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 mortgage. Money and real estate 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