Section 8 Voucher Homeownership
Program |
How does the Section 8 Homeownership
Program work?
The Program allows eligible
first time homebuyers to use their
Section
8 subsidy to meet their monthly
homeownership expenses. The Section
8 participant contributes 30%
of their monthly income towards their
monthly housing expenses, with the
WPBHA paying the remainder of the
expense up to the Housing Payment
Standard established by the Program.
The subsidy payment is paid directly
to the lender or loan servicing company.
|
| |
What is the term of assistance?
- 15-year commitment
for home loans of 20 years or longer.
- 10-year commitment
for home loans that are less than
20 years.
- There is no
term limitation for disabled or
elderly.
|
| |
What
are the requirements for eligibility?
- Currently holds a housing
choice voucher for a minimum
of one year.
- Continuously employed for
at least 12 months. Employment
must average a minimum of
30 hours per week, unless
disabled.
- Have an income that equals
at least two (2) times the
payment standard for your
required family unit size.
- Be a “first-time homeowner”
or not have owned title to
a residence in the last 3
years.
- Enrolled in the WPBHA
Family Self Sufficiency (FSS)
program and qualified
homebuyer education program.
- Comply with the Section
8 family obligations as prescribed
by the WPBHA
|
Director
of Resident Financial Services
1715 Division Ave.
W Palm Beach, FL 33407 Phone:
(561) 833-5165
Fax: (561) 833-3186
e-mail: cregino@wpbha.org |
|
|
| |
|
| |
Where and what type of homes am
I eligible for?
A home should be located
within Palm Beach County. Homes may
be a single-family, town home or condominium,
existing or under construction. Mobile
Homes and “as is” property are ineligible. |
| |
How is the housing monthly assistance
payment determined?
The monthly mortgage
assistance payment will be based on
3 factors:
- Voucher payment
standard for which the family is
eligible
- Monthly home
ownership expense
- Family’s household
income.
|
| |
What Are My Family
Requirements?
Complete a contract
for sale with the owner of the property.
Obtain financing for
the purchase of your home, through
a qualified lender or loan servicing
company.
Provide a down payment
of at least 3% of the purchase price
of the home. 1% of this down payment
must come from your family’s personal
resources.
Occupy the homeownership
unit for which you are receiving subsidy. |
| |
How Do I Obtain More Information
On This Program?
The WPBHA will assist
in each step of the program. Through
individual counseling and group orientations
we will guide you through the homeownership
process. |
| |
| |
![[VolunteerMatch - Where Volunteering Begins.]](http://www.volunteermatch.org/images/2.0/new_logo.gif){kind=logo}
