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.

Good Morning

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 that’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 “Summer of Homeownership†banner.

Do You Qualify?
Section 8 voucher holder
Haven’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.

Here’s How It Works:
Initial qualifying session
Personal Action Plan
Personalized counseling
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 you’ll have to meet.

For more information:

DuPage Homeownership Center

(630) 260-2500