Although many individuals have heard of section 8 housing assistance for renters, few are aware there is a Section 8 program for home ownership.The Section 8 rental program helps persons who cannot afford rentals by supplementing their rental payments. Section 8 home ownership program can also help individuals who want to own their own home by assisting them with their mortgage payment and related expenses. Related expenses would be real estate taxes, insurance, utlity allowance, normal maintenance expenses, substantial repairs and replacements, payments on debt to finance repairs and maintenance and costs to make the home accessible for the disabled.

If a person is a first time home buyer, HUD has a Homeownership Voucher Program. In order to find out about this program, contact your PHA ( Public Housing Agency). Not all agencies participate in the Homeownership Voucher program and like the Section 8 rental program, there is a waiting list for the Homeownership Voucher Program. There are also a list of eligibility requirements that must be met in order to participate.

Some of the requirements for families are as follows:

• First time home buyer
• Have not owned property in past three years
• No family member has ownership interest in residential property
• Minimum income requirement with exception of disabled families
• Full time employment except for elderly or disabled
• Meet other Public Housing Agency requirements
• Family needs to complete a housing counseling program

There is a time limit to receiving assistance on this program. It is 15 years for loans over 20 years and it is 10 years for other loan programs. However there is no time limit to receiving assistance for the elderly or disabled and the PHA is required to approve a live-in aide if needed. The PHA must be made readily available to be used by people with disabilities.

In addition to the borrower meeting qualifications, the home and lender must meet additional requirements of the Public Housing Agency.