Welcome to ChicagoSection8.webs.com

Click here to edit subtitle

Blog

view:  full / summary

Buy a Home with your Section 8 Housing Voucher

Posted by vlopez023 on February 29, 2016 at 1:05 AM Comments comments (0)

 

I know it's been a challenge trying to find section 8 apartments in good areas. If you're tired of looking, maybe try buying a home. Section 8 offers homeownership programs to qualified section 8 recipients. You know you have to fix your credit first

 

Consumer Credit Counseling Services is one of the agencies available to assist in clearing up any credit issues.

http://www.cccsgrchicago.org/

 

Then go to a Homebuyer Education Class at http://www.partnersincharity.org/

to get your Certificate of Participation.

 

Then you will need to talk to a mortgage lender to get a loan. Lender’s currently participating in the Section 8 Homeownership program are:

Direct Lending Family (Contact John Doll 847-844-7711

Guaranteed Rate (Contact Ahkeem K. Henderson 630-673-7111

 

You will need a realtor to help you find a home. Call me when you get your pre-approval letter from your lender when your ready to buy a home Victor HP Realty 630-660-1292

 

When a family selects a home, IDHA needs three documents:

1. A copy of the Contract

2. A copy of an independent inspection

3. The Addendum to the Contract of Sale signed by the buyer and the seller.

IHDA will review the contract to make sure the family has a reasonable, fixed interest rate, without excessive points or fees charged to the family.

IHDA will ensure the contract is on a unit that is already existing or already under construction.

 

The family must have a Homeowner’s Warranty for at least the first year of homeownership.This may be included in the negotiations in the Contract of Sale.

 

The Addendum to the Contract of sale is the acknowledgement by the buyer and seller that IHDA will do a Housing Quality Standards inspection and that the seller will make all repairs prior to closing.

Assistance on the mortgage payment is calculated the same way rental assistance payments are calculated.

A payment standard for the county and the bedroom size is compared to the actual monthly housing expense.

The family can receive assistance for up to 15 years.

If the loan is for 20 years or more, the assistance can be received for up to 15 years.

If the loan is for less than 20 years, the assistance may be received for up to 10 years.

http://www.thecha.org/residents/services/choose-to-own-homeownership-program/

http://portal.hud.gov/hudportal/HUD?src=%2Fprogram_offices%2Fpublic_indian_housing%2Fprograms%2Fhcv%2Fhomeownership

 

*****FOR A COMPLETE POWERPOINT PRESENTATION ON HOW TO BUY A HOME THRU SECTION 8 GOOGLE THE FOLLOWING******

REVISEDSECTION8MORTGAGEPOWERPOINT_122

 

Lease Agent MLS Assistance

Posted by vlopez023 on October 26, 2014 at 5:30 PM

if you want a lease agent of broker to help you find a section 8 apartment from the MLS, tell the agent to look under Residential Rentals and add "Remarks:" field from the Add/Remove Fields button, then in the "Remarks:" field put "section 8" or "voucher" or "sec 8", search one at a time, select the area you're interested in renting in and number of bedrooms, and click "view results" and there you go. This helps the tenant agent find section 8 apartments listed by the listing agent. This is just a helpful tip if you find an agent willing to work with you.


Rss_feed