How To Buy Section 8 Housing

By susan reynolds a section 8 rental is a federal assistance program created to help low income individuals and families afford housing.

How to buy section 8 housing. The tenant will pay you the rest. At that point you find your own tenants or they find you. At that point you find your own tenants and complete a separate lease agreement with them.

The section 8 housing program provides rental assistance for low income families. You cannot join this homeownership program until after you have been given a housing voucher. Once the inspector approves your property you will sign a w 9 and paperwork to then begin accepting section 8 housing vouchers.

Fill out a section 8 landlord application. Then once a month the housing authority will mail you a portion of the rent and the tenant will pay you the rest. Get a section 8 housing voucher.

People must apply for section 8 vouchers and many wait. To be eligible to receive section 8 you must first meet hud s definition of family. You will be required to provide at least three percent 3 of the home purchase price.

Hud has set general guidelines as to what defines a family but has given each public housing authority pha some flexibility in their exact definition of a family. At least one percent 1 of the purchase price must come from the family s personal resource such as a savings account ida account or s8a savings account. How do you get a house approved for section 8.

Tenants who qualify for section 8 of the act have their rent and utilities covered in full or partially by the us department of housing and urban development. Well thanks to section 8 of the housing act of 1937 that is possible. Once the inspector approves your property you can begin accepting section 8 housing choice vouchers.