Definition
HUD program allowing Section 8 rental voucher holders to use vouchers toward homeownership with mortgage assistance.
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Section 8 Homeownership allows rental assistance holders to transition to homeownership using vouchers toward mortgage payments. Down payment assistance is available. Low-interest mortgages are available through program. Income must be below 50% area median. Credit counseling is required. Program benefits transition from renting to building equity. Limited availability due to program constraints. Homebuyers build wealth through ownership. Lenders participate in program lending.
Pro Tip
Contact local housing authority about Section 8 Homeownership Program availability.
Example
A Section 8 rental voucher holder transitioned to homeownership using vouchers toward mortgage payments.