Allows qualified clients of the Section 8 Rental Voucher Program to buy a home.

What does this mean?

If you receive a Section 8 Rental Voucher, you may be able to convert it into a Section 8 Homeownership Voucher.

The government will subsidize your mortgage payment. How incredible! But, you must live up to specific expectations, yourself. Only fair………………………………………………

Guidelines for Section 8 Homeownership Program:

1. Participant must currently be on a Section 8 Rental Voucher Program.

2. Participant must be employed a minimum of 30 hrs/week for at least one year (excluding elderly or disabled).

3. Participants must meet normal lender guidelines.

4. Participants must attend a Homeowner Orientation and make written application to the program.

5. All participants must satisfactorily complete the Home Loan Counseling Homebuyer Education program.

6. Participants must be pre-approved by the lender to begin looking for a house.

7. The program uses approved Realtors (THAT WOULD BE ME!) & approved lenders.

8. The home must be in the same geographic area as your eligible rental voucher.

9. Maximum purchase price is $95,000.

10. Home types include single family homes, townhomes, condos, & half duplex.

11. Two inspections are required.

12. If the inspections reveal lead-based paint or any major structural or repair problem, the family will be instructed to search for another house.

13. Family income must not exceed 80% of HUD Median by family size.

Familiy size     Median income   Maximum family income

1                       $37,250  x80%=      $29,800

2                         42,550   x80%=        34,040

3                         47,900   x80%=        38,230

4                         53,200   x80%=       42,560

5                         57,450   x80%=        45,960

6                         61,700   x80%=        49,360

7                         65,950  x80%=     52,760

8                         70,200   x80%=        56,160

14. Must be a first-time homebuyer or have not owned a property in the last 3 years.

REALLY IMPORTANT THINGS TO UNDERSTAND

· You must be on the Section 8 Rental Voucher program to apply.

· The maximum sales price is $95,000.

· The house must pass two inspections.

· You must be employed for at least one year.

· You must apply for your Homeowner Voucher at the same Housing Authority that issued your Rental Voucher. The same area will be used for purchasing your home.

· The lender will consider your voucher assistance for your mortgage payment, but you will still need to qualify for the loan.

You are required to pay 30% of your income towards the monthly mortgage payment.

· Voucher funds may not be used for down payment or closing costs.

· You must pay a minimum down payment of 1% of the sales price, but that money may be gifted (from family or a down payment assistance program).

· The subsidy is for a maximum of ten years.

This is a fantastic program.

If your dream is to own a home, and you will do everything possible to achieve your dream, then this is for you.

The program provides you with the information you need to purchase a home and keep your home. The mandatory First-time Homebuyers course includes:

Selection process
Financing process
Fair housing overview
Role of the Lender and Realtor (Me!)
Role of the Title Company
Property taxes and insurance
Creating wealth through homeownership
Rights and responsibilities

After purchasing your home, there are wonderful monthly meetings on maintaining your home, repairs, taxes, and insurance.

The purpose of the program is to make people self-sufficient. The program enables people to get started. Your mortgage payment is subsidized until you no longer need the help. The maximum subsidy is 10 years. (Hopefully it will be not be that long.) Then you are on your own. Congratulations!

If you believe you qualify for this program, please contact me or your present Housing Authority.

You will need a realtor.

I want to help you achieve your dream.

Call me.

Roxanne Seibert

972-897-8002

DreamGirl@DreamsChange.com