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Housing assistance programs for homeownership

by Donahue Real Estate Co. 11/21/2022

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Interested in homeownership? The homebuying process can be more attainable through homeownership assistance programs. This article reviews some of these projects and the requirements needed to qualify. 

Rent-to-own programs

Rent-to-own programs allow households to put money down on a space without the initial commitment of outright homeownership. 

This program sometimes offers participants a lease option. Meaning, they can decide if they want to purchase the home after an extended amount of time. This allows households to put money towards the property slowly without having to come up with a large down payment at once. 

Additional homeownership assistance

Section 8 rental vouchers have been used for years to provide affordable housing. The housing choice voucher program gives folks financial assistance on their rent. However, the program can also be transferred to assist with homeownership. 

The project is headed by the US Department of Housing and Urban Development (HUD). For those who would like to embark in homeownership, HUD can provide funding towards their investment. The next section views some of the requirements to qualify for the section 8 homeownership program. 

Requirements for work and income 

To qualify for the homeownership voucher program, individuals and households must meet these requirements: 

  • Adults in the household must provide proof of working at least 30 hours per week. 
  • You have to currently be receiving rental assistance through rental vouchers. 
  • Take classes for new homebuyer education.
  • Income should be at minimum $14,500, but this amount may change depending on location.
  • Additional requirements your state may ask. 

There are many assistance programs you may qualify for. For more information, please visit your local public housing agencies to see the best options for you.