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Homeownership Program

Now You Can Use Your Section 8 Voucher To Help Buy a Home of Your Own. 

The Department of Housing and Urban Development has expanded the Section 8 Housing Choice Voucher program to include a homeownership option.  Now, the same program that has provided you rental assistance can help you buy a home of your own.

How Does It Work?

In the Section 8 Homeownership Program, you can continue to receive monthly rental assistance from The Housing Authority.  The difference is that the payment is no longer sent to your landlord—instead it is sent to a bank account in your name to help you make your monthly mortgage payment.  You are still responsible for finding a home to buy that you can afford, qualifying for a loan, and coming up with a down payment. 

How Much Homeownership Assistance Will I Receive from the Housing Authority?

The Housing Authority’s monthly homeownership assistance payment is calculated in a manner similar to the Section 8 Housing Choice Voucher calculation.  

What Kind of Home Can I Purchase?

You can purchase a single family home, a condominium, or a manufactured/mobile home. 

Participant Qualifications 

The head of household or spouse must be employed full-time (at least 30 hours per week) and have been continuously employed during the year before commencement of homeownership assistance. 

Your total household income, not including welfare, has to be at least $10,300.  Please note that this is a minimum amount.  Your income will probably have to be higher than this to qualify for a loan. 

You must be a first time homebuyer, meaning that no one in your household owned a home within the last three years.  At a minimum, you will be required to provide one percent of the home

purchase price as a down payment.   If you are a Family Self-Sufficiency Participant and have an escrow account, you may use your escrow money for the down payment.

THERE ARE EXCEPTIONS TO SOME OF THESE REQUIREMENTS FOR ELDERLY (OVER 62) AND DISABLED PERSONS. 

How to Get Started 

If you feel you meet the minimum qualifications, please call our office and ask for James Elbert at (870) 368-5200 or email housinghelp@wrrha.com.