How To Apply For Section 8 Housing

A low-income housing program federally financed, supervised by the Department of Housing and Urban Development (HUD), and operated locally by public housing agencies (PHAs) across the nation, Section 8 is one of the most known and most sough-after housing assistance programs. Under Section 8, qualified renters receive a "housing choice voucher" from their PHA. This voucher allows them to get a private market rental unit from landlords who are willing to accommodate Section 8 tenants. The voucher finances a part of the tenant's rent. A household's earnings determine whether they can obtain a Section 8 voucher.

1. The first step is contacting your local PHA. This is important because most PHAs have their own processes and regulations.

2. You can ask your PHA if it’s possible for you to receive a housing voucher right away or if you will be placed on a waiting list, which more often than not, is the case. Areas with larger populations tend to have longer waiting lists, thus, longer wait times. You must also inquire about open waiting lists.

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Mortgages Without Down Payment or Low Down Payment

Looking for home mortgages with low or no down payment? Check out this list to know more.

No down payment

  • VA loan
    • The Department of Veterans Affairs (VA), ensures buying mortgages without required down payment for eligible active-duty service members, veterans, and specific members of the National Guard and Reserves.
    • Private lenders start VA loans, that the VA guarantees.
    • The borrower gives a fee for funding, that can be moved into the loan amount.
    • There is no mortgage insurance.
    • Funding fees can be as low as 1.25% or as high as 3.3%.
  • USDA
    • The U.S. Department of Agriculture's Rural Development program for mortgage guarantee is so popular, that before the fiscal year ends, it runs out of money.
    • Did you know that Rural Development loans are not limited to farmland?
    • The USDA has a map where geographical areas are marked to know which locations are eligible.
    • This program is meant for first-time buyers, with a few exceptions.
    • The program has household income restrictions.
    • There is no mortgage insurance and the mortgage comes from a bank.
    • A 1% guarantee fee is paid upfront, which may be rolled into the loan value.
    • A guarantee fee of 0.35% of the loan balance is paid yearly.

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