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Vanguard Properties
Vanguard Properties
Selina Zhao, Vanguard PropertiesPhone: (415) 919-0000
Email: [email protected]

Attainable homeownership with housing assistance

by Selina Zhao 07/29/2024

Brick house image with text

Interested in homeownership? The homebuying process can be more attainable through homeownership assistance programs. This article reviews some of these projects and the requirements needed to qualify. 

Rent-to-own programs

Rent-to-own programs allow households to put money down on a space without the initial commitment of outright homeownership. 

This program sometimes offers participants a lease option. Meaning, they can decide if they want to purchase the home after an extended amount of time. This allows households to put money towards the property slowly without having to come up with a large down payment at once. 

Additional homeownership assistance

Section 8 rental vouchers have been used for years to provide affordable housing. The housing choice voucher program gives folks financial assistance on their rent. However, the program can also be transferred to assist with homeownership. 

The project is headed by the US Department of Housing and Urban Development (HUD). For those who would like to embark in homeownership, HUD can provide funding towards their investment. The next section views some of the requirements to qualify for the section 8 homeownership program. 

Requirements for work and income 

To qualify for the homeownership voucher program, individuals and households must meet these requirements: 

  • Adults in the household must provide proof of working at least 30 hours per week. 
  • You have to currently be receiving rental assistance through rental vouchers. 
  • Take classes for new homebuyer education.
  • Income should be at minimum $14,500, but this amount may change depending on location.
  • Additional requirements your state may ask. 

There are many assistance programs you may qualify for. For more information, please visit your local public housing agencies to see the best options for you.

About the Author
Author

Selina Zhao

Selina Zhao is a tech savvy real estate agent who brings over the top-notch marketing strategies, presentation, and negotiation skills to her clients. Selina always stays on top of the real estate market trends and stats. She applies strategies into different market situation and empower her clients to achieve their ultimate goal. During the first year of her real estate career in the Bay Area, she achieved an impressive $22.8M in sales. Selina’s experience on real estate sales ensure her clients get the care and attention they need as they make the crucial decision of buying and selling properties. Selina is vowed to provide excellent service, communication, and always an advocate for her clients.

Selina loves real estate, her career blended in perfectly to her daily life, and she loves to help others to achieve their American dreams. She works restlessly to get the work done. Immigrated from mainland China in 2007, graduated from University of Miami, Selina established her own online marketing company and her real estate career in Miami, Florida before moving to San Francisco in 2017. Her soul of entrepreneurship and cares for others encouraging her to pursue to be the best in the industry. Selina is also a former Miami HEAT video producer, who witness the team winning their 2012 NBA championship at the courtside.