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.
About the Author
Hannah Sosinski
I started my career in the real estate industry at the age of sixteen and instantly fell in love.
I worked alongside one of the top producing agents in the country as their administrative assistant for nearly nine years before I took the leap to begin my own journey in the real estate industry.
Working alongside an agent who sells over three hundred houses a year educated me strongly on the Pittsburgh and greater Pittsburgh housing market. While working alongside this agent, I was lucky enough to be involved in several different types of real estate transactions and learned to properly determine home values, many aspects of negotiations and have learned how to close challenging deals while also handling a large amount of deals at the same time.
I have also spent the past seven years working as a property manager throughout Allegheny, Washington and Fayette County. I have managed everything from Section 8 to Luxury units.
Exploring the options of the real estate industry can be overwhelming. While working with me you’re able to sit back and relax as I have worked with many investors, home sellers and buyers and can help guide through the sale or purchase of your home and make it as easy on you as possible.
Whether you’re a first time home owner, downsizing, sizing up, looking to make your first/second or third investment, selling your home, etc. I can use my years of education to help guide you through the purchase or sale of the largest investment of your life.
I look forward to chatting about real estate with you!