment assistance programs across San Diego County, offered by the various cities and the county, and I work with most of them almost daily. But from what I understand, section 8 is a RENTER'S program, not a home purchase program. To qualify for most of the larger down payment assitance programs such as the San Diego Housing Commission, The County of San Diego DCCA program (which includes Poway), La Mesa DCCA, Chula Vista, etc... Your income has to be 80% of the SD County median income or less, and you also have to qualify for a first mortgage that goes in front of the down payment assitance programs. There are programs with exceptions to this income limitattion. They are pretty amazing programs, and people making $40,000 a year (or even less) can buy properties.

The City of Encinitas does not have a program funded right now. You can go to the City of Encinitas web site to verify for yourself. You can do State of California CalHFA programs in Encinitas, but they are very small DPA programs.

But as I stated in my earlier post, as far as I know, these programs have nothing to do with the Sec 8 rental program.
0 votes Thank Flag Link Fri Aug 29, 2008
Your correct, there are housing assistance programs for purchasing a home, not just renting. I know for a fact that there is a program in Poway as as friend of my wife has qualified under that program and will be buyinng a home.

Te cost is based on what the buyer ca afford and there ios a limit to the max. price, so it is very likely that Encinitas will not be ann area as it is one of the more expensive areas in San Diego
0 votes Thank Flag Link Fri Aug 29, 2008
It's a shame that Robert "the pro" responded with his reply, because he is wrong. You can purchase a home by using a section 8 voucher. Find a Realtor or mtg broker that is savvy with these kinds of transactions, because it CAN be done. Knowledge is everything... find someone that is knowledgeable and don't ever let anyone tell you that you can't do anything, because you can. My only concern in regards to you using your section 8 voucher, would be in the area in which you choose to use it. I'm not quite on housing prices for that area, but your voucher would have to cover your mortgage payment, which would mean the price of he home would probably have to be under $200,000. Also, you might be also eligible for the first time buyers program. ($7500 down payment assistance) and check into the FHA 102 loans, which pays for your closing cost and throws everything into one loan.
0 votes Thank Flag Link Fri Aug 29, 2008
Hello Andrea, the process to purchase your Home in Encinitas Ca is simple, need to hire a Realtor to work for you, thier is no charge. The Realtor will search for your home at your price range and area you want to purchase, at that point the Realtor will assist you with the process for you to own your home.
Ruben Sanchez: Realtor-Mortgage/Broker 619.251-5093
Web Reference:
0 votes Thank Flag Link Thu Jul 31, 2008

Section 8 has to do with the renting process, not the house buying process.

The best fist step in getting qualified to buy a house is to talk to a lender and get pre-approved.

Warm Regards,

Rob Chomentowski
Sr. Loan Officer
Affinity Financial
0 votes Thank Flag Link Wed Jul 30, 2008

The best thing would be to sit down face to face to go over the process and run the numbers. A lot of it really depends on what you will be able to afford and that will determine somewhat the area, type and size of the home. What type and size home are you looking for?

It is kind of difficult to really give you good information in the forum as there are a lot of personal details that need to be gone over.

I work primarily as a buyer’s agent and am very familiar with Encinitas and the surrounding area. I would be happy to sit down with you at a convenient time.

Jay Gedanken
Broker Associate
PineappleHut Realty
0 votes Thank Flag Link Wed Jul 30, 2008
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