Section 8 Voucher Homeownership Program

How does the Section 8 Homeownership Program work?

The Program allows eligible first time homebuyers to use their Section 8 subsidy to meet their monthly homeownership expenses. The Section 8 participant contributes 30% of their monthly income towards their monthly housing expenses, with the WPBHA paying the remainder of the expense up to the Housing Payment Standard established by the Program. The subsidy payment is paid directly to the lender or loan servicing company.

What is the term of assistance?

• 15-year commitment for home loans of 20 years or longer.
• 10-year commitment for home loans that are less than 20 years.
• There is no term limitation for disabled or elderly.

What are the requirements for eligibility?

• Currently holds a housing choice voucher for a minimum of one year.
• Continuously employed for at least 12 months. Employment must average a minimum of 30 hours per week, unless disabled.
• Have an income that equals at least two (2) times the payment standard for your required family unit size.
• Be a “first-time homeowner” or not have owned title to a residence in the last 3 years.
• Enrolled in the WPBHA Family Self Sufficiency (FSS) program and qualified homebuyer education program.
• Comply with the Section 8 family obligations as prescribed by the WPBHA

Where and what type of homes am I eligible for?

A home should be located within Palm Beach County. Homes may be a single-family, town home or condominium, existing or under construction. Mobile Homes and “as is” property are ineligible.

How is the housing monthly assistance payment determined?

The monthly mortgage assistance payment will be based on 3 factors:

• Voucher payment standard for which the family is eligible
• Monthly home ownership expense
• Family’s household income.

What Are My Family Requirements?

Complete a contract for sale with the owner of the property.

Obtain financing for the purchase of your home, through a qualified lender or loan servicing company.

Provide a down payment of at least 3% of the purchase price of the home. 1% of this down payment must come from your family’s personal resources.

Occupy the homeownership unit for which you are receiving subsidy.

How Do I Obtain More Information On This Program?

The WPBHA will assist in each step of the Program. Through individual counseling and group orientations we will guide you through the homeownership process.