Posted on: 29th Jul, 2008 08:36 am
Can I buy a house with a section 8 voucher? What do I need to do?
In New Mexico have waited two years for voucher have it now its open to low income folk, can take it anywhere and live in the USA, they also will help you purchase a home with this voucher, hopethis helps
Yes you can buy a house being on section 8.You have to be on this program for 6 years i think.Not all cities do this,but i know Indianapolis Indiana section 8 has this .The rent section 8 has already paid ,goes toward the buying of a home you already live in.They keep it hush hush!!!!
Getting sec. 8 and how long it takes depends on how many people in your area are ahead of you on a waiting list for example in my county it takes about 2-3 years but in the next county over its about a 10 yr wait. you must be on sec 8 and rent on sec 8 one year and have the income and credit to be considered for the sec 8 homeownership program. Then you take classes to get a certificate that entitles you to help with closing cost assistance,you have to put some money away in my county its about 200 dollars a month for 10 months and they match that to 7500 in the next county its 14000 whatever you dont use for closing can be used for downpayment. hope ths helps people.
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