Can i use my section 8 voucher to buy a house in florida

Answer

Yes, you can use a Section 8 Housing Choice Voucher to help pay your mortgage, but the housing authority that manages your voucher must participate in HUD's Homeownership Voucher Program.

This program operates just like the Section 8 program, only your voucher is used to pay your mortgage and other homeownership expenses.

Housing authorities may choose to participate in the Homeownership Voucher Program, but are not required to do so by HUD. From 2012-2017, 963 housing authorities nationwide have reported the use of a Homeownership Voucher. All states but Wyoming have at least one housing authority that has participated in the program, and many states have numerous participating housing authorities. Washington, DC, Puerto Rico, US Virgin Islands, and Guam have participating housing authorities as well. A spreadsheet of these housing authorities can be found here, in the link titled "MS-Excel file" under the section "Do all PHA's participate in this program?"

Expenses that may be assisted by your voucher include:

• Mortgage principal and interest.
• Mortgage insurance premium.
• Real estate taxes and homeowner insurance.
• Housing authority allowance for utilities.
• Housing authority allowance for routine maintenance costs.
• Housing authority allowance for major repairs and replacements.
• Principal and interest on debt to finance major repairs and replacements.
• And principal and interest on debt to finance costs to make the home accessible for a family member with disabilities if the housing authority determines it is needed as a reasonable accommodation.

Homeownership Voucher participants must already have a Section 8 Housing Choice Voucher. If you don't currently have a Section 8 Voucher, you would first need to obtain one by applying to an open waiting list through the housing authority that serves your area of interest.

You can find more on how to apply for a Section 8 Voucher here.

More Section 8 FAQs from Low Income Households

People renting through the U.S. Department of Housing and Urban Development's Section 8 voucher program can use their Section 8 vouchers for homeownership expenses in certain scenarios. You'll need to be a first-time buyer and meet income and other eligibility requirements. HUD's homeownership assistance program for Section 8 voucher recipients is called the Homeownership Voucher Program.

Section 8 Homeownership

HUD's Section 8 housing vouchers are normally used to subsidize the rental housing expenses of eligible recipients. However, HUD offers a way for Section 8 voucher recipients to have their homeownership expenses subsidized when they qualify to purchase homes. Basically, HUD's Homeownership Voucher Program allows Section 8 recipients to use their normal government-paid subsidy amount and apply it toward homeownership. Qualifying Section 8 voucher recipient homeownership expenses include mortgage payments as well as property tax and other traditional homeownership costs.

Public Housing Authorities

If you're a Section 8 voucher recipient and you want to purchase a home, you'll need to qualify for a mortgage. States such as California have set up programs to assist Section 8 voucher recipients with the initial homebuying process. Overseen by the California Housing Finance Agency, the Golden State's Section 8 homeownership voucher process starts with participating local public housing authorities. California PHAs will assist Section 8 recipients in determining the amount of homeownership assistance they'll receive.

Qualified Mortgage Lenders

Typically, once PHAs determine Section 8 recipients' eligibility for homeownership assistance, they refer them to qualified mortgage lenders. Generally, mortgage lenders handling hopeful homebuyers intending to use Section 8 vouchers for their homeownership expenses pair them with useful mortgage programs. Eligible Section 8 Homeownership Voucher Program participants may qualify for FHA-insured mortgages, for example, as well as down payment assistance.

Down Payment Assistance

The Section 8 Homeownership Voucher Program is open only to qualified first-time homebuyers, as are most down payment assistance programs. California's down payment program is called the My Home Assistance Program. Section 8 recipients with homeownership program approval could use an FHA-insured mortgage and down payment assistance, for example. FHA mortgages combined with maximum seller contributions of 6 percent and down payment assistance might even cover all upfront home buying expenses.

If you meet the requirements for Section 8 Housing, here are the steps you’ll take to apply for the program.

Step 1: Find Your Local Housing Authority

The first step is to find your local housing authority. You can find your local PHA by state, city and zip code and receive all the available contact information on file. 

Step 2: Determine Your Eligibility

Next, you’ll work with your local PHA to determine whether you’re eligible for Section 8 Housing. Eligibility is based on the size of your family and your annual gross income. As a general requirement, your income cannot exceed 50% of the median income in your area.

Sometimes, a local PHA will show preference for certain individuals receiving housing assistance first. For instance, local residents or those dealing with homelessness may receive preferential treatment. If you qualify, be sure to let the PHA know so you can shorten your waiting time as much as possible.

Step 3: Fill Out The Application

Assuming you qualify for Section 8 Housing, you’ll need to fill out the program application. The application is free and will be available online or by mail. You’ll need to provide information about your income, citizenship, criminal history and eviction history.

Step 4: Find Out Your Waiting List Status

After you’ve submitted your application, you’ll find out your waiting list status. If you live in an area with a high demand for Section 8 Housing, you could find yourself on the waiting list for years. Once your application is processed, you can confirm your waiting list status through an online portal.

Step 5: Find Affordable Housing

And finally, once you receive your voucher, you can begin looking for affordable housing. You have 60 days to use your voucher after you receive it. Look for housing that accepts Section 8 vouchers and meets the program requirements.

Once you’ve chosen a home, you’ll sign a minimum 1-year lease with your landlord and may be required to put down a security deposit. You can expect to pay 30% of your monthly income toward rent, and the PHA will pay the remainder directly to your landlord.

If you decide to move after a year, you can do so without interrupting your Section 8 voucher benefits. But you must let the PHA ahead of time, and your new residence must meet the HUD’s housing requirements.

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