The path toward homeownership looks different for everyone. If you are looking for housing assistance programs to help your own home ownership dreams come true, you have plenty of options to choose from. Government rental assistance programs can not only help you pay for your housing costs but may even help you own your own home. Rent-to-own homes are ideal for renters hoping to one day own their own homes.
The Section 8 Housing Choice Voucher (HCV) program is a government housing assistance program that helps eligible renters pay a portion of their rent. In some cases, the program may even offer rent-to-own homes to participants interested in becoming homeowners. Learn more about how to get free money from the government to pay for your rental costs.
When it comes to federal housing assistance programs, none are as large as Section 8. Also known as the Housing Choice Voucher (HCV) program, it helps millions of low-income, elderly and disabled individuals and families pay a portion of their rental costs.
The program is available nationwide. However, individual Section 8 rentals are handled at the local level by public housing authorities or PHAs. These agencies are responsible for sorting through the pool of applicants and matching qualified individuals with safe, sanitary housing.
Section 8 participants receive housing vouchers they can use to pay a portion of their rent. Qualified participants can search for Section 8 houses for rent and exchange these vouchers for rental assistance.
In some areas, rent-to-own homes are available with Section 8 housing vouchers as well. These homes work similarly to traditional Section 8 rentals, except instead of submitting vouchers to a landlord, they are used to pay a portion of a home mortgage.
Not all PHAs offer rent-to-own programs, and those that do may have different qualifications and criteria for participants. To determine if this program is available in your area, contact your local PHA or conduct a simple online search.
If your local PHA does not have a rent-to-buy program, it’s not the end of the road. You can check with other PHAs in your state to determine if you can use vouchers to own your own home. You are not restricted to the closest PHA to your home address.
Did you know that Section 8 participants can get up to 15 years of rental assistance from the government? If you are interested in learning more about the rent-to-buy options through Section 8, continue reading to learn how you can qualify.