I have section eight, how would that work if I want to buy a home?

Asked by Janet, Bronx, NY Wed Nov 5, 2008

Can you buy a home and still keep your section eight?

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David98501, Renter, Westfir, OR
Sun May 20, 2012
yes you can however if you sell your home they will take back every penney they paid in mothly payments and if there is any thing left that will be yours if you rent they will not go after anything but if you buy and sell they will want re-embursed for every penny
0 votes
Susana Wils…, Agent, Angleton, TX
Sun May 1, 2011
Janet, I found some more info for you!
From: http://www.HUD.org

(◕‿◕ ✿) ~Homeownership Vouchers~

*****If I wish to purchase my first home but need help meeting the monthly mortgage and other homeownership expenses, is there a program that will help me?
Yes, it is called the Homeownership Voucher Program.

*****Who can I talk to to obtain additional information about this program?
You can call your local Public Housing Agency (PHA). For a list of PHA's see PHA Contact pages.

****Do all PHA's participate in this program?
No. For a list of participating PHAs that have reported one or more homeownership voucher home purchases to HUD see this MS-Excel file. (The list indicates the number of homeownership voucher purchases assisted by each PHA.)

***If I am currently a participant in the Housing Choice Voucher program and receive rental assistance, can I use my voucher to buy a home and receive monthly assistance in meeting homeownership expenses?
Yes, if your local PHA participates in the homeownership voucher program, and you meet income and other eligibility requirements.

****If I don't have a rental voucher what do I do?
You have to apply for a housing choice voucher at the local PHA.

HOPE THIS INFORMATION HELPS YOU USE YOUR SEC 8 VOUCHERS TO BUY A HOME.

SUSANA WILSON
http://www.360vtv.com
0 votes
Susana Wils…, Agent, Angleton, TX
Sun May 1, 2011
Dear Janet,

I FOUND THIS ARTICLE ONLINE FOR YOU:

Homeownership and Section 8 Vouchers - Information Bulletin 3/6/01
~By Steve Gold, Public Interest Law Center in Philadelphia

Effective October 12, 2000, HUD issued its final regulation re how Section 8 vouchers can be used to buy a house. This is truly an important federal change and opens up terrific opportunities for persons with disabilities. Instead of using a Section 8 voucher to pay rent, you can use it to buy a house.

Section 8 homeownership vouchers can be used for either existing homes or new ones. These vouchers are also intended for "first-time" homeowners.

I HAVE INCLUDED THE ARTICLE LINK AS WELL FOR YOUR REVIEW OF THE INFORMATION.

SUSANA WILSON
http://www.360vtv.com
0 votes
Scott Godzyk, Agent, Manchester, NH
Wed Nov 5, 2008
Section 8 is used for rentals usually not for purchasing. You should contact your local or state housing authority for more information and any special loans they may have. You will need a good credit score. You can also try a local and trusted mrotgage broker who can pre qualify you for a loand and tell you if you can get a loan to buy a home. good luck with your search and purchase.
Web Reference:  http://www.ScottSellsNH.com
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