RoxanneHave you found it impossible to pay the rent on time every much because it takes up the majority of your income? If so, a Section 8 housing voucher could fix that problem by only making you pay a small percentage of your income towards the rent.
Does a Section 8 voucher let you live wherever you want? Does it let you pick apartments that are usually out of your price range? We’ll answer those questions, and more so you can get a better understanding of how Section 8 works.
Where can you use a Section 8 voucher?
Whether you want to stick where you are or move across the country, here’s some good news: You can use a Section 8 voucher wherever there’s a Public Housing Authority (PHA) to administer it. In short, your voucher is portable.
Do you have to live in public housing with your voucher?
No, as public housing is a bit different from Section 8. In public housing, you live on a property that’s owned by the state. With Section 8, you can pick a participating property, such as a single-family home, apartment, or townhome, that’s owned by a landlord.
This flexibility of getting to pick between different living options is one of the reasons why Section 8 is so popular compared to other housing assistance programs.
Can you pick any property you want?
Whether it’s a single-family home, apartment, or townhome, the property you pick will have to meet Section 8 standards. To ensure that it meets this requirement, the property will be inspected. It will also have to accept Section 8 vouchers if you want to live there.
What is a voucher worth?
A voucher’s value depends on your income. On average, you’ll be paying 30 percent of your adjusted monthly income towards the rent. The voucher will take care of the rest, but the property has to be in line with the Fair Market Rent for the area. In other words, don’t expect the voucher to pay for a luxury apartment.
If you choose a more expensive apartment, you will have to pay any of the excess beyond the Fair Market Rent out of your own pocket.
Can a voucher be used towards a mortgage?
If you would like to own a home versus renting it, you may be able to use your voucher to help pay the mortgage. To qualify for this program, you will need to be a first-time homebuyer. Unless you are elderly or disabled, you will have to be employed continuously for one year. You will also need a minimum household income of $10,300.
How can you get a housing voucher?
You will need to apply through your local PHA. Remember that you will have to meet certain income requirements, such as making less than 50 percent of the area median income, to qualify for Section 8.
You can begin the application process or learn more about Section 8 by finding your PHA here.
