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Section 8 Lets Renters Become Homeowners
| | Tuesday, October 19, 2004 @ 07:00 AM EDT
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Contributed by: Ford Group
Ford Group Properties
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(October 15, 2004) -- The Homeownership Voucher Program has enabled thousands of low-income Americans to make the transition from renting to owning.
Through the program, recipients of HUD's Section 8 benefits can use the housing vouchers to buy their first home, subsidizing up to 70 percent of their monthly payments and housing expenses--including principal and interest, mortgage insurance, certain
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maintenance and repairs, and part of the utilities. The tenant-buyer is required to find a property, which does not have to be in the jurisdiction of their local public housing authority, and have it inspected.
Program participants must have an annual income of at least $10,300; must have one member of the household working full time for at least 12 months before the application, except in cases involving elderly and disabled families; and can expect to receive assistance for 15 years if the initial mortgage is 20 years or longer.
Source: Washington Times (10/15/04);
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