Section 8 is a federal housing assistance program that provides rental subsidies to low-income families and individuals. The program is administered by the U.S. Department of Housing and Urban Development (HUD). Section 8 can be used to help with the purchase of a home, but there are specific requirements that must be met.
To be eligible for Section 8 homeownership assistance, you must meet the following requirements:
– Be a low-income family or individual.
– Have a good credit history.
– Be able to make a down payment of at least 3%.
– Find a home that meets HUD’s standards.
– Be willing to participate in homeownership counseling.