ANCHOR: While two-thirds of Americans own their own homes, millions of renters would like to join them as homeowners.
ANCHOR: A brand new program being tested in the Chicagoland area could help Section 8 renters use their vouchers to pay the mortgageA Mortgage is a document granting a lien on a home in exchange for financing granted by a lender. The mortgage is the means by which the lender secures the loan and has the ability to foreclose on the home.. Money and real estateReal Estate is land and anything permanently attached to it, such as buildings and improvements. expert Ilyce Glink is here with the details.
ILYCE: Households that earn between 30 to 50 percent of the area median income can qualify for Section 8 rental vouchers. These federal housing subsidies help pay the rent for millions of families nationwide. Now, in a brand new program thatâ€™s being tested in DuPage County, renters who receive Section 8 vouchers may be able to use them to help pay a monthly mortgage. Freddie Mac, which controls the secondary mortgage market along with Fannie Mae, is working with the DuPage Homeownership Center to roll out the program, under their â€œSummer of Homeownershipâ€ banner.
Do You Qualify?
Section 8 voucher holder
Havenâ€™t owned a home in 3 years
ILYCE: In a recent study, Freddie Mac discovered that pre-purchase homeownership counseling had a remarkable effect on helping new homeowners better budget their money and pay their bills on time. So a big part of this new program is financial counseling.
Hereâ€™s How It Works:
Initial qualifying session
Personal Action Plan
Pre-approved for financing
120 days to find a house
ILYCE: The DuPage Homeownership Center is particularly targeting people with disabilities who hold Section 8 vouchers. The down payment requirement is just 1 percent, although there may be other financial qualifications youâ€™ll have to meet.
For more information:
DuPage Homeownership Center