If you are referring to Section 8 housing, it is HUD. You would apply with the state;
Am I eligible?
Eligibility for a housing voucher is determined by the PHA based on the total annual gross income and family size and is limited to US citizens and specified categories of non-citizens who have eligible immigration status. In general, the family's income may not exceed 50% of the median income for the county or metropolitan area in which the family chooses to live. By law, a PHA must provide 75 percent of its voucher to applicants whose incomes do not exceed 30 percent of the area median income. Median income levels are published by HUD and vary by location. The PHA serving your community can provide you with the income limits for your area and family size
Sinec you're in a VA loan now (It appears as that's what you're telling us), you can do a VA IRRRL loan (streamline refinance like FHA's streamline refinance). If you've had no late payments (30 day late payments) in the past year you should be good to go. If you've had one, you can still do it but your options will be limited (a lot of lenders require no late payments).
Depending on your current servicer, a lender may or may not require any type of appraisal be done.
The end result, you'll be able to refinance into current market rates. You shold make a call sooner than later because rates will increase slightly starting any day now due to the tax cut congress passed that essentially makes mortgages more expensive (by roughly 0.125% in rate) which means your potential savings is slightly less.... more
Good advice below. Particularly the points about equity having absolutely nothing to do with a home's value, and even if you found a spread between purchase price and current value, the owner may have refinanced (reducing the actual equity).
Look: Any home bought after 2005 is likely to have no measurable equity. Homes bought between 1995 and 2005 probably will have some equity so long as the owner hasn't refinanced or didn't take out a big HELOC.Homes bought before 1995 should have substantial equity--so long as there's been no refinancing or there isn't a big HELOC. But that's just a real rough guideline.
Hey: You make an offer. If it's too low, the seller says "no" or counters. It's not rocket science.