does the housing authority (section8) still offer assistance with home purchase?

Asked by Rachelsutter212, Daly City, CA Fri Jan 3, 2014

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Amy Lui, Agent, San Francisco, CA
Mon Jan 6, 2014
Yes, if your local PHA participates in the homeownership voucher program, and you meet income and other eligibility requirements.

See this government website.

http://portal.hud.gov/hudportal/HUD?src=/program_offices/pub…

In 2012 there were only 2 in San Francisco County and none in San Mateo County .

Requirements include:
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.
0 votes
Lee Ginsburg, Agent, San Bruno, CA
Sun Jan 5, 2014
Rachel,
As far as I know Section 8 has not home buying programs but there are other programs out there.
The City of San Mateo has some properties that fit into their BelowMarketRate program. For more info go to: http://www.cityofsanmateo.org/index.aspx?nid=525. The problem with this program very few homes are available and you are restricted as to your resale pricing.
Another excellent program available is the Heart Program. http://www.heartofsmc.org/. This is available for any home or condo in San Mateo County except Daly City. It does have some loan restriction but they are pretty generous.
Please feel free to contact me at 877-Lee-Sells for additional info and for your home shopping. Good Luck!!
Lee Ginsburg- Prudential Ca. Realty
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